This new 13-month CD pays a guaranteed 2.15% — with no fees for early withdrawal

certificate of deposit
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Marcus by Goldman Sachs is now offering a short-term certificate of deposit (CD) with no penalties if you suddenly need access to your cash.

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Introducing the ‘No-Penalty CD’ from Marcus by Goldman Sachs

The CD offer from Marcus is actually available in 7-, 11- and 13-month terms with a minimum deposit of $500. While the 2.15% APY marquee rate is reserved for the 13-month CD, the other terms only pay nominally less.

But, here’s the thing: You can withdraw your money for any reason as soon as seven days after you fund the CD — and pay absolutely no penalties or fees for early withdrawal.

So why not go for the 13-month term and earn the highest rate possible?

Your returns are guaranteed and your money on deposit is federally insured through the FDIC.

The interest that Marcus is offering on its “No-Penalty CD” is actually beaucoup bucks. As of November 12, 2018, the national average for a CD of comparable length was a measly 0.49%.

So getting 2.15% guaranteed with only a $500 minimum required and no early withdrawal penalties is a slam dunk if you are looking for this kind of investment.

national CD rate averages from FDIC

As you probably know, the No-Penalty CD offer from Marcus is a departure from the traditional restrictions that go along with CDs. Historically, you had to forfeit the last 90 days of interest if you needed to cash out before the CD “matured.”

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