Here is the best 5.05% APY 10-month CD for 2023 that we’ve found this month! This video will walk you through how this offer works, how long it runs for, how to buy this FDIC-insured CD step-by-step as well as five key considerations/ caveats to note when buying this CD.
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If you’re looking for a solid investment opportunity with a high return on your money, the 5.05% APY 10 month CD from Marcus at Goldman Sachs may be just the thing you’re looking for. This CD is one of the best on the market for those who are interested in earning interest on their savings, all while keeping their money safe and secure.
But how do you actually go about buying this CD? If you’re new to investing, or simply unfamiliar with the process of purchasing a CD, don’t worry – we’ve got you covered. In this article, we’ll provide a step-by-step guide to buying the 5.05% APY 10 month CD from Marcus at Goldman Sachs.
Step 1: Open a Marcus account
To purchase this CD, you’ll need to first open an account with Marcus at Goldman Sachs. You can do this online or by phone. During the account opening process, you’ll be asked to provide basic personal information such as your name, address, Social Security number, and date of birth.
Step 2: Transfer funds to your account
Once your Marcus account is open, you’ll need to transfer funds to it in order to buy the CD. You can do this through an electronic transfer from another bank account, or by mailing in a check. Keep in mind that the minimum deposit required for this CD is $500.
Step 3: Navigate to the CD page
On the Marcus website, navigate to the page for the 5.05% APY 10 month CD. You can do this by clicking on the “CDs” tab at the top of the page, and then selecting “10 Month CD” from the list of options.
Step 4: Purchase the CD
Once you’re on the CD page, you’ll be able to see the details of the 5.05% APY 10 month CD, such as the minimum deposit amount and the maturity date. To purchase the CD, simply select “Open an Account” or “Apply for a CD” (depending on how the website is set up), and follow the prompts to confirm your deposit and choose your CD terms.
And that’s it! By following these four easy steps, you’ll be able to invest in one of the best CDs on the market today. Remember, investing always carries some risk, so be sure to do your research and make informed decisions when it comes to managing your money.
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>> WATCH NEXT <<
⭐ FDIC Insurance 2023 Explained: https://youtu.be/txmXJBGU_70
⭐ 8 Safest Banks To Bank With In The US: https://youtu.be/cT02poJAy00
⭐ Top Money Market Funds 2023 vs Cash: https://youtu.be/N53wZ_80abU
what if banks start failing while your $ is in a cd
I have owned Marcus/Goldman Sachs CDs for the last couple of years. I started very small as I had never owned online CDs before. I had no problem redeeming my first CD to my local checking account. Second was just a shade bigger and again I had no problem. Then the rates began to rocket upward. I now have three CDs with them, along with a savings account. I have yet to have any issues with settings, transfers both in and out of the account, or closing CDs as I wanted. I have a six month CD maturing in June and intend to move the money into this 10 month 5.05% CD.
Thanks for the helpful video. I am still trying to edit the maturity plan and I want to make sure I am taking the right steps. Currently, the maturity plan is set to "Renew CD." So I click on "View/Edit Plan." From there I have 3 options: 1) Renew your CD with current maturity plan 2) Renew your CD with changes 3) Close your CD.
Based on other's comments, it seems like I should continue with "Close your CD," then set a close date for the maturity date. Is that correct?
Is it time to start buying long term treasury bonds?
"Congrats if this may be a problem." That was great lol
You do such a nice job Jennifer.
does that mean my interests will be accumulated everyday if I buy this CD?
I just opened a new account today and got the same error message as you.
You are the best “teacher” ever!! A++ Always – bless you and your family
I open 1 already. They usually email and inbox you within 1 month of maturity.
Tried to apply. The site would just hang while doing the mundane task of setting up a username and password. Goldman Sachs is one of largest financial in the world AND online banking has been around for MORE than 20 years. They ought to be capable of getting this up and running EVEN if they supposedly have a large number of new applicants! RIDICULOUS!
I just opened my account and got the same error page you did when I tried to change my maturity option. I've got a reminder on my calendar, my phone, and my Alexa to try again (and call if necessary) 9.5 months from now.
Alliant Credit Union has a 12 month to 17 month CD at 5.05% and they have been around since 1935. I think the federal funds rates will go to at least 6% but who knows. The unemployment rate dropped to 3.5% a lot due to baby boomers retiring.
Bought mine this past week.
One thing to note. If you want to deposit, say 100k, you only have 50k at the time of opening. Do not deposit yet! This Meaning, you only have a one-time transfer before the CD lock into the 5.05 rate. So you have to deposit 100k all at once. Not 50k first and 50k later. At least, that is what the rep told me.
Is the CD "Callable"? You didn't address this very important aspect of a CD.
I did a quick search and couldn't easily establish if this CD is "Callable" ( which probably means it is callable). I then research Goldman Sachs CDs on Fidelity and what do ya know , all their CDs are callable.
If this CD is "callable", it's not that attractive for investment planning.
Why wouldn't you address this in your "fanning" of this CD?
in the next 10 days, could you consider sharing with us your outlook on buying savings bonds ( I and or EE) in April or should we wait till May ?
One other question, If my wife and I open separate accounts , will each one be FDIC insured to max ?
Jennifer, I looked on their site, they did not mention you will earn a lower interest rate if you choose to withdraw monthly interest into an external account, in fact they mention this process is penalty free. Did I miss something? Thanks for great video!
CFG Bank has a 5.20% CD for 12 month. Is this better or equal to this Marcus CD?
So far, sticking with 13 & 17 week T Bills. I live in CA. High state income tax
Jen, Thank you for this video. I have been considering taking advantage of this promotion. Synchrony is offering a 5.00% 14 month CD promotion which I am also considering.
What about the UFB Direct Preferred Savings at 5.02% APY ?
How does one normalize varying CD terms and rates for comparison purposes? For example, Is this Marcus 10-month CD at 5.05% APY a superior offering compared with the recently expired Capital One 11-month CD at 5.00% APY, assuming both are funded with the same amount and both are carried to maturity? Jennifer, thanks for all the info and your entertaining presentation style.
Can we transfer funds from Fidelity for the Marcus CD?
Wouldn't it be accurate to say that only if you live in a no (or low) tax state , a cd paying 5.05% would be better than treasuries of similar duration giving you the same amounts (no state tax) ? Today 6 mo bill is 4.95% and even 12 mo is paying >4.6%. In high tax states such as CA or NY, aren't treasuries clearly preferable if your agi is above poverty lines?
Canvas Credit Union has a 5.25% 13-month CD rate. Should I trust a CD offered by a credit union covered by NCUA?
Thanks for the heads up. We already have a savings account yielding 3.75% at Marcus but there are some concerns about Goldman Sachs' commitment to Marcus in the face of mounting losses, and we have been keeping it below the FDIC insured limits. I'm not convinced the added ~ 1.3% yield is worth the risk of the 10-month lock-in, along with the apparent issues you demonstrated about setting the redemption at the end of the term.
Pacific Western Bank, 5.5%, 5 mo, 7 mo, or 13 months CD, $2,500 minimum.
Can you do a video on the future of multi family residential buildings in the suburbs of Chicago? Most of the buildings are 50 years or older, 2 or 3 store buildings. I live in one. I always wonder how much longer that building can last. Most newer buildings are luxury apartments and I just wonder what will happen in 10,20 years when the building I live in starts falling apart
Great video. The question I have is this, if you open the account with the $500 minimum can you continue to add funds to the account throughout the 10-month CD period, or is the rate only for the initial deposit?
Jennifer, I did not have any issue selecting an account on file to deposit the CD after maturity. I selected the 3 dots vs clicking on the CD. I am very pleased with Marcus. Their chat feature is very helpful too. Also, linking beneficiaries is very easy when you have multiple beneficiaries and/or multiple accounts.
5.05% APY is a “negative swap spread” compared to a shorter duration 6 month T-Bill.. Given the status of the US Banking system, there is no “risk premium” included on CD’s ..
Alliant Credit Union offers a 5.05APY for 12 to 17 months for 75K or 5.0% APY for minimum of 5.0% APY. No problems with ACH Transfers at maturity like Marcus customers have experienced. Much easier to set up a CD Ladder as all CD's have flexible terms and rates better than or equal to Marcus.
Jennifer, There You Go AGain….offering great timely advice. This is a good choice to consider for putting spare cash into a higher rate of return than many competitors. I guess , one would Ladder their cash like your strategy for T-Bills : Open various Cds for various amounts, to allow for "just In Case" scenarios for your Money (Emergencies, etc). In that fashion, you would only need to break a CD (with Penalties ) for that particular CD! And keep in mind, Unlike T-Bills and other Treasuries, Bank CDs interest is State and Fed taxable (NY @10-11%!!).
Can you please do a video on buying T bills from chase I just switched over from TD and it’s so different
Just to point out, UFBDirect is offering a savings rate of 5.02 APY. Looks pretty good to me but perhaps you have more insight concerning this offer. Thanks!
Thank you for the great info as always. Question for you, can you name a beneficiary on this CD?
Jennifer, thank you for taking the time to go through the steps in getting this CD. It looked straightforward but sometimes it's not. The CD renewal part seems "fishy". I'm glad you brought this to our attention.
Jen, I don't understand. Why did you delete my comment pointing out that 5.05% APY on a 10-month CD is not a 5.05% ROI? There was nothing whatever inappropriate or inaccurate about my comment or math. Why in the world was it deleted?
Good job, keep going, update us on bonds by summer after government will get more money
Langley credit union has 22 motnh cd at 5.35. They have physcial branches in virginia only, though
Hi Jenn. On 4/2/23 I purchased this 10 Month CD. Today I went into the account to view/ edit the CD. No problem. It asked me where I wanted the money to go after maturity. Default choice was to renew, or to transfer to my Marcus online savings account, or my funding bank which is not associated with Marcus, upon maturity. Both banks were listed. It may take several working days for the transfer to be complete. Marcus has a chat section that you can use to talk to a rep rather than calling.