Marcus by Goldman Sachs Review: GS Bank Takes on Online Savings, CDs, and Personal Loans Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more.

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Pros

• Competitive interest rates
• Nine term options available

Cons

• No physical branches in the U.S.

Best For

• Customers who want the highest CD rates in the industry
• Customers comfortable with banking online

Overall, Barclays bank accounts would be unremarkable if not for its high-earning interest rates. In fact, the bank’s CD interest rates outperform many of its competitors. The accounts don’t come with special perks or allowances, though.

Barclays offers competitive interest rates on certificates of deposit (CDs). All of its accounts, with the exception of the three-month, six-month and nine-month accounts, offer interest rates at 0.25%. This means no matter the term length you choose, you can earn more than you would with many of its competitors. Furthermore, the bank compounds interest daily and credits it monthly.

Online CDs	Minimum Deposit	APY
3 Month	$0	0.10%
6 Month	$0	0.10%
9 Month	$0	0.10%
12 Month	$0	0.25%
18 Month	$0	0.25%
24 Month	$0	0.25%
36 Month	$0	0.25%
48 Month	$0	0.25%
60 Month	$0	0.25%

Overview of Barclays CDs

You never have to pay any monthly fees or meet any minimum deposits with a Barclays CD. Of course, to earn interest you’ll need to have at least 1 cent in the account - although that won’t get you much return - within 14 days of account opening. You should carefully consider how much you want to deposit since you won’t be able to make any additional deposits during the account’s term.

You also can’t withdraw any of the principal balance from your Barclays CD before the account’s maturity date. If you do, you’ll have to pay a penalty of 90 days’ worth of simple interest on accounts of 24 months and 180 days’ simple interest on accounts longer than 24 months. These penalties tend to vary between financial institutions. Barclays does make exceptions in certain cases like death or incompetence of an account owner. You can, however, set up monthly disbursements of the interest earned to another bank account. This allows you to benefit from the account before its maturity date.

How Much You Earn With Barclays Certificate of Deposits Over Time

Barclays’ high certificate of deposit rates allow you to grow your money toward your savings goals, whether that’s a new car or a vacation. You stand to earn more by opening a CD with a term longer than three months since that account has the lowest rate.

You can also easily build a CD ladder with the bank’s CDs. A CD ladder involves opening a number of CDs at a time, each with a different maturity date. That allows you to have a somewhat steady stream of funds. So for example, you could have CD payouts after three, six, nine and 12 months. You would have to remember to withdraw or transfer your funds at each maturity date, before it automatically renews for the same term length.

The table below demonstrates what your final account balance could look like depending on various initial deposits and term lengths.

Initial Deposit	6-Month CD	12-Month CD	60-Month CD
$1,000	$1,000.50	$1,002.50	$1,012.56
$2,500	$2,501.25	$2,506.25	$2,531.41
$5,000	$5,002.50	$5,012.50	$5,062.81
$10,000	$10,005	$10,025	$10,125.63

How Barclays CDs Rates Compare to Other Banks

Barclays offers its customers solid interest rates on CDs. As you can see below, it's generally on par with rates from Capital One, Ally Bank and Marcus by Goldman Sachs. However, Capital One is clearly weaker than its competitors when it comes to one- and three-year terms, whereas Barclays currently has the worst rate for the five-year category.

CD Account	Barclays	Capital One	Ally Bank	Marcus by Goldman Sachs
3-Month	0.10%	n/a	0.20%	n/a
1-Year	0.25%	0.20%	0.60%	0.55%
3-Year	0.25%	0.30%	0.65%	0.55%
5-Year	0.25%	0.40%	0.85%	0.60%

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Should You Get a Barclays CD Account?

With nine term options ranging from three months to five years, Barclays CDs allow you to save toward various savings goals. They also make it easy to create a CD ladder, where you open multiple CDs with spaced out maturity dates. That way you can benefit from CD payouts over the course of a year or more.

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The bank doesn’t charge any maintenance fees or require minimum deposits and balances. This allows you to save on your own terms and keep your savings. You can also take monthly interest disbursements, without touching your principal amount. As always with CDs, be careful about making withdrawals so you don’t run into early withdrawal penalties. If you think you’re more likely to need constant access to your account, you may want to consider the Barclays Online Savings Account instead.