[USER]

I’m looking into setting up a CD ladder and am considering two options: LendingClub Bank and Marcus by Goldman Sachs.

Each seems to have its pros and cons, but I’d like to hear from others who have experience with either (or both).

How do their interest rates, terms, and customer service compare?

Have you noticed any hidden fees or issues with withdrawing early?

Overall, which one do you think offers the best return and ease of use for someone looking to build a secure and flexible savings plan?

Your insights would be greatly appreciated!

[Miles]

Marcus services are horrible. Most recently (about a month ago) they allowed me to open a 12-month CD — but then added “backup withholding” to my account despite my not being subject to it and based on a paperwork error on their part.

I expressed my displeasure and requested that they close my account and return my money, but was told that they would apply the 3-month interest penalty which would reduce my principal.

On the other hand, You can also put the money into the Vanguard settlement account for free ( we have ours held outside vanguard for extra benefits) and they will invest it into VMFXX for you on the back end (even though it’s currently closed to new investors).

It’s currently earning 5.43% compound dividend, paid monthly, and your money isn’t tied up at all.

You can deposit more any time, or withdraw any time.

Just watch the rates next year because if the Fed starts to drop the overnight lending rate, this rate will start to drop too.

I’m just giving you an alternative that pays a high rate with zero hoops to jump through and doesn’t tie up your money at all.

But if you’re ok tying up your money for more than a year, go with a high yield CD. Helpful?

[Kaylee]

I have a few Lendingclub CD’s (ladder) that are 5.55% for 1 year. They’re currently still offering that rate. They are easy to work with and somewhat responsive.

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