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Feel Like You’re Drowning in Stock Market Fluctuations? Come Up for Air With CDs

CDs aren’t sexy, but maybe that’s just what you need right now.

Say you have $50k in a trading account or in your Apple position, to use a round number for the sake of argument. And you have a bad day in the market, and it’s not your first bad day, and don’t have the stomach for this. It’s causing anxiety and it’s difficult to focus on the long term as you’re supposed to. Maybe you’re not cut out to be in the market, at least right now. The feeling may not last, but perhaps a breather is in order.

Let’s say you lost 1% today: That’s $500.

You can make today’s loss disappear—and maybe yesterday’s, too—by moving that $50k into a 12-month CD at 3%, and in a year you’ll have earned $1,500. Of course, this is for funds that you don’t need to live on, and you must review carefully the penalties for early withdrawal.

You may have heard of Marcus by Goldman Sachs. They’re offering high rates on savings accounts and CDs. It wouldn’t be your major bank—it offers no checking accounts or bill paying or that kind of service. It’s about parking your money and investing.

A bank like Bank of America is offering virtually nothing for savings accounts and CDs. It’s a waste.

But Marcus is offering 2.15% for savings accounts and 3% for 12-month CDs. With interest rates climbing, these rates may climb as well. Last month, their CD rate was just 2.7%.

That might be just the start of your search. Nerdwallet and other sites list the best returns on CDs. Synchrony (online only; no checking accounts) and CapitalOne (brick-and-mortar branches available, as well as checking) are currently offering 12-month CD rates that are even higher than Marcus’s.

Disclosure: I own no stock in Goldman Sachs or any of the other entities mentioned. I own some Marcus CDs and continue to shop around.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.