Online bank Marcus (formerly Goldman Sachs Bank) has a new Cash Bonus Offer which includes 1% cash bonus (up to $500) on new deposits on top of their existing interest rate (currently 2.15% APY). Valid for both new and existing customers. Given the holding period, this roughly equates to the same total interest paid as a 3-month bank CD at 6% APY.
Here’s how it works:
- Enroll first at the offer link and designate a specific savings account to be tracked for this promotion.
- Deposit your new funds ($1,000 minimum) within 10 days of enrollment. Multiple transfers within that 10 days is fine, but funds must be new to Marcus Bank.
- Maintain your balance at enrollment plus the new funds for 90 days.
- Receive your 1% cash bonus (up to $500) on your new funds within 14 days after the 90-day period ends.
To be clear, the bonus applies to new funds added after enrollment, not your total balance. Since the 10-day clock starts when you enroll, you may consider waiting until the last day of 7/29/19 if you need some time to gather your new funds together. However, they can also revoke the offer at any time, so I wouldn’t wait any longer than necessary.
This offer is available to new and existing Marcus customers who are not currently enrolled in another Marcus bonus offer. Each customer is limited to one 1% cash back offer, which can only be applied to a single account. For eligibility purposes, each joint owner will be treated as a separate customer. For example, if you apply the bonus offer to a joint account, the remaining joint owner(s) may apply this offer to another account they own if they have not done so already.
Rough math. Given that you can an additional 1% bonus after about 3 months, the bonus itself works out to the equivalent of a 4% annualized yield. 2% + 4% = 6%, so you’re looking at the equivalent of a 3-month CD at 6% APY for new money deposits between $1,000 and $50,000. Alternatively, if you are lazy, you could leave it in there for a year and still earn a bit over 3% APY over that year (assuming the base interest rate stays above 2%). That’s still good compared to a 12-month CD. Either way, the max benefit is $50,000 of new money held there for 90 days to earn a $500 bonus.
This combination makes it a great 3-month rate at that balance size when compared to my most recent update of best interest rates.
Should I move money out of Marcus and back in to qualify? No, it won’t make any difference. Funds deposited in your account prior to enrollment are not eligible for the cash bonus.
I am an existing customer (just recently for their expired $100 promo), and did not see a hard credit check at opening. Since I already have an account, I’ll probably be taking advantage of this one as well.
Bottom line. Marcus Bank has a new promotion to attract new money to their Online Savings Account – a 1% cash bonus (up to $500) on new deposits on top of their existing interest rates. This works out to a 3-month holding period paying roughly 6% annualized interest. You must enroll by 7/29 and transfer over new funds within 10 days of enrollment.
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Thanks Jonathan for this great deal! Not sure why this offer isn’t showing on my Marcus account home page.
When I click on savings no offer appears. Just curious how you found this?
I appreciate the extra bonus money!!
I found this on a Reddit newsletter that tracks active threads across several forums.
For clarification, do you need to keep the deposited funds for 90 days following the enrollment period (July 29th)?
Yes, you need to maintain the added funds for 90 days.
Thanks, Just want to make sure the 90 day clock starts following July 29th and not earlier.
Edit: The 90-day clock starts 10 business days after enrollment date. So if you enrolled on the 18th, the “enrollment period” ends 10 business day after that, and then the 90-day clocks starts. So it varies depending on your enrollment date.
Edit: You will also get an e-mail with the official end of enrollment period after you register for the promo.
The enrollment period is actually 10 BUSINESS days. So enroll on 18th, enrollment period ends Aug 1st…and the 90-day clock starts to day AFTER the enrollment period ends.
Happily, Marcus shows you this timeline after you enroll.
Offer enrolled
Completed on
07/19/2019
Deposit funds
Complete by
08/02/2019
Maintain eligibility
Maintain until
10/31/2019
Receive bonus
Estimated by
11/14/2019
Thanks, I just did my enrollment today (7/18) and here is an excerpt from my e-mail. Did they provide all those dates to you or you just calculated yourself?
You can see them online.
Once you enroll, on your account page under “Account Details” there is:
Active offer1% Cash Bonus
Click on “details” for the timeline.
I really like they spell this out. The only thing I find a little ambiguous is “Maintain until 10/31/2019”
I haven’t counted the days yet but I’m going to take that as “through” and not move money out until 11/1, at the earliest.
I concur with your timeline. I opened my account yesterday (7/18) and got the same (or day earlier if you opened on 7/19) dates as you.
I moved my “emergency fund” from Ally No Penalty CD to Marcus.
Thank you Jonathan for the info.
I intend to open a new account as I have CD matures 7/29.
Does Marcus have “good” external transfers (ACH) that are 1) 1-day, 2) no or high $ in/out?
Thanks for the information but Jonathan can you tell me if the bank does a hard or soft credit check when applying?
No hard credit pull for me.
Thanks Jonathan. Done.
nice
Thank you, a breeze to setup. Only drawback I see is no ability to connect with or download transactions into Quicken (or anything else) which I find shocking today. And such a hassle to get money out of Northeast/Able Bank to fund it. Thanks again for find Johnathan!
Got my bonus on November 1st. Hopefully everyone else will get their’s without issues as well.
Jonathan ~ Thank you for the update and your blog that we have followed for years.
As rates have been falling,
What are your next steps (advice) or plan for the money at Marcus?
Got my bonus and moved funds over to NO Penalty CD at 2%
Thanks again Jonathan!!