Posted by Chuck on February 11, 2020
Bank Account Bonuses

Published on February 11th, 2020 | by Chuck

140

[Expired] Marcus $100 Bonus for New & *Existing* Savings Customers with $10,000 Deposit (1.70% APY) (Last Day)

Deal has expired, view more bank account bonuses by clicking here

Offer at a glance

  • Max Bonus Amount: $100
  • Direct Deposit Required: No
  • Additional Requirements: $10,000 deposit (new funds)
  • Hard/Soft Pull: Soft pull
  • Credit Card Funding: None
  • Monthly Fees: None
  • Availability: Nationwide, new or existing users
  • Expiration Date: enroll by February 11, 2019 and fund within 10 days
  • Insured: FDIC

The Offer

Direct Link to offer

  • New or existing Marcus by Goldman Sachs customers can enroll to be eligible for $100 bonus when depositing $10,000 in new funds within 10 days of enrollment and maintaining those funds plus your current balance for 60 days. You must enroll first.

 

The Fine Print

  • Offer valid from 1/21/20 to 2/11/20.
  • To qualify for the $100 Savings Bonus, you must first enroll in this offer at https://www.marcus.com/us/en/savings/osa-savingsbonus-1 or by calling Marcus at 1-855-730-SAVE (1-855-730-7283) by 11:59 PM EST on 2/11/20. Upon successful enrollment you will receive a confirmation of your enrollment via email or U.S. mail.
  • After enrollment, you must deposit $10,000 or more in new funds (internal transfers won’t count) into a Marcus Online Savings Account within 10 days of enrollment and maintain at least $10,000 of those new funds in your account in addition to your account balance at the time of enrollment for 60 consecutive days from the date of reaching the required dollar amount.
  • Multiple deposits are allowed to reach the required dollar amount and can be made by joint owners for a joint account.
  • Offer available to new and existing customers. Each customer is limited to one bonus 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.
  • The bonus will be deposited into your account within 14 days after fulfilling the above requirements. To receive your bonus, your account must be open and in good standing at the time the bonus is deposited in your account.
  • The bonus will be treated as interest for tax reporting purposes.

 

Our Verdict

Marcus offered a similar deal in March 2019, then they offered a $500 deal in July 2019, and now the $100 deal again. It’s getting more and more worthwhile to hold a Marcus account as the bonuses all seem to be for new or existing customers, and they’ve never run a ‘new customer only’ promotion to wait for, far as I’m aware.

Locking up $10k for 60 days and getting $100 is a APY of roughly 6%, added to their competitive 1.7% regular interest rate (see Best Savings Rates) for a total 7.70% return. Pretty nice offer, especially if you already have a Marcus account open. I’ll probably wait until my Simple bonus finishes, then Enroll in this offer, and then fund Marcus account with the funds from Simple.

Thanks to all those who sent this one in.



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Arc
Arc

>Each customer is limited to one bonus offer, which can only be applied to a single account.

I’m guess that’s for this round of promos and you’re eligible even if you’re previously taken advantage of similar offers?

joe
joe

Correct. I did the previous bonus and was eligible to enroll again, was targeted directly also

YK3
YK3

+1 I was able to enroll for this also and I did the last Marcus $100 promotion as well.

Paul S. Kim
Paul S. Kim

“I’ll probably wait until my Simple bonus finishes, then Enroll in this offer, and then fund Marcus account with the funds from Simple.”

my thoughts, exactly…#loveDoC

K.M.
K.M.

Hey, haha glad we all think alike. I’ll be doing this too come February.

Radster
Radster

Looks like your not eligible if you’ve already received a bonus.

“Each customer is limited to one bonus offer”

Bruce
Bruce

They are talking about this offer. Existing customers who have received a bonus in the past should be eligible.

I just signed up as an existing customer who received a bonus last year and nothing seemed to indicate I was not eligible.

SeanK
SeanK

Should be eligible for existing customers as well. I think that statement means that you can’t attach the bonus to multiple marcus saving accounts. Only valid for one marcus account per customer

ncsam
ncsam

I did the $500 bonus in July 2019 and it let me register for this bonus without an issue. Got the confirmation email and the bonus enrollment shows up in my account online.

Radster
Radster

Good to know. Would be interested in DP’s on anyone successfully receiving more than one bonus. Either on the one account or multiple accounts (under same name).

Fred
Fred

I did the bonus last year and they emailed me about this bonus today. Not proof that it will work, but they’re making no attempt to exclude at this point.

Will
Will

Can this promo be triggered if I were to transfer out 10k from Marcus then transfer it back in a week or so later?

Brandon
Brandon

Be the DP you want to see my friend ,report back

MrObvious
MrObvious

I actually just transferred out $20k from my Marcus account earlier today, before reading this. I will wait a week before I sign up for the bonus (since the fine print says “in addition to your account balance at the time you sign up for this bonus”) to ensure the transfers out are fully completed, and then I’ll transfer $10k back into this account.

Nick
Nick

You should be able to. I did the same thing for last year’s July bonus.

miafll
miafll

Do you mind to give more details such as the time line on the withdrawal then enroll / deposit the new money?

rasz88
rasz88

I did exactly this in July 2019 when they offer promo for up to $500 and I plan to do the same now.
For July 2019 promo below steps worked for me
1. Transfer out money
2. Wait few days
3. Enroll for the promotion
4. Wait few days
5. Transfer money back
6. After 90 days (July promo terms) bunus was deposited on my account

linglingfool
linglingfool

I was successful with this as well, although there were a few DPs back then that people did not receive a bonus doing that.

Damian
Damian

Worked for me with that promo.

chuck
chuck

I have my money in Marcus no penalty CDs and zero balance in my Marcus savings. Is there anyway I can close a CD, transfer the money out and transfers it back in to qualify for the bonus?

Feiran Huang
Feiran Huang

probably not, the offer says no internal transfer. And what you do sounds pretty much an internal transfer.

Charles Mann
Charles Mann

Yes, but consider the timeframe. Close the CD now, move it out, then register for this deal after it clears.

Tragus
Tragus

I actually have two accounts open with them. Wonder if I can move $10k in outside funds into one for the bonus while pulling $10k from the other…

MrObvious
MrObvious

I’d do the transfer out before you sign up for the bonus, just so that it is outside of Marcus at the time you sign up for the bonus.

Will
Will

Can you withdraw $10,000, enroll, and re-deposit it?

Matt D.
Matt D.

If I remember correctly seems like the money couldn’t have been in your account for 60 days before enrolling or something like that worth a try I suppose but doubt it works.

Lou
Lou

No basis in fact.

Charles Mann
Charles Mann

I don’t see why not….

joe
joe

Existing funds that are there at the time of enrollment need to remain in the account to be eligible for the bonus. Per the terms

Fp
Fp

I know, I found this out by talking with rep. What if I have 1mm in deposit, then I can’t move my mortgage???

CF Panda
CF Panda

I’ve done the two bonuses in 2019 before but I can’t recall, can you pull the money from an external account via Marcus’s website and have it count?

Chimpo Cheetah
Chimpo Cheetah

CIT has something similar? only for bigger numbers.

Staradmiral
Staradmiral

10 days is a pretty tight timeframe. It can take 2-3 days just to get accounts linked and approved for external transferred and then another 5days to transfer.

Harold
Harold

This should not be a problem. Marcus does instant external account verification and next day transfers.

Charles Mann
Charles Mann

Marcus is pretty fast, but your other bank??? YMMV.

Matt
Matt

It also earns interest and becomes part of your account balance on the day of transfer. assuming it does not bounce back (if initiated from marcus), that should already satisfy the offer.

desert rat
desert rat

Yes – Marcus must be a real bank, unlike some of the CU’s (bless their hearts) we deal with here. Website is a joy to work with, signed up and instant funded very fast. In addition, after funding from another account, that account is actually liked to Marcus, you dont have to re-verify that external account (as you do with other banks), nice.

Bill
Bill

Get everything linked first before you enroll.

Matt
Matt

I just pushed $10k to my Schwab acct. today. Any reason I can’t enroll in this offer in a couple of days and just push the $10k back into Marcus?

Charles Mann
Charles Mann

Easy peasy!

matt
matt

Good that I did not close the account. Just pushed $10k from ally to Marcus

tuphat
tuphat

Marcus does a good job with bonuses, IMHO. They send you a email to confirm your enrollment, and pay out promptly .

@Chase-ing UR points
@Chase-ing UR points

“We reserve the right to modify or revoke this offer at any time without notice. If we determine that you have engaged in or plan to engage in abuse or gaming in connection with this offer, you will not be eligible for this offer.”

For those planning to transfer out the $10k, enroll in the promo, and transfer $10k back hopefully they don’t consider this “gaming” the system. If you’re going to do this, I’d at least try to play it safe and transfer it to 1 bank (ex. Discover), enroll in the promo, then transfer the $10k from a different bank to Marcus (ex. Capital One). I’m not sure how strict they’ll be and if they had similar “abuse/ gaming” language in the prior $500 bonus from last year.

Bill
Bill

I don’t know what they mean by “gaming”. Online gambling?

Others in the past have reported withdrawing money, enrolling, and putting the money back in and getting the bonus.

If I were Marcus, I’d put in language to prohibit that (by setting a base number of the amount on deposit when this is announced) as other banks do, but Marcus doesn’t do this and gives bonuses based on actions that give Marcus no benefit.

SeanK
SeanK

Yeah the $500 max bonus from last year had the same language. There might be DPs from the earlier thread for more info

skyhorse
skyhorse

If I transfer the current balance in my Marcos Saving account to a new Marcos No-Penalty CD, then enroll in the promo, then transfer another 10K from my external bank into my Marcos Saving account, can I still get $100? Thanks!

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