Update 11/9/22: Program extended through November 30, 2022
The Offer
- When a Marcus deposits customer refers a new Marcus customer, both could earn an additional 1.00% Annual Percentage Yield (APY) on their Online Savings Accounts for 3 months.
- A customer can receive up to 5 Referral Bonuses per calendar year (which will get you 15 months of the increased rate).
The Fine Print
- Offer valid from 07/01/22 – 09/30/22. All steps for receiving a Referral Bonus must be completed by 09/30/22
- You may earn up to 5 Referral Bonuses in each calendar year.
- CDs are not eligible to receive any APY bonuses through Marcus Referred.
- You can see the status of all your earned Referral Bonuses in the Marcus Referred Center at any time.
- Referral Bonuses you earn will be applied to all of your Online Savings Accounts.
- New to Marcus? When you open a new Online Savings Account, there’s no delay—you can refer friends right away and be on the way to an even better rate.
- The Referral Bonus earned by a new customer will not count towards the maximum Referral Bonuses they can earn by referring other new customers once they are an existing Marcus customer.
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A current Marcus customer who refers a friend can receive a Referral Bonus when their friend opens a CD, though their friend won’t receive a referral bonus for that.
Our Verdict
They’ve had this program for a while to bump up the rate by .2% or .5% for both referrer and new member. They’ve now increased the amount to 1.00% which makes it much more interesting.
If someone deposits $1M and gets 4 referrals which bumps up their rate for a year, they’d land up with an extra $10,000 under this promotion. Obviously that’s an extreme case, but even someone who gets the extra 1% for 3 months on $100,000 in cash will land up with an extra $250 which is nice.
Just make sure to compare Marcus’ interest rate against other bank rates as their rate is not the best out there. This might not be an amazing deal, depending on what your other options are. Note, the 1% bump is only to bump up the interest on your Marcus online savings account, it won’t bump up the interest on your Marcus CD.
Remember also, AARP members always get an extra .10% bump to their savings account rate.
Do not leave Marcus referrals in the comments below. The referral thread was locked due to too many duplicates being posted. Please head over there to find a referral when signing up and help out a fellow reader.
Hat tip to reader Chasing UR Points
You have “The referral thread due to too many duplicates being posted.” in the post but you meant to write “The referral thread was locked due to too many duplicates being posted.”
Looks good now, I guess William fixed it
Any good place to put referral links?
Not here
I had a Marcus account and received the 3 month APY bonus last yr. I then closed the account in June 2022. I am trying to use a referral from my husband to open a new savings account and receive the bonus again but it wont let me. I thought there was a 12 month rule. Has anyone else successfully done this and any advice?
Can we get a new referral page going for this? The existing one does not allow new comments.
I think it will open back up eventually at some point in time
I see the referral sharing page doesn’t allow any more new referrals to be shared. Can I share my referral here? I could really use the extra 1% interest over 3 months.
No you can’t put referrals in this thread and DoC already stated in the bonus thread they won’t be opening the referral thread.
Weren’t they going to shut down this part of their retail banking business?
Up until November 30th, 2022.
I hope they launch their checking product soon and have a strong bonus for that!
I wished too but now they’ve delayed and there is a question if the product will launch to everyone as previous covered or just/start with wealthy clients. Apparently low end consumer banking is expensive promotionally and difficult to make money in… https://www.forbes.com/sites/ronshevlin/2022/08/24/goldman-sachs-should-kill-its-planned-marcus-checking-account/amp/
After I got their $100 bonus earlier this year I linked hmb to Markus and setup a push of the 10k to hmb. But I got a call next day that I need a 3 way call w hmb In order for them to authorize the transfer! What???? I told them to cancel it and I did a pull instead.
I had a similar issue, they don’t like it if you use them to transfer money between two accounts.
So you mean Marcus required the 3 way call?
Someone just had this happen on the Ally bonus post… guessing they didn’t allow him to drop the transfer. Paging
Chase-ing UR Points
Aww cute chihuahua.
do people take their referrals down once they have hit the max?
No, we are not optimized to maximize everyone’s referrals, that would take a separate website. We try letting people share what they can.
When comments are open, people can add a comment if they are maxed out, but I imagine most won’t.