Posted by Chuck on March 5, 2019
Bank Account Bonuses

Published on March 5th, 2019 | by Chuck

166

[Expired] Marcus (Goldman) $100 Bonus for New & Existing Savings Customers with $10,000 Deposit (2.25% APY)

Deal has expired, click here to view the best current checking/savings bonuses.

Offer at a glance

  • Max Bonus Amount: $100
  • Direct Deposit Required: No
  • Additional Requirements: $10,000 deposit (new funds)
  • Hard/Soft Pull: Unknown (I haven’t heard anyone mention a hard pull, let us know)
  • Credit Card FundingUnknown
  • Monthly Fees: None
  • Availability: Nationwide, new or existing users
  • Expiration Date: enroll by March 18, 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 90 days.

New customers click ‘Get Started’ and existing customers click ‘enroll here’ to take part in this deal.

The Fine Print

  • Offer valid from 3/4/19 to 3/18/19.
  • To be eligible, you must enroll for this offer at https://www.marcus.com/us/en/savings/osa-savingsbonus or by calling Marcus at 1-855-730-SAVE (1-855-730-7283) by 11:59 PM EST on 3/18/19.
  • To qualify for the $100 bonus, you first need to enroll in the offer. Then, you need to deposit $10,000 or more in new funds (internal transfers won’t count) into a Marcus Online Savings Account within 10 days from enrollment and maintain at least $10,000 of those funds in your account plus your account balance at the time of enrollment for 90 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.
  • Offer not available to customers who are currently enrolled in a different bonus offer on an existing savings account.
  • 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.
  • 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.

Our Verdict

This is one of those easy wins which is good for anyone with $10k in cash savings as there aren’t any complicated requirements to fulfill. Since they offer a competitive 2.25% APY interest rate, which is near the top of all savings accounts, you can easily open an account and transfer funds to Marcus for 90 days without really losing any interest you’d have otherwise earned on the funds.

The deal especially shines for those who already have a Marcus savings account, and have an additional $10k in savings somewhere else (e.g. from the Ally deal). It’s a nice surprise that they included existing customers, similar to what Ally did with a 1% payback return on all additional funds added.

Hat tip to u/pedagogue37



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Charles Z
Charles Z

Why do funds need to be somewhere else?Theoretically, I could tfer out 10k, enroll, and tfer it back in…

Emporio
Emporio

Why do you think that a bank would want an infusion of capital Charles Z ? While banking regulations limit the ability of Goldman Sachs to use banking deposits to underwrite highly profitable leveraged buyouts at its investment banking division, Goldman Sachs bank’s return on capital is still in excess of the effective 6.5% APY for this deal. So the bank makes money on new deposits of $10K for 90 days even after paying out the bonus and interest and assuming you withdraw the $10K after your bonus is deposited. But why would the bank provide an incentive to attract money it already has on deposit? And you’re wasting your time if you are transfering out $10K and then transferring it back as if it’s “new money”. Goldman Sachs is a sophisticated bank and I’m sure they’d catch this. Their T&Cs for this deal clearly state that no bonus will be paid to those who try to “game the system”.

AKSF
AKSF

Early termination fee?

K
K

I doubt it. You could also move everything except one cent out of the account if that is the case since there is no minimum fee.

Maz
Maz

I posted a link to the Online Account Agreement elsewhere in the comments, but the comment filter has eaten it. I read the document carefully and also searched for “early” and “termination,” and I am satisfied that there is no ETF for the Online Savings Account. You can Google “Deposit Account Agreement Marcus” to find the document.

DM
DM

To the extent that it is helpful for others, according to a CSR, the “plus your account balance at the time of enrollment” that has to be maintained for 90 days is limited to the Online Savings Account Balance only and does not include other products that you may have at Marcus like the relatively competitive no-penalty CD. May want to play it safe and keep both for 90 days anyway, but she did seem like she knew what she was talking about

Matt
Matt

Thanks DOC easy money….Nice that there isn’t a household limit….sweet

Austin
Austin

Damnit. All my funds are tied up in the Citi bank bonus right now. Already have an open account with them. Would have been easy.

Sam
Sam

Sweet finally a reason to open a Marcus account. Especially now that Ally’s customer service is awful

MoreSun
MoreSun

I loved that until the crap they pulled with that 1% promo. Telling people who had a trust account they qualified and then telling them after the promo was over that they didn’t qualify and refusing to award the promo? Seriously wrong.

Charles Mann
Charles Mann

File a complaint with the CFPB; it may work and you have nothing to lose.

MoreSun
MoreSun

I would in a heartbeat. Fam member who was affected by this refuses. It has reminded me us Bank Churners have a very different perspective than the average consumer. I think the average consumer lives in fear of pissing off the bank, we know there’s always another one.

Sam
Sam

I also filed a CFPB complaint, but CFPB is a toothless tiger though, no enforcement power.

Anon
Anon

FYI
Terms state you must leave your current balance on deposit as well and in the Online Savings Account (unlike Ally who let you buy CD’s or other products with balance)
“maintain at least $10,000 of those funds in your account plus your account balance at the time of enrollment for 90 consecutive days from the date of reaching the required dollar amount.”
Requires you to tie up your entire balance for $100 bonus on 10K. Not without some opportunity cost but still a nice deal.No harm in funding the deal and seeing if other opportunities arise.

Financial Panther

What’s the opportunity cost exactly? It’s a 2.25% savings account, which is as high as any other savings account. Not sure why anyone would buy a CD with these rates.

sloebrake
sloebrake

Other deals. YMMV.

Example – If 10k at Marcus keeps you from doing 2 of Citi’s 5k for 60 days for $200 a piece – than you’re out ~$250 in opportunity cost (if maths didn’t fail me)

As far as just letting money idle, pretty hard to find 6.25% without risk. Almost any checking account deal on the top list is better, but takes effort.

Who knows if they even enforce the 90 day thing.

qmc
qmc

Whoa, what is this citi 5k? And how many of these can I do?

sloebrake
sloebrake

Deposit $5k for 60 days and get $200. Can do 1 per ~8 months but no household limit.

https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/

qmc
qmc

Interesting… thanks!

Chezky Z
Chezky Z

Yup. Just verified this on phone. If someone has a large account – you are tying up total balance for 90 days. Guy on phone agreed with me that this makes no sense. Nothing he can do.

CJ
CJ

Is it the first time they are offering a sign up bonus?

K
K

I believe so. I already did the Discover and Ally bonuses. I missed out on CIT’s $100 bonus when they had that, but this actually has lower requirements. This is $10,000/90 that was $15,000/90.

ian
ian

“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.”

Is Goldman Sachs owned by AMEX? Lol

Pam
Pam

They are such a perfect couple.

Ferris
Ferris

6.25% APY if you do 10K for 90 days exactly for those who were wondering.

Lc
Lc

Was looking for this calculation. Worth it

Ferris
Ferris

Might be for some depending on what your normal ROI on cash is.

eksabajt
eksabajt

How’d you get 6.25% APY? Looks to be closer to 4.1% APY by my calculation.

Bill
Bill

And this is why your math teacher always said “show your work”. You are probably neglecting the 2.25% you get aside from the bonus.

Onsale
Onsale

Bill you could have just shown your work and done without the snark. This type of behavior is why the internet can suck.

Ferris
Ferris

You have to add in the 2.25 from the account.

eksabajt
eksabajt

Ah, yes, thank you.

Joseph
Joseph

Nice. I just opened it and funded from discover which I just got the bonus from.Thank you, DOC.

Grant
Grant

Sweet, really easy as existing customer! Thanks DoC!

Chris
Chris

Awesome, just enrolled and moved 10k over. Easy $100

Mike
Mike

Easiest signup process I’ve ever experienced. Fewer than 3 minutes including security question check and e-linking/transferring 10k from my Discover savings.

IS250
IS250

Did they provide disclosures? If so, ETF? And any indication of soft pull or Chex?

Matt
Matt

when you e-link, do you mean just inputting your routng and account number and it automatically transfers, or it’s like for some banks when you put that information and it has to log you into that account or else it puts in 2 trial deposits?

Alp!
Alp!

You put in your username and password for the external bank to create the link. Then you can transfer directly from the other bank. No need to wait for the 2 trial deposits. Linking to Discover savings worked for me.

Sam
Sam

yea it was scarily easy. Maybe we’re all too conditioned for the crappy sign up processes in other banks.

arizonapv
arizonapv

Mike Thanks, Mike. I used Discover too based on your DP. Easy signup.

ynr
ynr

Thanks.. opened two accounts for me and wife… easy $200..

Stephen
Stephen

Was there a hard pull?

Matt
Matt

No……all 3 of my beauros are frozen and I was able to open an account.

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