Deal has expired, view more bank account bonuses by clicking here.
Update 7/29/19: Today is the last day to enroll in this promotion.
Offer at a glance
- Max Bonus Amount: $500
- Direct Deposit Required: No
- Additional Requirements: $50,000 deposit (new funds)
- Hard/Soft Pull: Soft pull
- Credit Card Funding: Unknown
- Monthly Fees: None
- Availability: Nationwide, new or existing users
- Expiration Date: enroll by July 29, 2019 and fund within 10 days
- Insured: FDIC
- Marcus Bank is offering new and existing customers of their online savings account a cash bonus of 1% of their deposit amount, up to $500 bonus.
- You need to enroll for this offer.
- Bonus is only on new funds deposited within 10 business days of enrollment/signup.
- You must maintain the new funds for 90 days.
The Fine Print
- Earn a 1% cash bonus up to $500 on your Marcus Online Savings Account.
- Offer valid from July 15, 2019 – July 29, 2019.
- Balance requirements and terms and conditions apply.
- To be eligible, you must enroll for this offer at https://www.marcus.com/us/en/savings/cashbonus or by calling Marcus at 1-855-730-SAVE (1-855-730-7283) by 11:59 PM EST on July 29, 2019.
- Minimum $1,000 in new funds to qualify. Internal transfers don’t count.
- Multiple deposits may be made during this time and can be made by any owner on the account.
- Funds deposited in your account prior to enrollment are not eligible for the cash bonus.
- Your balance at the end of your enrollment period is your “Enrollment Account Balance”.
- Maintain your Enrollment Account Balance through 11:59 PM EST of the 90th day following the enrollment period (the “Maintenance Period”).
- The bonus will be deposited into your account within 14 days after the end of Maintenance Period.
- The bonus will be treated as interest for tax reporting purposes.
You can see the full FAQ here.
Max this out with a $50,000 deposit to get the full $500 bonus. The savings account earns 2.15% which isn’t bad, though there are better. We saw Ally do a similar thing last year, and there was another one similar recently as well, from memory. It’s especially nice that they offer this for existing customers too.
Marcus recently reduced the saving APY rate from 2.25% to 2.15%. Still, with the added 1% boost, you’ll land up with a nice ~6% rate for those 90 days. Personally, I just look at it like a ~$450 bonus for someone who anyway has funds sitting in a 2.50% savings account.
Hat tip to Wche
Account opened on 7/23/19. Funding completed on 7/26. Bonus posted on 11/6/19. Account closed on 1/8/20. I plan to move the money to a bank or credit union that earns 2% on a CD.
Bonus posted 11/7. Will wait until end of month to see where banks are with their rates to decide where to move to. Suspect a lot of banks with rates above 2% will true up in the next few weeks.
I checked this morning and mine didn’t post yet, but I’m hopeful if yours already did.
Where should I move this chunk of cash once I get the bonus? Any other 1% new account bonuses currently happening?
None that I’m aware of.
You can try HANMI if youre near a branch
Bonus posted. Just finished withdrawing my funds from Marcus. 🙂
I’m doing this now (1k bonus +1,8% interest):
Bonus posted on 11/05, planning on moving the funds out now
Bonus posted on on Nov 2nd, 2019. Transferred the rest of the money out of there to my other higher interest accounts.
Any reason to keep account open with 0 balance? It’s not very competitive right now. Any idea if they’ll be more promo in the future (that’ll make sense to close it now to qualify in the future).
Marcus let those of us with an account apply for the bonus, so some of us are leaving the account open to make it easier to apply for a bonus with Marcus in the future.
Ah. I just saw that it was working for ‘existing’ customer. Thanks. I will probably keep it open than in case interest is higher in the future.
bonus posted for p2, waiting for mine to post
Funds in account 8/2/19, completed eligibility 10/31/19, $500 bonus posted 11/2/19
Hi @guest_785130 this one does post as P2P, personally I’m maintaining the account as they have been good to work with and have had decent interest rate. Also having the latest bonuses be available to existing customers has been a big plus as well. Took almost no effort to jump on this one as I had the account already.
Is there any minimum required time to keep the funds with Marcus?
Something seems to have gone wrong with outbound transfers yesterday at least, in two account of ours. Marcus CSR said they were working to redo them, but might want to monitor yours. They show up as reversals.