Posted by Chuck on July 29, 2019
Bank Account Bonuses

Published on July 29th, 2019 | by Chuck

214

[Expired] Marcus-Goldman Bank New & Existing Customers 1% Bonus On Deposits, Up to $500 [Last Day]

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 FundingUnknown
  • Monthly Fees: None
  • Availability: Nationwide, new or existing users
  • Expiration Date: enroll by July 29, 2019 and fund within 10 days
  • Insured: FDIC

The Offer

Direct Link to offer

  • 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.

Our Verdict

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



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Frito Pendejo
Frito Pendejo

hmm when is c360 50k 1% bonus supposed to pay out…

damn, not fast enough to do this

nick
nick

if you already met your cap 1 requirements and the bonus has not posted call and have them add it manually. this is what i did for a friend couple days ago. if you haven’t met the requirements then you will sadly have to wait bit longer.

AlarmingConsequence
AlarmingConsequence

In your estimation, what are the chances that they extend the offer? I’d need early October.

Shaun
Shaun
DJ
DJ

Should add that you will get the highest return by enrolling on 7/29, funding within 10 business days after 7/29 and then withdrawing on 10/29/19. It appears that the 90 day period during which one must keep funds with Marcus does not start until 7/29.

Trevor
Trevor

Risk of the offer being pulled early though?

qmc
qmc

2 weeks isn’t going to make a big difference, about $6-7 at the full $50k. On the other hand, if anything goes wrong during the process, you have little leeway.

joe
joe

Does anyone know if they have an app that can accept mobile deposits? Or do they do ACH pull?

TatyG
TatyG

They don’t have a mobile app. They do ACH pulls, can link up to 4 external accounts.

joe
joe

Thanks, can i pull 50k from another bank without any problems?

TatyG
TatyG

I don’t know for sure, I pulled $30K before but not $50k.

K
K

You should be able to pull that amount. They have a weird transfer system though. It will show in your balance immediately and you will start earning interest, but it takes a week for the transfer to be complete when most banks do it in 1-3 days.

Ryan Goldstein

I’ve found Vio Bank to be the same way. The funds appear quickly (within 1 business day) and start accruing interest, but they aren’t considered ‘available’ for about a week.

Heronva
Heronva

Depends on the bank. I pulled $200K from American Express, but Capital One 360 limited my online withdrawal to $10K per day. NFCU, Fidelity, & Sallie Mae will also allow you withdraw large sums.

Mimi
Mimi

According to banker one can do so but you have to check with the external bank if they have amount limits on funds going to and from them.

Andy
Andy

so its 90 days after 7/29, not when you make the deposit?

creditGuyInDixie
creditGuyInDixie

I have over 50k in my Marcus account right now. Can I transfer most of it out, wait a couple days, enroll in the promotion, transfer it back, and then get the $500 bonus?

MA
MA

interested as well

DeeezNuuts
DeeezNuuts

Depends on how they define “new funds”. I’m guessing there is probably some sort of time frame (likely 90 days back) where they measure the net deposit gain after enrollment

Eric M.
Eric M.

I don’t believe Marcus has run this promotion before so there aren’t any DPs in this instance but that has worked for similar promotions from other banks.

Bill
Bill

The last time they did this promotion, someone posted that they did exactly that (take money out, sign up, put money back in) and got the bonus.
Since that obviously is of no benefit to the bank, I would think they might have some interpretation of the rules that would not give you a bonus for that.
I would be very careful in getting something from the bank saying they’ll give a bonus for those actions. And I’d still worry.

Nonetheless, last time someone said they did give him the bonus for doing that.

Noah
Noah

I don’t see anything in the terms excluding people who’ve taken advantage of the previous $100 for depositing $10,000 bonus and it seems the offer terms specify that the old money / new money cutoff is when you signup for the promotion

So couldn’t someone just move all the money out, sign up for the promotion, and then move the money back in?

Lan
Lan

Just moved a bunch of money back to Marcus like a week ago 🙁

Celeste
Celeste

why woudl you do that

CJ
CJ

Anyone who can share a link to Memory’s promotion?

SeanK
SeanK

I read the sentence as there was a recent bonus like this from his (Chuck’s) memory. But I could be totally misinterpreting it. I’m not aware of any recent Memory bank’s promotion other than the $100 checking bonus from last year.

CJ
CJ

Haha I think I have to agree with you after reading it over. I just like Memory for the fact their saving is 2.45% right now.

SeanK
SeanK

Oh haha yeah I was thinking that he might be referring to the Capital One promotion couple months back. Yeah Memory bank seems pretty good. If they have a bonus I’ll definitely give them a try.

Jay
Jay

I did the Marcus $100 bonus in February or March this year for opening a new savings account. Took less than 10 minutes to open a new account, transfers were fast from my hub account, and they have a clean modern website with the promo code clearly shown as attached to your account, and they paid like clockwork.

Reading the fine print it seems if you take money out during the 90 day “maintenance” period they will pay you the bonus on the average amount in the account during those 90 days. So good in case you need to withdrawal some money.

Nice deal I’ll be doing this one.

K.M.
K.M.

Hey same here. I got the bonus $100 through the promotion earlier this year. I just called Marcus and the telephone representative said that I can sign up for this promotion too (I assumed that but wanted to make sure). Lucky thing after the promotion I transferred most of the money out from Marcus to wealth front, so it’ll be going back in to Marcus soon 😛

Matt
Matt

Just so no one forgets, everyone should have saved the $10K needed for the Simple bank bonus posted a few days ago. My liquid cash atm unfortunately might not let me maximize this offer, but it’s important to note that the $250 for $10K simple bonus should be a priority.

Celeste
Celeste

I was unable to open the Simple account.

atexit8
atexit8

Were you having problems similar to others? It seems to be rather cumbersome opening up an account.

Ralph Hendry-Wabel
Ralph Hendry-Wabel

They only accept US citizen

Yu
Yu

Do you mean Simple bank only accepts US citizen or do you mean Marcus only accepts US citizen?

SeanK
SeanK

Simple bank does. Marcus doesn’t require US citizenship

Nick
Nick
K.M.
K.M.

hi there, my wife is not a u.s. citizen but she got denied for opening a marcus account. im thinking she’s in that middle ground where she has an employment authorization document card and is waiting for an interview to get her green card. however she could open a wealthfront account since in the wealthfront application it asks if you are a u.s. citizen or not and then asks for a u.s. government issued ID so im actually more satisfied with her opening that account.

Interested
Interested

Does anyone know if they do a hard or soft pull if I open a new account? Thanks.

Aks
Aks

can anybody confirm soft pull vs hard pull?

CJ
CJ

My experience is that it’s only a soft pull.

CJ
CJ

I opened account with them for the last promotion. I have not noticed any new pull on my major 3 reports by now.

MrObvious
MrObvious

Looks easy enough. The money from Capital One promo will free up a bit to late to put in here.

One nice thing – if you must withdraw some of your initial balance, you will still earn 1% on your average monthly balance over the period – so you don’t just lose out on bonus entirely.

MrObvious
MrObvious

Another interesting thing is – if you make an immediate transfer with your login info from other bank (I did Discover Savings), it shows up immediately in your “Current Balance” but not your “Available Balance.”

Great thing is this note:
“Your Current Balance is the total amount in your account that’s earning interest as of today. It may include funds which are on hold or are not yet available for transfer.”

Although they don’t transfer the funds immediately, they are starting to pay interest as of TODAY on that transfer – not 2-5 days later! Money is still showing in Discover account and no transfer pending yet.

arizonapv
arizonapv

MrObvious Are you saying that during the registration for the promo that Marcus asks if you’d like to make a transfer from an external bank (Discover)? Or did you initiate the transfer at Marcus and do a pull from Discover? Edited: I am wondering if people are doing pushes or pulls.

MrObvious
MrObvious

I have done two pulls from within Marcus so for. I don’t recall if the first one occurred during sign up, but I know they prompted me to initiate it (but didn’t require it).

Tommy
Tommy

If i have 10k sitting in there from the bonus, can i deposit 50k, and withdraw the old 10k and still be eligible?

jp P thoms
jp P thoms

I’m in the same situation from bonus earlier in year. From what I understood from cust svs, and this is what I did. Remove the $10K before signing up for promotion. Once funds are at its destination and out of the account, then register for the promotion with the minimal funds in the account. Now, move in the $50 K from external account. Basically, remove funds before registering for promo.

SeanK
SeanK

Yeah I agree with jp. Depositing 50k and withdrawing the old 10k would result in lower than $500 bonus depending on when you withdrew it.

jp P thoms
jp P thoms

Ok, so this DP may come as a surprise or disappoint many who left the $10K in the account from the previous promotion in Feb 2019. After reading the terms and conditions thoroughly and even calling and presenting this scenario to Marcus yesterday, it seems that the information that was given to me by Marcus was erroneous. Ii followed up today to make sure what the rep told me on 7-16-19 was accurate. I spoke with a supervisor named Marcus who was professional and courteous, but what he told me was since I ACHd the funds out on 7-16-19, even though that is what the rep said was doable, there is a “look back period” that is not disclosed or detailed. This is the explanation that I was given:

” 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.”

Needless to say, I was surprised and confused with their reasoning, seems like they can arbitrarily come up with excluding factors on a whim without presenting them in the terms and conditions. The rep yesterday even suggested to open another account. This is being escalated to “office of the president” not sure where that is, but I said there were a bunch of people that had funds in their account from the Feb promotion and without clearly giving a start date for “enrollment account balance” they needed to stand behind the TOC and not some arbitrary “gaming the system” excuse. If you were in the same boat as me, be prepared to be disappointed or come up with more money. They are going to review the call to CSR yesterday and anyone that listens to conversation will know the only reason I ACHd the funds out was because the rep said that was possible since I had not registered for the promotion yet, and I made my decision based upon the rep knowing more about the promotion that myself. Not requesting financial advice, I made my decision base upon the unambiguous policy information and not trying to game the system. Be prepared to hear that as an explanation as to why only a portion or none of bonus is applied after 90 days. I’ll keep you posted.

GoodCow
GoodCow

Thanks for doing this. Keep us posted!

JC
JC

The phone reps said Marcus has text chat reps, but no secure message. You can try to catch them on text chat and screenshot their response.

jp P thoms
jp P thoms

That may or may not make a difference. The T&C are vague and don’t concretely designate a timeline as to when any look back period for withdrawals. I’ve got them reviewing and actual phone conversation with me inquiring about policy. On my part there was no intention to “game the system” I inquired with CSR who I assume knows the policy and when I presented a scenario, they confirmed that since I would not have registered yet for the promo, new money would happen after registration. Whether they stand behind that statement issued by their CSR remains to be seen.

Jags
Jags

will have P2 open account, transfer money out then over.

These types of bonuses are my favorite—minimum hassle, minimum issue confirming whether you signed up or not. And Marcus even has a nice “bonus tracker” on their site!

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