Marcus Bank $100 Bonus: Both New and Existing Customers

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I’m never really sure what to call it, but Marcus (formerly Goldman Sachs Bank) is offering a $100 bonus if you deposit $10,000+ in new funds into their online savings account within 10 days of enrollment at this special offer page. You must enroll by 11:59pm EST on 3/18/19 and maintain the new $10,000+ deposit for 90 days. They will deposit $100 into your account within 14 days, after those 90 days (got it?). Both new and existing customers are eligible, which is nice.

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 treated as interest for tax reporting purposes.

Basically a 1% bonus on $10,000 if you keep it there for 90 days, which makes it roughly 4% APY annualized. The bonus is on top of the standard interest rate, currently 2.25% APY as of 3/10/19. This combination makes it a great 3-month rate at that balance size when compared to my last monthly update of best interest rates.

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  1. Thank you, Jonathan. I also don’t know what to call it. I’ve heard about, but never paid close attention.

  2. DirtyLilRat says:

    Thanks for the heads-up. Is there a way to avoid the lost interest during the 3-day ACH transfer to the bank?

    • I’ve been thinking about this recently as well. I don’t understand how in the internet age all of these transfers couldn’t be simply 24 hours. It’s even worse when the transfer extends into “non-business day” weekends where the transfer ends up becoming almost a full week.

  3. Hugo Salinas says:

    Johnathan, I have two Marcus accounts, which I basically abondoned for CIT’s better rates. Do you know if I can get the $100 bonus for both Marcus accounts?

  4. Thats how they make their money too….its called ‘Float”. At any given time, they have few billions in float that they dont have to pay interest on.

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