Marcus Bank $100 Bonus on $10,000 Deposit (New for 2020)

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Marcus by Goldman Sachs 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 2/11/20 and maintain the new $10,000+ deposit for 60 days.

Both new and existing customers are eligible. Marcus had a very similar offer last year, but having done it in 2019 does not exclude you from doing it again in 2020 (looking at you, CIT Bank, ha). This offer is actually a bit better because their 2019 offer had a 90-day minimum holding period and this is only 60 days.

After enrollment, you must deposit $10,000 or more in new funds (internal transfers won’t count) into a Marcus Online Savings Account within 10 days of enrollment and maintain at least $10,000 of those new funds in your account in addition to your account balance at the time of enrollment for 60 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. […] The bonus will be treated as interest for tax reporting purposes.

Basically a 1% bonus on $10,000 if you keep it there for 60 days, which makes the bonus itself the equivalent of ~6% APY annualized. They will deposit $100 into your account within 14 days after that 60-day period. (I usually like to wait until the bonus shows up before taking out any money.) The bonus is on top of the standard interest rate, currently 1.70% APY as of 1/22/20. This combination makes it a great short-term rate at that balance size when compared to my last monthly update of best interest rates.

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Comments

  1. Ironically I just moved 50k from them into CIT for that deal. Wonder if adding the 10k near the offer deadline will work? Doh

  2. When they say “in addition to your account balance” do they mean just the savings account or all of your accounts? For example, can I close and withdraw a No Penalty CD and still receive the bonus?

  3. Cynthia A Azzam says

    I love your blog, so glad I found you, I have learned a great deal and always find that I benefit from all your information.

  4. I’ll be taking advantage of this one. While I’m new to Marcus, I like that existing account holders are included. Good reason not to close account after getting bonus! (no fees, can keep open with minimal balance)

  5. any info on timing of ACH transfers in &out initiated at marcus?

  6. Joshua Katt says

    Mine was real fast, out next day. And the same incoming, I saw a blurb they start to credit you interest once you initiate the transfer in. They do a decent jog, just no downloading to Quicken

    • RE:”Mine was real fast, out next day. And the same incoming, ”
      Are y saying u initiated a transfer into Marcus online savings from at Marcus & it was in the Marcus online savings & out of the external bank on the same day?

      Has anyone recently verified their external bank at Marcus with te trial verification method? Do they withdraw the trials? if yes , in 1or 2 withdrawals ( uses up my 6out allowed from my external bank)

    • THX FOR REPLY. ARE U SAYING u initiated a transfer into marcus at marcus & it was in marcus and out of the external bank on the same day… so no lost interest in ach transfer?

      • Jason Boxman says

        I just started a transfer to rescue money from Orion; they dropped the rates to almost nothing with no fanfare in the middle of last month, apparently.

        The transfer message claims I start earning interest today, the day I scheduled the transfer!

  7. Thanks for the info as always, Jonathan.

    Does anyone know if a member of one’s household (e.g., a spouse) can open up a separate Marcus account with a $10K deposit and also receive the $100 bonus?

    • “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.”

  8. Has anyone recently linked an external bank at marcus through the trial deposit method? Were the trials withdrawn? If so, in 1or 2 withdrawals? (These use up my 6 ach allowed out of the external savings account I want to link.)

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