Marcus by Goldman Sachs Offers $100 Savings Account Bonus

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Deal Summary: $100 bonus when depositing at least $10k of new funds in a new or existing Online Savings Account.

Availability: Nationwide

Now through February 12, 2021, Marcus by Goldman Sachs (Marcus) is offering a $100 bonus when depositing $10k or more of new money in a new or existing Online Savings Account. The new funds must be deposited within 10 days of enrollment. Those new funds, plus the account balance at the time of enrollment, must be maintained for 90 days. Enrollment must be done by using the enrollment link on the Marcus promotion page, or by calling Marcus at 1-855-730-SAVE by 11:59 PM EST on February 12, 2021. The bonus will be deposited into the Online Savings Account within 14 days after the requirements have been met.

This offer is very similar to the bonuses offered by Marcus in February 2020 and March 2019. The one difference from the February 2020 offer is that the “maintenance” period has been increased from 60 days to 90 days.

While existing customers can qualify for the $100 bonus, thoroughly understanding the “rules” concerning which funds must be maintained during the promotional period is paramount. The following is an excerpt from the small print on the bonus promotion page (text emphasis is mine):

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 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.

The salient portion of this quote is that the “account balance at the time of enrollment” will be included in the funds required to be on deposit for 90 days. That could prove to be critical if you have plans to use any of the “account balance at the time of enrollment” money during the 90 days following the deposit of new funds.

Thanks to DA reader, barry_NY, for the Forum post about this promotion, and to all the DA readers who commented. I’m quoting this helpful hint from DA reader, enuser, which appeared in my February 2020 Marcus blog post.

NOTICE to all who have signed up for this promotion. As stated by user "Tracey" you will need to call Marcus and confirm that you are in fact registered for this promotion. I also did not receive the confirmation email as stated when the signup process was completed.

When I called I was told that I was not enrolled in the promotion. The CS rep went ahead and enrolled me also. Call Marcus CS at 1-855-730-7283. Within a few minutes I received the long awaited confirmation email.

"Confirmation: Marcus savings bonus enrollment"

You will have to put up a fight to get past the auto attendant. Since she will insist that you say what you are calling about. None of the obvious phrases I tried worded until I said "savings account", then "close".

Online Savings Account Overview

While the Marcus Online Savings Account rate is currently only 0.50% APY, the Savings Account has a history of competitive rates for several years. To review the rate history of the Online Savings Account, clicking the “details” arrow in the following table:

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.50%-$3mMarcus by Goldman SachsOnline Savings Account
Rates as of September 24, 2021.

The Online Savings Account has several features that make it a strong contender for a primary online savings account, including the following:

  • No minimum opening deposit.
  • Rate applies to all balances of $1 or more (currently 0.50% APY).
  • Free ACH bank-to-bank transfer service.
  • Up to 4 external accounts can be linked.
  • Maximum outgoing transfer is $125k per transaction if done online (no limit if done by phone).
  • No incoming transfer limit (as long as the maximum balance limit is maintained).
  • ACH Transfers out take 1 to 3 business days.
  • Funds received by ACH transfer initiated at Marcus are available on the third business day. Funds received by ACH transfer initiated by another bank are available on the next business day (see FAQs for full details).
  • Maximum balance of $1 million for individuals (new customers).
  • Up to six beneficiaries per each account.
  • A beneficiary must be an individual; you may not name a trust or other entity as a beneficiary.
  • Social security numbers required for beneficiaries.
  • Trust accounts are not offered.
  • No charge for sending or receiving wire transfers.

Availability

Goldman Sachs Bank operates its internet bank under the Marcus by Goldman Sachs brand. Savings accounts and CDs are available nationwide and can be opened using the Bank’s online application. Account owners must be U.S. citizens or legal residents and at least 18 years old.

To qualify for the $100 bonus, you must first enroll for this offer using the link on the Marcus promotion page, or by calling Marcus at 1-855-730-SAVE (7283) no later than 11:59 PM EST on February 12, 2021. A confirmation of successful enrollment will be sent by e-mail or snail-mail.

Bank Overview

Nearly five years ago, Goldman Sachs Bank completed its acquisition of GE Capital Bank’s internet bank division, thus establishing the “GS Bank” brand. The “Marcus by Goldman Sachs” brand was launched in October 2016 as an online platform that offered unsecured personal loans to consumers. As I noted in a November 2017 blog post, Goldman Sachs decided to consolidate savings accounts, CDs, and personal loans under the Marcus by Goldman Sachs brand.

Goldman Sachs Bank has an overall health grade of “A” at DepositAccounts.com, with a Texas Ratio of 6.73% (excellent), based on September 30, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $66.63 billion, an excellent annual growth rate of 72.87%. Please refer to our financial overview of Goldman Sachs Bank (FDIC Certificate # 33124) for more details.

Goldman Sachs Bank is currently the twelfth largest bank in the nation based on assets. As of the latest published FDIC data (September 30, 2020), the Bank has nearly $278 billion in assets, nearly $218 billion in deposits, and more than 2 million customer accounts.

Bottom Line

This is an easy bonus that doesn’t require much time or effort. Earning $100 on a $10k deposit in three months is the approximate equivalent of a 4.1% APY. While the current 0.50% APY doesn’t seem competitive when compared to the 1.70% APY that was in effect when this bonus was last offered, 0.50% APY is close to the current average rate for online savings accounts – 0.51% APY. Also, it's higher than the current national average rate for savings accounts – 0.15% APY.

If you don’t qualify for the Marcus by Goldman Sachs bonus, check out our full list of the best savings and checking account bonus offers.

Related Pages: savings accounts, nationwide deals, bank bonuses, Internet banks

Comments
Rickny
  |     |   Comment #1
When I signed up I got a confirmation email from Marcus regarding the bonus:

"Thanks for enrolling in a bonus for your Marcus Online Savings Account. You're on your way to receiving a boost for your savings!"

If I didn't this (or if others did not) I would call Marcus.
bankingar
  |     |   Comment #2
Does this only count the account balance of the savings account? For example would my family's joint savings account and No Penalty CDs count toward the amount that needed to be maintained?
MikeG62
  |     |   Comment #3
If it works like those in the past, the aggregate balance in all your accounts at Marcus + $10,000 will need to be maintained.
Perjoe
  |     |   Comment #7
Wow, that seems particularly punitive, especially if one has multiple savings and CD accounts with either no or different joint owners. I would have thought the balance maintenance requirement would apply only to the single account into which the bonus qualifying funds were deposited?
Perjoe
  |     |   Comment #24
I have spoken with two customer service reps. at Marcus who both assured me that the balance maintenance requirement only applies to the account that the promotion is applied to and into which the $10,000 deposit is made. Withdrawals can be made from an other Marcus account during the maintenance period without penalty. I also received this assurance in writing.
mffarrell
  |     |   Comment #4
Can you fund the initial $10K deposit by ACH at the time of enrollment?
Rickny
  |     |   Comment #6
#4 You can do after enrollment. They give you a choice
Perjoe
  |     |   Comment #5
Curious if existing customers would qualify for the bonus if they first transferred $10,000 from an existing Marcus account to an external bank account, and then a week or so later used those some funds to open a new Marcus account?
Rickny
  |     |   Comment #9
The one thing about Marcus that drives me crazy is that their website is very slow. I
111
  |     |   Comment #11
“very slow” is being generous! I spent most of an entire quarter of the Chiefs / Browns game today (during commercials, of course) trying to simply change the maturity instructions for several Marcus No-Penalty CDs. Their website offers NO facility for doing this in bulk, which wouldn't be a problem except that to do each one individually takes literally forever.

Yes, they get kudos because their website does some procedures which at other FIs would require talking with a CSR. But the extremely slow speed of their website takes a lot of that away.
Hooked
  |     |   Comment #10
Just learned that Marcus has a referral program where both referrer and referee gets an additional 0.2% APY of interest in savings for three months. A current customer can find the referral link (and details) in his/her account. Despite the small boost, this may interest someone who wants to refer a spouse or family member and do this bonus.
Buckeyes
  |     |   Comment #12
anyone know if they do a hard pull? I can't see why they would but I try to avoid hard pulls.
Hooked
  |     |   Comment #14
@ Buckeyes - I have had the account for a few years and don’t remember it being a hard pull. DoC also says it’s a soft pull.

My Ally no penalty cds are nearing maturity so I will close those and move to Marcus. This is the third time I am doing Marcus bonuses. Always easy and would recommend.
P_D
  |     |   Comment #13
This works out to about a $95 premium over three months for me or about $32 a month. Normally that's too little to interest me, but this had my name all over it and I couldn't resist.

I was locked out of the CapitalOne deal every year because I had $1 in my account left over from the ING days for years. Finally closed it a few years ago although a trust I manage still has an open account so I don't know if that disqualifies me from their bonuses anyway. But this time having $1 in my Marcus account was perfect because you have to maintain your existing balance. Talk about luck. So I thought why not. That's good for a free pizza day a month for 3 months and minimal work.

This was probably the easiest bonus enrollment process I've ever done. Took less than 5 minutes to enroll and schedule funding. Hopefully the rest of the process will remain as smooth.

I should also add that I have never experienced the slow response on the Marcus website some reported here. It doesn't seem any slower than other FI sites I use. I like their online facility a lot. It's simple, straightforward and transparent. Wish they were all as good.
Rickny
  |     |   Comment #15
PD I use many sites and Marcus is the slowest. I always have the M with a circle around it go for a few seconds before it refreshes each selection. The site itself is fine but for me slow.

Other than getting rewards, I have not had any CDs with Marcus for years. I had $15 before I deposited 10k to get this bonus in a savings account.

They really aren't competitive anymore. They are similar to Ally, good site but non competitive rates.

The only CD I have with Ally is and 11 month no penalty CD paying 1.75% that also has a $250 bonus on the 50k deposit. Thought I would be closing the CD when I got the bonus but CD rates dropped and the 1.75 % became a great rate.
P_D
  |     |   Comment #16
I agree. Both Marcus and Ally don't seem to need to be competitive for the last x years. I also use the Ally NPCDs and had a few 1.95s until a month ago when they matured. I rolled them over anyway at 0.65% (including the rollover bonus) since there isn't a much better option for that particular trust money anyway.

Ally is a great hub, but not a great rate competitor for several years. So I keep much less cash there these days.

Interestingly, I remember when Ally used to bombard TV with ads years ago. Then they stopped and their rates became uncompetitive. Now, for the first time in years I saw an Ally TV commercial the other day. Wonder what the significance of that is if any.

I am really worried about FI failures later in the year.
Buckeyes
  |     |   Comment #17
Ally's stock has been on fire P_D, but . One of the few banks that is. And Wall Street likes to be ahead of you and me. Their quarterly reports have been fine, and they even threw in a share buyback. They are not in trouble. They just aren't treating their depositors very nicely.
P_D
  |     |   Comment #18
My comment about FI failure concern was not about Ally. I thought of mentioning that, but left it off. It's about some CUs where I have very large deposits in high APY CDs.  I think Ally is very unlikely to fail.
111
  |     |   Comment #22
Ally, as you may recall, was constructed from the remains of the old GM auto loan division (GMAC). Not surprisingly considering its lineage, Ally still makes lots of auto loans. Because of the fairly large Federal pandemic stimulus payments, auto loans have not tanked nearly as much as was predicted by financial pundits back in early 2020. Because, well, folks need their vehicles to get them to work - or even to the grocery stores, if they've lost their jobs. Therefore Ally has not had nearly as many “nonperforming loans” on their books as was once feared.

Together with other factors, this may have held their share price above water, completely irrespective of how they might interact with their depositors.
Choice
  |     |   Comment #23
111. True, but GM is going back into that line of loans, etc. and the ALLY honeymoon may be over
Buckeyes
  |     |   Comment #20
I agree P_D. Very simple process. I also liked the confirmation within the website itself that I was enrolled in the $100 bonus. Speed wasnt great on the site but certainly acceptable to an old geezer like me.
P_D
  |     |   Comment #21
Yes, indeed Buckeyes. Also received an email confirmation of enrollment. Contrast it with the Citi bonus I enrolled in a month or so ago which was nothing but headaches and except for their verbal confirmation on the phone I have zero written acknowledgement I am enrolled. Every CSR there gave me a different answer to every question and I kept getting bombarded with email warnings about a problem they insist is a mistake. I'll feel lucky if I ever see that bonus at this point at least without having to make a career out of collecting it.
chasinrates
  |     |   Comment #19
Thank you barry_NY and Ken for the information.
bc01841
  |     |   Comment #31
I'm impressed!
Simple, straightforward, done in minutes, the online site is easy and intuitive.
I called in to ask a few questions and got answers quickly and clearly... Great experience!
Buckeyes
  |     |   Comment #32
I see the comment deletors are out again. I thought I'd give this site one last chance but it's being run by passive aggressive moderators trying to shut people up. So I don't make this mistake again please ,moderators, it's time to escort me out of here. Delete my account. It irritates me too much and it's just not worth the aggravation to me. You certainly are quick to delete comments so I am hoping you can fit in one more deletion today.
Buckeyes
  |     |   Comment #33
so my $100 bonus hit today. I have yet to see a requirement that I have to continue to keep the account open to keep the bonus. Is there any sort of hidden requirement i'm not seeing? It's savings rate is the same as Ally's lousy rate but I may want to consolidate funds. Thanks.
111
  |     |   Comment #34
Buckeyes - I can't answer your exact question because I've always left my Marcus account open between bonuses, but I've left as little as $11 in it for a few months during those times. Since they've offered bonuses often and don't seem to restrict them to new customers only (at least so far), I've found it just as easy to leave a few dollars in there and wait for the next one.
GreenDream
  |     |   Comment #35
Buckeyes, As long as there's no fees to worry about, I find it easier to leave a token amount in the account than to go through the potential hassel of closing it completely (and then possibly opening it anew later). YMMV
Buckeyes
  |     |   Comment #36
thanks guys, i did not realize you could possibly be eligible for new bonuses in the future being an existing customer. I guess I'll just leave it open with a C note and see what happens.
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