Goldman Sachs Bank USA Offers Up To $500 Savings Account Bonus


Deal Summary: Receive a 1% cash bonus of up to $500 for new deposits of $1k+ into a new or existing Online Savings Account.

Availability: Nationwide

Goldman Sachs Bank USA (Marcus) has recently launched a new savings account promotion which allows you to earn up to $500. It’s similar to their March promotion, but this one allows you to earn a lot more. The only mention of this promotion is on this Marcus landing page, which has the following promotion summary:

Deposit $1,000 or more in new funds into a new or existing account within 10 business days of enrollment in the offer, maintain your balance at enrollment plus the new funds for 90 days, and we’ll give you a 1% cash bonus up to $500. Enroll in this offer at the link below or by calling 1-855-730-SAVE (1-855-730-7283) by 11:59 pm ET on 7/29/19.

With interest rates starting to fall, bonuses might become a more common strategy that online banks will use to attract deposits. Marcus recently lowered its Online Savings Account rate by 10 bps on June 28th after the June Fed meeting when the Fed opened the door to rate cuts at its future meetings.

This Marcus promotion is similar to the ones that Ally Bank and Capital One have offered in the last year. Ally Bank’s October Payback promotion offered a 1% cash bonus with a maximum bonus of $1,000 (it has long expired). Capital One has often offered bonuses for deposits to its 360 Money Market Account. The latest promotion offers a $500 bonus for $50,000 in deposits. Unlike Ally’s Payback promotion and this new Marcus promotion, Capital One typically limits their bonuses to new customers.

Thanks to DA reader, MAKNYC, for posting on this promotion in the DA Forum.

Marcus Promotion Details

Right below this summary on the promotion landing page, Marcus has a link to the page with the promotion details. Three steps are described to qualify for the bonus.

The first qualification is to enroll. The promotion landing page has two enrollment links: one link is for new customers and the other is for existing customers. The only limitation mentioned in the promo details page is that Marcus customers must not be currently enrolled in another Marcus bonus offer.

The second qualification involves making the deposits. I’ll provide the excerpt from the promo details page to ensure accuracy since these details can be confusing:

Deposit at least $1,000 in new funds (internal transfers won’t count) into a Marcus Online Savings Account within 10 business days from enrollment. 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”.

It’s not clearly defined, but the enrollment period is specific to when the customer applies for this promotion. The date the customer applies begins the enrollment period, and it ends 10 business days after that. So if you enroll on July 22nd, your enrollment period will end on August 5th (10 business days after July 22).

The third qualification is maintaining the deposit for the required time. According to the promo details page:

Maintain your Enrollment Account Balance through 11:59 PM EST of the 90th day following the enrollment period (the “Maintenance Period”).

First, the 90 days is calendar days. So if your enrollment period ends on August 5th, the Maintenance Period will end on November 3rd.

The CSR informed me that their online banking software provides a timeline for the customer that lists the date that the Enrollment Period ends and the date the Maintenance Period ends. That should eliminate any confusion about these important dates.

Besides dates, there can also be confusion in understanding what balance will qualify for the bonus. This complication primarily occurs when you make withdrawals during the maintenance period. According to the promo details page:

If you do not maintain your Enrollment Account Balance for the Maintenance Period you will receive a cash bonus of 1% of the average amount of the new funds in your account during the Maintenance Period, up to $500.

Lastly, Marcus states in the promo details page that 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.”

Online Savings Account Overview

It’s common for banks to offer bonuses on accounts that you will probably not want for the long run. That’s not the case for this one. The Online Savings Account has a history of competitive rates. You can review the rate history of the Account by clicking the “details” arrow of the following table:

1.70%-$1mGoldman Sachs Bank USAHigh-yield Online Savings Account
Rates as of January 25, 2020.

In addition to a history of competitive rates, the Online Savings Account has features that do make it a strong contender for one’s primary online savings account. A summary of the important features of the Online Savings Account is listed below:

  • No minimum deposit
  • No hard credit inquiry in the application
  • Initial funding options include ACH, wire, or check (no credit card option)
  • Rate applies to all balances of $1 or more
  • Free ACH bank-to-bank transfer service
  • Allows links to up to 4 external accounts
  • 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 Goldman Sachs Bank available on the third business day. Funds received by ACH transfer initiated by another bank available on the next business day (see FAQs for full details)
  • Maximum balance of $1 million for individuals (new customers)
  • You may add up to six beneficiaries to each account.
  • A beneficiary must be an individual; you may not name a trust or other entity as a beneficiary
  • Social security numbers for beneficiaries are required
  • Trust accounts are not offered
  • No charge for sending or receiving wire transfers


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

To be eligible for the bonus, you must enroll for this offer at this Marcus promotion page or by calling 1-855-730-SAVE (1-855-730-7283) by 11:59 pm ET on 7/29/19.

Bank Overview

In April 2016, Goldman Sachs Bank USA completed the acquisition of the internet bank portion of GE Capital Bank. That’s when the brand name GS Bank was established. The brand name Marcus by Goldman Sachs was established in October 2016 as an online platform offering unsecured personal loans to consumers. As I described in November 2017, Goldman Sachs decided to consolidate savings accounts, CDs and personal loans under the brand Marcus by Goldman Sachs. All loans and deposit products are provided by Goldman Sachs Bank USA.

Goldman Sachs Bank USA is the 14th largest bank in the nation based on assets. As of the latest FDIC data (March 31, 2019), the bank has $196 billion in assets and $145 billion in deposits. The bank has an overall health rating of “A+” on, with a Texas Ratio of 1.10% (excellent), based on March 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $23.8 billion, an excellent annual growth rate of 34.06%. Please refer to our financial overview of Goldman Sachs Bank USA (FDIC Certificate # 33124) for more details.

Value of the Marcus Online Savings Account Bonus

Earning a 1% cash bonus on money that’s held for three months is equivalent to earning about 4% interest rate on that money for those three months. That will be on top of the standard interest that is earned on the Online Savings Account. As of 7/19/2019, the APY is 2.15%. If the Fed cuts rates, the savings account yield will likely fall. If you assume the APY will average 2% for the three months, it’s possible that your effective interest rate that factors in the bonus will be equivalent to around 6%.

If you’re late in withdrawing the money once the Maintenance Period ends, that effective interest rate of 6% will fall. Let’s say that money remains in the account for four months. Thus, earning a 1% cash bonus on money that’s held for four months is equivalent to earning about 3% interest rate on that money for those four months. Adding that to the estimated average APY of 2% results in a total effective rate of around 5%.

In summary, this Marcus promotion is a good deal. It’s easy to earn a bonus of between $10 and $500 if you can maintain the balance requirements.

Be sure to check out our full list of the best savings and checking account bonus offers.

Related Pages: savings accounts, nationwide deals, Internet banks

Never Trump Republican
Never Trump Republican   |     |   Comment #1
Okay ... This is like a 4% CD of 3 month term ... with flexibility of withdrawal without penalty... Not bad.
niniss   |     |   Comment #13
Yes, I'm wondering if i should pull money out of my 4% rewards checking for 3, 4 months. Decisions, decisions.
Never Trump Republican
Never Trump Republican   |     |   Comment #19
#13: Yes ... I was thinking on the same lines

... It will be nice to get full tank of gas in a single go, rather than doing $5, $6, $7 etc to make-up additional transactions for RCA for coming 3 months. :-)
willy12   |     |   Comment #23
I am in the same boat. Do I essentially stop using my RCAs for 1-3 months?

I have very little free cash other than the $50k in my RCAs. I have a CD maturing on 8/26 and I am hoping to buy a 30 month Jumbo at Keesler if its still available at that time. If its not, I could replenish the RCA money.

I have another CD maturing 9/18. I am not interested in terms over 30 months. And part of me wants to invest it in the market. (See the Barrons article I posted in the financial forum)
My IRA is 71% invested so I have buying power there. Do not have a separate IRA.
The other thing about this deal is Goldman may repeat it in the future at a time when i might not have to pull money from my RCAs.
Never Trump Republican
Never Trump Republican   |     |   Comment #59
#23: I went ahead with applying for Marcus ... process was smooth ... All was done I guess is less than 10 minutes ...

Even I entered the transfers. For one of my external accounts the Marcus was able to make link immediately, for the other one I will need to verify micro-deposits made by Marcus to external accounts.

This will allow me to take a pause from my routine of meeting monthly RCA requirements for next 3 months.
willy12   |     |   Comment #60
Since I already met the RCA requirements for this month, I think I am going to defer funding the new account until August. Just have to Enroll by 7/29.

Thanks for letting me know it was easy.
Never Trump Republican
Never Trump Republican   |     |   Comment #93
#60: Yes, I too have already met the RCA conditions ... Those RCAs are giving me 4% ... Marcus will give 6% ...This move of 8/9 days will give me a few pennies more ... The pennies will be so few that I didn't bother to make the calculation ... :-)
Huh?   |     |   Comment #45
#1.......... and then you woke up and had Cheerios.
RRR   |     |   Comment #48
My guess is that you should get between about 1.4125% return on the low end, is 1.5375% on the high end for the three months. So even on the low and there's not much that can beat it out there. If you have your money in a 2.5% liquid account, and that low end estimate is realized, that means you should net around a $400 profit by moving it here for 3 months. And in the worst case scenario, you still come out with a profit. Of course the difference is you'll have to tie up that $50,000 for 3 months in return for that profit.

The big variable is what they are going to do to the underlying rate. I don't think it's coincidence that the enrollment cutoff date is July 29th, the day of the next Fed meeting. And I wouldn't rule out a big cut in the rate. But again, even if they cut it to zero, it might being unwise marketing move, but you'll still make a profit for tying up the money. Whether that profit is worth the effort, or trying up those funds is another question.
On the Fly
On the Fly   |     |   Comment #49
If their interest rate goes to 0% you're still getting a 4% APY for those tied up 3 months . . . Well, maybe four months, at 3% -- if you count the initial ten-day funding period, and possible dealys after the "maintenance" period while you wait for your bonus to post, and your funds to be transfered out. Though technically you can transfer out on day 91, prior to receiving your bonus.

But if you're feeling skittish after a rate drop, you always have the option to pack your bags and leave whenever you wish. Your money is not committed there. Move it out to Northern or elsewhere, anytime you choose . . .
willy12   |     |   Comment #50
I don't think their intent is to lure people in with a bonus offer only to drop the rate unreasonably low shortly thereafter. Id imagine they stay right in the range of Ally, Discover & Amex which means this deal will be highly profitable. Even if it ends up being like my Discover account with a .01 balance or my Ally account with a $30 balance.

I am leaning heavily toward opening the account on or shortly before 7/29 and funding it by the by the deadline.
999   |     |   Comment #2
Deal maxes out at $50k.
123   |     |   Comment #3
When will the promotion expire?
willy12   |     |   Comment #26
Looks like we have to enroll by 7/29 and then have 10 business days to fund it. (8/12 maybe?)

Deposit $1,000 or more in new funds into a new or existing account within 10 business days of enrollment in the offer, maintain your balance at enrollment plus the new funds for 90 days, and we’ll give you a 1% cash bonus up to $500. Enroll in this offer at the link below or by calling 1-855-730-SAVE (1-855-730-7283) by 11:59 pm ET on 7/29/19.
Att   |     |   Comment #4
The rate on their savings account can go down at anytime. We may have a .5 rate cut next month. Would be nice if they had a rate guarantee.
Nonchalance   |     |   Comment #7
I've had this account with them since April 2016, and the rate has always been favorable. It could go down, and Ken covers that possibility, but recent history indicates it will remain decent.
123   |     |   Comment #5
Oh enroll by 7/29...I missed that earlier.
Mak   |     |   Comment #6
You only get 2.15% for the year this is 3 months and you only get a 1% bonus if held 3 months so how does that turn into 4%, magic?
NYCDoug   |     |   Comment #10
The point is to consider the APY = "annual" percentage yield. IF you are getting 1% in 3 months, and if the account were held for a year (and you were getting another 1% each quarter) THEN you would be getting 4% for the year (1% each quarter).

As the first comment (above) says: "This is like a 4% CD of 3 month term"

Close the account after the reward posts, and transfer the funds, optimally, into your Northern's 2.5% account -- guaranteed through the end of the year. (After that, you're on your own.) But your annual return on your money will surely be a cut above most other folks!
Lila Lilt
Lila Lilt   |     |   Comment #11
Whoa, seriously? Fancy math, not sure it is LEGAL!!
Mak   |     |   Comment #14
#10... maybe I read it wrong I thought it was 1% for 3 months. 1% for the 3 months and another 2.15%(if that rate holds) for a total of 3.15% for the year. If you only hold it the 3 months you will get 1.55%
YieldTracker   |     |   Comment #30
The way I look at it, it is a 3 month CD at 6.15% APR. 4% for the bonus (on annual basis, or 1% for 3 months) + 2.15% for the regular rate. As long as you only keep it in there for 3 months, you should earn 6.15% APR for those 3 months. Even if they lower their savings rate to 2% during the 3 month period, you should still get equivalent to a 6% annual rate in that 3 months.
willy12   |     |   Comment #33
That's one way but I like to look at it on a cash basis over a normalized rate....

The net loss on a $50k deposit for 3 months versus 2.50% is roughly $43.75. But we are getting $500 so the net gain is...$456.25. (assuming they do not drop their 2.15%)
YieldTracker   |     |   Comment #34
Well, if you opened up a CD at 6.15% APR (Annual Percentage Rate) with $50,000 today in an imaginary bank, and also utilized this deal from Marcus with $50G also today, 3 months from now both accounts would end up with roughly $768 in interest. ($268 for 3 months interest @ 2.15% APR + $500 bonus). Those are the facts. (rough calculation not considering APY & compounding of course)
willy12   |     |   Comment #37
I know, but I like to know how much excess money I am getting. There are lots of low balance cap deals if rate is all you care about. I am not interested in $5000 deals.
YieldTracker   |     |   Comment #44
Yeah, it has to be enough to be worth your time. Ally's deal a few months back was the same term but up to $1000 back on 100K, but this is still worth the effort. Hopefully we will see more of these deals moving forward as rates drop!
Att   |     |   Comment #42
#34 Good point. The 2.15% rate is not fixed so your intrest earnings may be lower
RRR   |     |   Comment #51
The concept of APY is fuzzy for analyzing CDs (or equivalent) that have a term of less than one year because it makes the assumption that the funds will be reinvested at the same rate for a full year. Of course that is rarely the case, so this assumption is not very good one.

A better way is to quote the percentage return based on the actual 3-month term of the deal, in this case 1.5375% if you assume the underlying rate is not going to change for the three-month period.

Then you can compare it to the actual 3 month return the other options.

To see this, consider a three month liquid account with a guaranteed APY of 4% and a 12 month liquid account with a guaranteed APY of 4%.

Even though they both have the same APY, the 12-month deal is obviously better because unlike the 3-month deal it guarantees you that you will earn the stated APY for the full year. The stated APY for the three-month account relies on an assumption that probably will not come to pass.
YieldTracker   |     |   Comment #52
If you are comparing it to stocks, then a monthly rate might be the benchmark. This website is for information about deposit accounts. Whether it is a CD, Money Market or Savings, all are bench marked using APR or APY.

Best to compare apples to apples in my book. No matter which way you look at it, it is a good deal compared to any Deposit account rate out there for a 3 month yield.

I have not seen a lot of people on here worried about their monthly yield on their money market or online savings account. Of course if a 12 month was available at 6.15%, that would be a better deal. Let us know when you find that, I would love to sign up! But for a 3 month deal, this is tough to beat for liquid funds.
RRR   |     |   Comment #53
#52 I think it's unlikely such a deal exists. But the point of course is that describing this deal in terms of an APY, rather than a 3-month expected return rate is a conceptually fuzzy analysis since it's based on a poor assumption.
YieldTracker   |     |   Comment #54
Starting today, I will start referring to my 2.5% APY Savings & MMA accounts as my 0.203% MPY (Monthly Percentage Yield?) accounts.
YieldTracker   |     |   Comment #56
In all seriousness and only Speaking for myself, I rarely ever keep money in any liquid account for too long these days with rates constantly changing. My money moves as often as necessary to get the largest overall yields with the combination of many accounts offering the top rates and special deals.

I rarely close any of them and keep them at the minimum when they are not offering a rate I am willing to accept. I use a home made spread sheet that calculates my blended APY for Annual and monthly for the lump total of my deposits. The monthly rate (the APY /12) or total return does matter, but easier to talk about these things using the common APY or APR terms to compare them to other available products.

Just my two cents, but both numbers add up to the same, so whatever works for you is great as long as the math is solid.
Thank you
Thank you   |     |   Comment #8
Great deal. Thanks Ken. Appreciate all you do...
Hooked   |     |   Comment #15
I just signed up and found it easy. Marcus provides the timeline when you need to fund the account, for how long and when the bonus is estimated to be paid. Crystal clear!
Anon   |     |   Comment #16
Where do you see this timeline? I signed up and see no indication that I am signed up.
Anon   |     |   Comment #17
Never mind. I found it.
Tribes   |     |   Comment #9
For me, I am not sure I like this offer.. the funds I would use would be money I wouldn't need in the near future and considering that maybe longer interest rates might be dropping to below 3% for longer term cds; my thoughts are better I open a 3+% CD now before rates drop further in the 3 months that the offer matures...?
NYCDoug   |     |   Comment #12
Obviously this is not a long-term investment -- though GS would like to hook you in for one! Use $50k of your "emergency" fund -- that you need to keep liquid. It will be there for you in 3 months . . . and, if a real emergency does crop up, you can always forego some of that 1% bonus, knowing that you've got all the cash on hand.

After those three months, of course, it's anybody's guess. But where would you stash emergency funds (or 3 months living expenses) anyway?
NYCDoug   |     |   Comment #28
Fine Print Caveat: No "Gaming"
[from the Offer Terms]:

"To receive your bonus, your account must be open and in good standing at the time the bonus is deposited in your account. We reserve the right to modify or revoke this offer at any time without notice. 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."
willy12   |     |   Comment #29
Wonder what they mean by gaming? I am not going to leave $50k with them forever if they have an uncompetitive rate... like the current 2.15%.

Is planning to move most of your money out after you meet the terms of the deal considered "gaming"?
YieldTracker   |     |   Comment #35
Moving your money out at the end of the promotion period is not considered gaming. They are hoping you will be lazy & leave your funds in there after the promotion period expires of course. Any savvy saver will be moving their money out the day after the promotion balance requirements have been met. ACH transfers out are swift at Marcus.
willy12   |     |   Comment #36
Ok, but what then, constitutes gaming?
NYCDoug   |     |   Comment #39
One example of "gaming" I read about (elsewhere) would be for an existing customer to drain an account, freeing up enough funds to then turn around and redeposit them into the same account -- as "new money" with which to qualify for a bonus
willy12   |     |   Comment #43
I just assumed that would not work. It would not with the ally 1% deal.
InterestYields   |     |   Comment #47
I agree with YieldTracker, fulfilling the terms-requirements could not be considered "abuse or gaming". While I'm no particular fan of GS so currently doubt they'd ever become my primary account, I'll likely check out this offer with shorter term funds for the bonus & the uncommon "No charge for sending or receiving wire transfers" feature. While I'd rather not have to provide the beneficiaries' SS#, at least they can be managed online "To add or remove a beneficiary, log in to your account and select Manage beneficiaries" (without notarized forms for every beneficiary change that Capital One claims is NYS law while no other bank account of mine requires that). This offer is clearly a promotion so the "We reserve the right to modify or revoke this offer at any time without notice" should not ordinarily affect accounts opened-fulfilled from the specified current offer link. Frankly, I'd be surprised if they change the offer by the 7/29 enrollment date but their legal dept is obviously protecting them with such language. - Thanks Ken
Att   |     |   Comment #18
Might give it a shot. Moved 20k and left a few dollars in my Marcus account when they cut their savings account rate. May put some short term funds from Northern to get the bonus.
999   |     |   Comment #20
Soft or hard pull?
Cch   |     |   Comment #24
Citi has a similar promotion requiring only $15,000 and lock up period is 60 days. Requires 1 ACH a month from any institution. Bonus earned $500. Search Citi Promotions on the web and it will pop up, however i am negative with Citi at the moment. Was approved for a Cito double cash back card last week/795 credit score with $100k income, no debt and no mortgage...card limit was $3000. i laughed out loud and told the rep i don't want the card. The $3000 credit limit is not worth my time to establish a relationship with Citi..their loss not mine.
111   |     |   Comment #27
CCH - Last year Citi had the same offer but for $400. I did it and was surprised how easy it went, considering that it was Citi. I think this year's offer DOES have a timing restriction, which basically excludes folks who did last year's.

Re. Citi Double - Yes, you got lowballed, but I would have taken the card anyway. I have one from 3 years ago with a higher limit, and my credit profile is only slightly higher than yours. I've heard elsewhere that Citi may be lowering their limits more recently. Did you ask them to reconsider or "appeal" the limit to a manager? That's worked in the past for me a couple times, although can't recall if that was Citi. At that point you've already incurred the hard credit pull, and declining the card doesn't change that. BTW the Fidelity VISA is also 2% cash-back. Main requirement is that it has to pay the cashback to a Fidelity account, but that can be a simple money market fund.
Cch   |     |   Comment #31
111 - I have a 1.5% card with a 25K credit way am i going to ring up charges with the citi card monthly and worry about the card being rejected as credit limit is reached...not for .50 %.As you stated Fidelity has a card and Fidelity is a first class company. Been with them for many years.i was planning on using the citi card as my go to card for everything, but not with a 3 k credit limit.
willy12   |     |   Comment #32
I did 2 credit card deals at the end of last year. Capital One was one of them and they only gave me a $10k limit but I only opened it for the bonus and I rarely spend even $700 so it does not bother me.

My income is way below CCHs but my score is 29 points higher. When i was younger, I cared about high limits. Now, I could not care less.

Both of my cashback credit card deals were pretty easy that I've decided I should probably do them more often. Planning on looking for another deal in Nov/Dec.

I think my deals were $250 for a $1000 spend and $150 for a $500. I had to manufacture some of the spending for them. I picked up some Ebay and Aldi gift cards. Right after loading up on Aldi gift cards, my store moves from 4 miles away to 7.5. And the 7.5 has a ton of speed breakers over about 1.5 miles of that which slows me down. As a result, I shop at Aldi less than I used to. Plus, they jacked up a lot of their prices ticking me off in the process. (Pretty much everything on the first aisle when you walk in was jacked up a good bit. A lot of it was junk we should avoid anyway like chips & cookies)

Fidelity is my primary card for the 2% but I think Amex & Cap One both pay 3% at grocery stores.
Weegee   |     |   Comment #96
question for Cch...

In order to qualify for the $500 bonus I believe that Citi requires one "direct deposit" per month, not just an ACH. Direct deposit usually means the deposit of a payroll check or a government payment. So if you don't have one of those you're out of luck.

Have you gotten confirmation that it only requires any regular ACH transfer?
willy12   |     |   Comment #25
The net loss on a $50k deposit for 3 months versus 2.50% is roughly $43.75. But we are getting $500 so the net gain is...$456.25. And its possible that they lower their rate from 2.15% in the next 3 months but I doubt their intent is to tick off new customers with a big rate drop.

The gain versus an RCA rate is less and it leaves me wondering if it might be better to hold off and do this if & when they have a future promo where I don't have to drain my RCAs to participate.
JFF   |     |   Comment #38
Can I pull all $50K from a BOA checking? Does BOA limit the transfer amount initiated from an external account?
Sam   |     |   Comment #40
JFF, who keeps $50K in a checking account at 0% interest and on top of that at BofA?
A phone call to a CSR will solve your dilemma, they have different checking accounts and different rules for each one.
Invest4   |     |   Comment #41
Received a Chase You Invest offer for $200 for 25,000. I saw this on the internet and am debating between the two. With Chase I would have put my money in a Money Market Mutual fund and while there is a trade settlement delay, yields should be comparable to low to mid 2%. Chase is a roughly a .8% bonus on 25,000 but will give me 100 free trades each year and the yields in savings or money markets or even an extra 1% up to $500 bonus like Goldman Sachs is offering is a paltry return. The deal is very lucrative for Goldman Sachs moreso than consumers, The Chase deal due to free trades seems to have a much better profit potential long term and more flexibility as you can choose more investments than just having money parked in a high yielding account although that is possible via a money market mutual fund as well. The money market is essentially parking funds till the right investment opportunity arises.
Par 4
Par 4   |     |   Comment #46
I went with Capital One several weeks ago, which I am more familiar with.
Quick, simple, easy. $500 bonus on 50k.
$250 interest earned while waiting for 90 days.

750 clams to blow on my golf game. See you on the links!
Hooked   |     |   Comment #55
The Capital One deal says bonus will be paid 60 days after the 90 days while the Marcus bonus is promised within 14 days after the 90 days. I also signed up for a Capital One deal (though for $400) a little over three months ago but no bonus yet. May be I do have to wait for another two months or so.

This Marcus deal is really easy, and you don’t have to wonder what you have signed up for as it is all in writing. I had never come across any bonus deals with such clear acknowledgement from the FI.
Par 4
Par 4   |     |   Comment #61
Sounds good Hooked #55. I will also do the Marcus deal.
Par 4
Par 4   |     |   Comment #63
And while I'm at it I'll grab one of the Marcus NPCDs @2.35%.
111   |     |   Comment #57
The Cap One deal is a good one, but many of us here were ING - Orange customers back in the day, and since Cap bought ING, we're apparently "banned for life" from such deals. I claim discrimination! (lol)
Att   |     |   Comment #58
For those that already have a Marcus savings account
You must maintain your new funds PLUS any balance you had prior to enrollment for 90 days following the end of the enrollment period.
Anonymously   |     |   Comment #68
"At enrollment" not "prior to enrollment" - big difference.
Hooked   |     |   Comment #71
Att is quoting the exact verbiage from Marcus’ confirmation email. He flagged it for the benefit of others so what did he get in return?
Att   |     |   Comment #79
#68 I cut and pasted the info from the Marcus confirmation email as Hooked has noted. It states "prior" to enrollment not at.
gregk   |     |   Comment #62
Has anyone inquired if you can be primary owner of one account and secondary on another with both accounts qualifying for the bonus?
111   |     |   Comment #76
gregk - I don't know the answer, but that's not a question I would trust the average CSR to know with 100% certainty. However, since this deal is so short-term, if you're setting up new accounts why not make each one primary for each person, and leave it at that so Marcus has no excuse to deny either bonus in 3 months? (Of course if you already have Marcus accounts set up with primary & secondary owners it's more complicated.)
gregk   |     |   Comment #78
Answer from Marcus to my question is "no", - only one bonus per primary or secondarily owned account. Generally I prefer joint ownership (with right of survivorship) to naming a POD beneficiary, but in this case will do the latter so both wife and I can each qualify for the payout.
Andy   |     |   Comment #64
Just applied for a new Marcus account and got promptly declined with no reason given. With almost a perfect credit score and high net worth, not sure why. Called Customer Service but the lady said they were not able to identify me.
Jennifer   |     |   Comment #65
Andy, are your credit reports frozen?
Hooked   |     |   Comment #67
I actually don’t remember having to answer any verification questions. My credit reports are frozen and I was able to open. I see on DoC that many people get rejected and Marcus does not provide reasons.
51hh   |     |   Comment #70
It's ChexSystems that needs to be unfreezed.
Chex   |     |   Comment #75
My Chex is still frozen but I had no problem enrolling in the program and opening up a brand new account at Marcus. I've never had an account with them before either.
111   |     |   Comment #77
It was a little humorous - when I called them, the CSR said very definitely "we don't do a hard credit pull" (which I knew already). But when I asked whether they did a ChexSystems pull instead, he said, as if reading off a card, "we may gather information from one or more public and/or private data sources ...". So I responded "Gee, that sounds like it could be ChexSystems...", and he again went through his reading-off-the-card routine. So it likely is ChexSystems, but then there been 2 or 3 banks/CU in the last 3 years I've joined that, surprisingly, did NEITHER ChexSystems NOR hard pulls (I ordered a ChexSystems report.) So, who knows.
Andy   |     |   Comment #80
Perhaps only Equifax after their data breach. However, not sure if this was the reason. And if it is cuz if Chex Systems, I probably should sue them, as it looks like they almost always create problems for me though I have impeccable banking history.
Weegee   |     |   Comment #66
I find the identity questions that you usually asked when you open accounts to be nerve-wracking. Usually there are four or five questions and one of them is impossible to answer because it's either ambiguous or just has no right answer.

For example, recently one of my questions asked "Which is closest to you.". They listed four of five streets none of which I had ever heard of and none of which are in the town that I live in. As far as I could tell after trying to Google the street names you have to get a surveyor to figure out whether the one in Kansas is closer or the one in Wyoming is closer. They obviously didn't intend to ask a question that you could answer from Google.

I just guessed and in that case apparently I guessed right. If I had guessed wrong maybe I would have been rejected. It's a little bit ridiculous that they ask you questions about yourself that is impossible for anyone to answer ...even you.

These identity questions are provided by the credit bureaus not by the FIs. It's an identity service the credit bureaus provide.

But it's so annoying when they give you an ambiguous question.

Oh they also asked me a question once about a car I bought like 30 years ago. Who remembers that stuff?

It's a bad process.
ricsue   |     |   Comment #86
I just applied and was approved instantly. I have all 3 bureau's frozen and a fraud alert on chex systems, due to ID theft last March. There were no identity questions asked, that was surprising to me. I am glad I will be able to take advantage of this great promo!
Yuan   |     |   Comment #69
For those who initiated the ACH from Marcus account and pull money in, would you share how soon your money left your external account?

donkey   |     |   Comment #72
Due to the security in the clearing process, it's always faster to push into an account than to pull into it.
steve010   |     |   Comment #73
I pulled into the Marcus account on Friday morning and as of Monday morning it hasn't left my old account yet. I assume one more business day should do it. My Marcus account said that the balance started earning interest on Friday though if that helps.
Yuan   |     |   Comment #81
Thank you. Did you see the fund left your old account as of Today(Tuesday)?
Hooked   |     |   Comment #84
If I were steve010, I hope the funds never leave my external account...since I am earning interest at Marcus already! Yuan, I think the answer differs, depending on which bank you use.
steve010   |     |   Comment #88
Yes, they left as of today (Tuesday).
Calif   |     |   Comment #74
Source account showed "in process" at end of 2nd day and cleared the following morning.
willy12   |     |   Comment #82
I am probably going to send a check by snail mail. Because 1-4 days interest on $50k exceeds the cost of a stamp.
Ideally, Id want them to get it on a friday so I get interest over the weekend at 2 places.

Where is their headquarters? NY?
dzilber   |     |   Comment #83
the best thing to do is to initiate ACH on Friday. This way you will get an overlapping interest over the weekend...
willy12   |     |   Comment #85
I don't think Ive ever gotten overlapping interest on an ACH.
Weegee   |     |   Comment #95
I think Friday is the worst day to initiate an ACH, especially if it's a push. Some FIs will immediately remove the funds from your account when you initiate the push, so you will earn no interest over the weekend on either end. And the new institution won't start paying you interest until they post the funds to your account which could typically be two or three business days later.

The EFT system sucks. It's antiquated. All funds transfer should be able to be initiated in a fraction of a second the consumer's request. There should be a biometric or equivalent identification system and instant transfers.
111   |     |   Comment #98
Well, you could move to Europe. I've read that most countries there have immediate transfers. Of course, they also have negative interest rates, so it sounds like a mixed bag.

Marcus finally sent me the trial deposits so I did initial funding this morning. When I did that, their website told me I'd start earning interest on the date of deposit (today), although the won't be funds available until next week. The bulk of the $50K needs to come from a different bank, though. I'll try to pull those funds to Marcus tomorrow, to get the overlapping interest.
Weegee   |     |   Comment #100
So Marcus told you that they would pay you interest from the date that you initiated the pull through them from the other FI? And they posted the funds to your account the same day you initiated the pull?
111   |     |   Comment #101
Correct. Earlier today, I verified my trial deposits for the link to my other bank. That caused that bank to appear under "External Accounts" when I log onto Marcus. I used that link to make an ACH-pull from my other bank, to Marcus. (This was my initial deposit.) Before that my balance read $0, it now reads the full amount of that deposit. At that time I received an on-screen message saying that this deposit would immediately start earning interest. (I also found this mentioned - the fact that Marcus does this - somewhere else on their website. Some kind of FAQ or something like that.)

However - that message also indicated that the funds would not be available until 8/1/19. And now that this deposit is listed as a line item under my Marcus Online Savings account, if I click on "Track my Transfer" for this line item, it tells me that it was done today, started earning interest today, but will not be available until 8/1/19.
Weegee   |     |   Comment #102
Wow! I don't think I've ever seen another FI that credits for an ACH pull on the day you initiate it. Wish I would have known a few days ago since it's too late to do the trial deposit routine now before the deal ends and I doubt my external FI will qualify for instant verification.

Oh well that'll cost me about 6 bucks missed interest. :(

Oh the humanity!
Weegee   |     |   Comment #103
Hmmmmm... then again you get 10 days to fund so I could get another chance next week. But I am still finding it hard to believe that they credit you on the day the pull is initiated. Next business day I have seen. But same day is new to me.... and especially for a new account! Do you have other Marcus accounts?

Things like the speed of ACH transfer are often different for different people since the FIs take into account factors such as how long the account has been open, if you have other accounts with them, how often you have done ACH transfers and in what amounts and so on. Some banks (particularly the larger more sophisticated ones like Marcus) will change how quickly they handle your ACH transfers based on these parameters. So it isn't a one size fits all. You may already be a privileged customer.
111   |     |   Comment #104
The Marcus Online Savings account I started a couple days ago is my first Marcus account. I really don't think it's any kind of "privileged customer" thing. At this website - - they do a decent job in analyzing some deals. Several posters in that thread also report the immediate-interest thing. PurePoint Bank is also said to have a similar type of same-day crediting, but I've never had any accounts with them so I can't speak to that.
Hooked   |     |   Comment #107
If anyone has a Purepoint savings account, you should always initiate the trial deposits FROM there. It is free money (a few cents!) from Purepoint but they don’t take those deposits back, meaning no debits to reduce your six withdrawals under Reg D.
On the ACH, I did a $10 instant pull from an external account into Marcus and it showed up as earning interest right away. I am also new to Marcus.
111   |     |   Comment #89
One of the easiest opening processes I've seen. I received no verification questions. Currently waiting on trial deposits.
InterestYields   |     |   Comment #90
I see reports of instant approval, any instant account linking with online banks?

I plan to enroll by 7/29 & likely fund from an Ally account.
larkin   |     |   Comment #91
I funded with Ally this morning - instant linking and instant funding. The money is currently in both accounts.
InterestYields   |     |   Comment #94
Did the Ally instant linking require your Ally login credentials? I've read that those credentials for instant linking are never stored but people are obviously hesitant to login anywhere but at their respective bank interface. Capital One recently was able to instantly link to my Ally routing with my account#, without its login credentials..
InterestYields   |     |   Comment #116
Enrolled yesterday & instantly linked to Ally routing# + my account# (i.e. without Ally login credentials) but haven't funded it yet. Curious to see Fed guidance tomorrow. Smooth application & nice online features so far..
111   |     |   Comment #92
No instant account linking or funding for me, but since I chose the "trial deposits" path instead of the path where you must provide them with your other bank's login and password, that was expected. I've never been a big fan of providing a new bank with my login and password for another bank. I suppose if an absolutely great deal came up where I'd lose out if I didn't make an immediate transfer I'd reconsider, but I've not seen that happen yet.
dantheman46   |     |   Comment #97
So I transferred the money in and the hold expired yesterday so today the money is available, however on the promotion tracker, I do not have a check mark next to having transferred the money in. Has anyone else not had their promo tracker update?
Anon   |     |   Comment #105
I pushed money in from Ally 3 days ago and my transfer check mark is not there either.
Hooked   |     |   Comment #106
I suspect they will only update it on the 10th business day after your enrollment. You can add more funds before then so they don’t want to say it is ‘complete’.
willy12   |     |   Comment #108
Enrolled and opened my account just now. Very easy. I opted to send a check. My enrollment period will end Aug 11th.

I am going to send my check Tuesday so that they get it friday so hopefully I can earn interest at both places for a few days.

Going to have to transfer from my RCAs to my brokerage or All American. I am going to do that on August 1 so as to not lose any RCA interest for the current month. It appears my maintenance period will end on Nov 9.  That is a little odd in that you would like it would end 90 days after your deposit.
Online Savings
Account Number: XXXXXXXXXXXX
Here's how to fund with a check:

Please mail a check to the address below for each account. Your check must be payable to Goldman Sachs Bank USA or you. Endorse the back of your check "For Deposit Only" and include your Marcus savings account number.

Goldman Sachs Bank USA
PO Box 4571
Carol Stream, IL 60197-4571
gregk   |     |   Comment #111
FWIW (contrary to what a Marcus rep told me a week ago, but which the written offer details specify and subsequent Marcus reps have confirmed) you can be primary owner of multiple savings accounts that will qualify for the bonus as long as each of the qualifying accounts has a discrete joint owner listed on the account. One bonus per individual owner is the crucial detail, - so if I'm the sole owner of a Marcus Savings account I can qualify for the bonus on that account, of course, but I can then also be joint (even primary) owner of a second account with my wife for which SHE will qualify for the bonus on that account. Furthermore, I can then be joint owner on a third and fourth account with my two daughters, for which each of them will qualify for the bonus on these accounts.
alphaiit   |     |   Comment #112
It seems this deal is NOT available anymore:
Deal Summary: Receive a 1% cash bonus of up to $500 for new deposits of $1k+ into a new or existing Online Savings Account.
willy12   |     |   Comment #113
Yes, it was for those who enrolled by 7/29 as stated above. There was plenty of advance notice.
gregk   |     |   Comment #115
Will Marcus drop the APY substantially (or even a little) during the Maintenance Period now becomes the question, with all the potential Fed shenanigans going on.
willy12   |     |   Comment #117
They have always had rates in line with what the big national names have had. So I would be very surprised if they stopped now. I expect their rate will remain similar to Ally, Amex & Discover. Probably slightly higher. Its not like most of us are going to hang around & keep large amounts with them after the 90+ days are up anyway.

Marcus- 2.15%
111   |     |   Comment #120
If Marcus did a large rate drop during that 90 days - large relative to other banks at roughly their same current rate - it might cause more folks to not just move their $50K after the 90 days, but also close their accounts after the bonus is paid. I doubt Marcus wants that.
willy12   |     |   Comment #122
I mailed 3 checks totaling $50k Saturday.

I expected them to get them Tuesday if not today. So far, they say they have not and the deposit is not showing.

I called customer service and got some nonsense that it can take 10 business days for the mail which is garbage. I asked for some assurance that I would still get the bonus if my envelope was late and they would not give it to me. Said I could stop payment on the checks and wire or ACH the money in.

I asked if they would close the account & return my checks if they did not get them by the friday deadline and they said no. I would have to transfer it out.

If they get my checks tomorrow or friday, there will be no problem. If its later than that, they don't seem to want to cut me any slack.

I get mail from all over the country in 2-3 mail days. (counting saturday but not sunday)

Alabama to Illinois should be no longer than 3.

Its been 4 days now.

Hopefully I am worrying about nothing and they will get it thursday or friday and I will get the bonus money.
I thought mailing 3 checks would be easier than setting up ACH with 3 different places. But I did not anticipate a real mail delay.
willy12   |     |   Comment #123
Well, apparently as I was typing, they processed my deposits. I got an email and its now showing up.

A half hour ago, a phone rep said they had not gotten it.


This notice is to acknowledge you recently funded a new savings account on 08/07/2019. Your Account is available to you 24 hours a day when you log in at

If you have questions or are having difficulty accessing your account online, please contact us toll-free at 1-855-730-SAVE (7283), Monday to Friday, 8 am - 10 pm, or Saturday to Sunday, 9 am - 7 pm ET.

Thank you for being our customer. We are committed to helping you reach your financial goals.


Marcus by Goldman Sachs
willy12   |     |   Comment #124
In a perfect world, I would have timed my deposits so they would get them friday so as to gain interest at 2 places over the weekend. But, I felt the risk of missing the deadline was greater than an extra few days interest on $50k. About $2.94 a day.
According to their bonus tracker, I must maintain the funds until 11/7. Does that mean I can transfer out on 11/7 or 11/8?

I should probably go ahead & set up a transfer in advance so I don't forget.

For at least the principal. I can get the interest & the bonus later.

Your offer status
Offer enrolled

Completed on

Deposit funds

Complete by

Maintain eligibility

Maintain until

Receive bonus

Estimated by
NYCDoug   |     |   Comment #125
I believe you need your funds on deposit until midnight: 11:59 pm of 11/07. To play it safe, and minimize any further stress, just schedule your transfer for 11/08.

But why not make that an entry in your calendar, as well?

Safest. of course, would be to wait out the extra few days until your bonus posts.
And who knows, by that time the interest rate at Marcus might be better than anything else around. So pre-scheduling a transfer out might mess things up unintentionally.

In these coming days / weeks / months (years?) of falling rates we cannot get too far ahead of ourselves. Planning is mostly guesswork. Of course an add-on CD or two never hurts!
willy12   |     |   Comment #126
Keeping the $50k there an extra 2 weeks would cost me at least $23 in lost interest versus my RCA which is not maxed out right now. (assuming Goldman stays at 2.15% and its likely they will lower it)
I can't set the transfer to All American now anyway as they require advance permission for large transfers.
I could set up a transfer out from Goldmans end but I heard they are slow and I don't plan on keeping a large amount with them after the promo ends.
oldguy   |     |   Comment #127
savings down to 2.0
InterestYields   |     |   Comment #128
Just noticed that, once $500 promo bonus is received in November will likely transfer all funds to their No Penalty CDs. Yesterday received my Capital One bonus & will transfer all those funds into Marcus' 7 mo 2.25% No Penalty CDs while they last..
willy12   |     |   Comment #129
I thought they would have dropped sooner. They seem to take their queues from Discover, Ally & Amex.

I will be moving most all of my $50k out around 11/8. That was the plan all along.
InterestYields   |     |   Comment #130
More treasury yield curve inversion today & another Record Low for 30 year treasury @ 1.953%..ominous signs.. Glad I locked in 7 figures @ 3.15% APY for 60 months at Ally in January (with its 150 day EWP in case I buy real estate). Really hope we don't follow Japan+EU into negative yields especially without corresponding deflation as negative yields don't seem to be doing the trick for them..
steve010   |     |   Comment #132
Anxiously awaiting my 1% bonus. Just have to hold it for one more week and then wait until 11/15 for it to be deposited.
Hooked   |     |   Comment #133
Someone on DoC made a comment that bonus was received today, just 48 hours after meeting eligibility. Something to cheer about, finally!
#134 - This comment has been removed for violating our comment policy.
Dan   |     |   Comment #135
Yes I received mine the very next day after the meeting requirements check box was checked. My date was 10/28 but the checkbox didn’t fill in until 10/29 and bonus was them deposited on 10/30
Hooked   |     |   Comment #136
Received my bonus today, also two days after the 90 day maintenance period! Great job, Marcus.
111   |     |   Comment #137
Yep. 2 days seems to be the pattern.
#138 - This comment has been removed for violating our comment policy.
Goldman Sachs Bank USA Cuts Rates Except the 13-Month No-Penalty CD

Just three days after Ally Bank cuts the rate of its savings account, Goldman Sachs Bank USA (Marcus) has done the same thing. Marcus' Online Savings Account rate was reduced by 10 bps to 2.15% APY. In addition, Marcus also cut rates on nine of its CDs. All rates went down by 10 bps. One noteworthy exception is the 13-month No-Penalty CD which continues to earn 2.35% APY. The new lower APYs are shown below in bold and are effective as of 6/28/2019. The previous APYs are noted inside parentheses.

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Goldman Sachs Bank USA Offers $100 Online Savings Account Bonus
Deal Summary: $100 Bonus when you deposit $10k+ in new funds into a new or existing Online Savings Account.

Availability: Nationwide

Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) has recently launched a savings account promotion. You can receive a $100 bonus when you deposit $10k or more in new money into a new or existing Online Savings Account within 10 days of enrollment, and maintain those funds and your current balance for 90 days. Enrollment must be done by either using the enrollment links...

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Goldman Sachs Bank USA Ups Rates On Online Savings Account and CDs
Deal Summary: Rate increases: Online Savings Account (2.25% APY), 13-month No Penalty CD (2.35% APY), 12-month CD (2.75% APY).

Availability: Nationwide

This morning, Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) increased the rate of its Online Savings Account by 20 bps to 2.25% APY. There were also a few CD rate hikes. The 12-month CD rate increased 10 bps to 2.75% APY, and the rates of all three of the No-Penalty CDs went up, with the 13-month No-Penalty CD rate now at 2.35%...

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Goldman Sachs Bank USA Ups Rates on No-Penalty and High-yield CDs
Deal Summary: Rate increases on High-yield CDs and on the 13-month No Penalty CD (2.25% APY).

Availability: Nationwide

This morning, Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) increased the rates of five of its High-yield CDs and of its new 13-month No-Penalty CD. There was no rate change on the Online Savings Account. Out of the six CD rates that increased, the new 13-month No-Penalty CD rate (2.25% APY) is the most competitive. All six of the new APYs are shown below in...

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Goldman Sachs Bank USA Ups Savings Account & Offers No-Penalty CDs
Deal Summary: Rate increase on the Online Savings Account (2.05% APY). New 13-month No-Penalty CD (2.15% APY).

Availability: Nationwide

This morning, Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) increased the rate of its Online Savings Account by 10 bps to 2.05% APY.

Like past rate hikes, this new rate doesn’t make the savings account a rate leader, but it does keep the savings account on the high end for the large, well-established internet banks, and it should put pressure on the...

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More Past Offers

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