Goldman Sachs Bank USA Offers $100 Online Savings Account Bonus

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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 at this Marcus promotion page or by calling Marcus at 1-855-730-SAVE by 11:59 PM EST on 3/18/19.

It’s nice to see that existing customers can qualify. Ally Bank did the same thing with its Payback promotion last year, but as we learned during the Ally promotion, it’s important for existing customers to understand the details of the rules regarding new money and balance changes during the time when the deposited new money must be maintained. The following is an excerpt from the small print at the Marcus promotion page that explains the details:

To qualify for the $100 bonus, you first need to enroll in the offer. Then, you need to deposit $10,000 or more in new funds (internal transfers won’t count) into a Marcus Online Savings Account within 10 days from enrollment and maintain at least $10,000 of those funds in your account plus 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.

Existing customers should note that it’s your “account balance at the time of enrollment” that will be used to determine if you maintained the required funds for the 90 days. That’s important if you were planning to use the money in the savings account for a CD at another bank or for some other purpose.

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

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:

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%-$1mGoldman Sachs Bank USAHigh-yield Online Savings Account
Rates as of May 20, 2019.

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
  • Rate applies to all balances of $1 or more (currently 2.25% APY)
  • 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 required
  • Trust accounts are not offered
  • No charge for sending or receiving wire transfers

Availability

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 $100 bonus, you must enroll for this offer at this Marcus promotion page or by calling Marcus at 1-855-730-SAVE by 11:59 PM EST on 3/18/19.

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 (December 31, 2018), the bank has $192 billion in assets and $138 billion in deposits. The bank has an overall health rating of “A+” on DepositAccounts.com, with a Texas Ratio of 1.54% (excellent), based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $20.46 billion, an excellent annual growth rate of 31.98%. Please refer to our financial overview of Goldman Sachs Bank USA (FDIC Certificate # 33124) for more details.

Value of the Online Savings Account Bonus

Assuming that the Online Savings Account rate remains at 2.25% APY for the next three months, a $10k balance will earn about $56 of interest. When you add the $100 bonus, the total earnings will be about $156. Without a bonus, an account would have to have a yield of 6.24% to earn that much interest in three months.

If you’re are playing it safe and you add some extra time at the start and the end of the 90-day requirement period so that the total time of maintaining a $10k balance is four months, the total interest earned would be about $75, and the total earnings would be $175. The equivalent yield to earn that much interest on a $10k balance for four months is 5.25%.

Instead of participating in this promotion, if you had deposited $10k into PurePoint Financial’s 13-month No-Penalty CD which currently has a 2.60% APY, you would earn a total of about $87 in four months. That’s $88 less than you would earn in this promotion.

In summary, this Marcus promotion is a good deal, but you’ll have to decide if the bonus amount is enough to make it worthwhile.

Be sure to 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
RJM
RJM   |     |   Comment #1
I might just do this. Does anyone know if they do a chexsystems inquiry or hard pull?
larry
larry   |     |   Comment #2
RJM are you looking at the "No charge for sending or receiving wire transfers?"
RJM
RJM   |     |   Comment #4
I saw it. So could I wire in & out the same day?
larry
larry   |     |   Comment #7
RJM Comment #4) RJM, I don't see why not as wires normally take 20 mins to half hour. So in theory you ACH in from hub accounts and then immediately wire out to latest deal or just divy up funds from hub accounts and put partial in this since the rate is competitive. I think wires have to be initiated from the bank where the money is. So my thinking is with this account we wouldn't miss many short window deals.
RJM
RJM   |     |   Comment #11
Id like to hear from someone who has done it like that. But, how many hot deals will not charge for receiving a wire? Fidelity is free both ways too but with the benefit of checks too for shared branch
Regardless, I will probably open with the 10k for the bonus.

I need a good deal CD for my Keesler money in 11 days.
SMT1
SMT1   |     |   Comment #32
Marcus is very pleased to have your funds wired IN quickly. Getting your money out is the issue. It is very unlikely in my experience that you would be able to wire in and out the same day. You have to wait on hold to get someone on the phone to wire money out and they will tell you it may take 1-3 business days for the wire to be processed. If you set up a link to an external account, you can do an ACH transfer on their website, but their policy is that processing a transfer can take 1-3 business days OR MORE! The 1-3 days or more is AFTER they withdraw the funds from your account so you will not be earning any interest during that transfer process. Stay away from Marcus. There is no charge for wire transfers, but they rig their policies to try and hold onto your money as long as possible. Too stressful to deal with. You do not want to miss a great Promo CD that may only last a few days because Marcus is delaying your wire or transfer.
WheelinDealin
WheelinDealin   |     |   Comment #63
Don't fall for it. Marcus makes it easy to get your monies in, but once they have it they make it difficult to get it out.
RJM
RJM   |     |   Comment #66
Its more likely your specific situation was the issue more than a company wide policy.
SMT1
SMT1   |     |   Comment #69
RJM #4 "So could I wire in & out the same day?"

Larry # 7. "RJM Comment #4) RJM, I don't see why not as wires normally take 20 mins to half hour."

RJM # 11. "Id like to hear from someone who has done it like that."

RJM #66. "Its more likely your specific situation was the issue more than a company wide policy."

I told you the facts about Marcus's company-wide policies, but you only want confirmation of "what you want to hear or believe are the facts." So if I told you-you could wire money in and out the same day, you would be more inclined to believe a lie than the facts. Goldman Saks has a very long history of stock trading games, where they make money on spreads and churning stocks in mutual funds they offer. They apply similar practices to their banking. They have 137 Billion in deposits. 2.25% interest on JUST 1 Billion is $68,500 a day. They want to hold onto your money and skip a few days of interest because it is very profitable. They have a fraud team who surely has the charter to prevent fraud, but the team is also chartered with delay!

All that said, if you are only depositing $10,000, missing up to 3 days interest will not amount to much vs having to pay maybe a $25 wire fee. The only downside is possibly missing a great Promo because they delayed your wire or transfer.
RJM
RJM   |     |   Comment #71
You have an obvious axe to grind. But I would only be going for the bonus money and then it would probably not be used. It's not like I am sending them every dime to my name where 3 extra days would ruin my life.

The free wires in & out sounded good but it's not a deal stopper for me.
Rltraver
Rltraver   |     |   Comment #142
I’ve been with them for a few years. EFT out is simple. I’ve made multiple $25k transfers out as follows- request by 2pm EST on normal business days and the money is credited to my Navy Federal account the next day. Very easy.
Radster
Radster   |     |   Comment #3
I opened this account yesterday.

No reported hard pull, but I don't know about Chexsystem. They definitely aren't chexsystems sensitive, however, as I've opened a LOT of deposit accounts recently.
RJM
RJM   |     |   Comment #5
For the bonus?
Radster
Radster   |     |   Comment #8
Yes. That's why I'm here :)
RJM
RJM   |     |   Comment #14
I did not see the deal yesterday.
Radster
Radster   |     |   Comment #15
It was available. It just wasn't yet posted about here on DA.
Smooth like butter
Smooth like butter   |     |   Comment #6
This had to be the easiest process I've ever been through to sign up for a new account. Application took 5 minutes, quick verification code to confirm email, and now waiting to verify trial deposits for linked checking. Already have my Marcus savings account number. No uploading copies of DL or passport. No utility bill requests. And nobody looking to see my archaic ss card issued 50+ years ago. I guess I'm still waiting for a screen to flash across my laptop telling me the jokes on me. I hope it's not as this seems like a good spot to park $10k for 90 days to gain the yield...
DCGuy
DCGuy   |     |   Comment #9
I have a lot of money in non-CD accounts. I can ACH dozens of $10K deposits into the account. But will I get $100 for each ACH? Probably not.
Radster
Radster   |     |   Comment #10
No, it's one bonus per account. Not, one bonus per $10k.
DCGuy
DCGuy   |     |   Comment #17
I read the disclosure information and it verifies what you stated.

I am trying to print out the first page of the bonus information screen. It is scrolling on the print menu and is over several hundred pages and still going. Must be some kind of odd coding information on their webpage.
RJM
RJM   |     |   Comment #12
I mentioned this before months ago, but to me, Goldman Sachs Bank sounds more appealing than Marcus by Goldman Sachs.
RJM
RJM   |     |   Comment #13
Here is some cold water from the forum...But, Im still probably going to do it.

WheelinDealin | 22 hours ago
Pass. GS/Marcus is more trouble than they are worth. One of the few online banks that has frozen my funds in the past for no apparent reason except that I wanted to make a withdrawal. Also, their website sucks. It is so slow and difficult to navigate. That "M" with the circle around it it makes me want to smash my monitor.
IvoryMale
IvoryMale   |     |   Comment #16
Could offer $1000 and that wouldn't be enough.
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deplorable 1
deplorable 1   |     |   Comment #22
Not true I would jump all over this for $1,000! You are losing .25% vs. a 2.5% savings so you are not even getting the full $100 more like $93. I think some folks are doing this for free wire transfers.
RRR
RRR   |     |   Comment #41
If the bonus was $1,000 instead of $100, then the APR on this investment would be something on the order of 42%. Plus your funds would be liquid so you could withdraw them at any time before the bonus was earned without penalty and still earn a decent fair market return for the time they were invested. Would be a no-brainer for most people. But of course it isn't $1,000.
deplorable 1
deplorable 1   |     |   Comment #51
It would be 40% actually. I only used $1,000 because IvoryMale said it wouldn't be worth it. The Citibank $200 bonus equates to 24% and it IS available. You could do one for you and one for the wife and that same $10,000 would earn you $400 in just 60 days.
RRR
RRR   |     |   Comment #60
I think the APR would be 42%+ since the Marcus deal also pays 2.25% APY in addition to the bonus.
deplorable 1
deplorable 1   |     |   Comment #102
Sorry you are right RRR 42% I forgot about the 2.25% rate. I didn't go that far since it doesn't exist.
deplorable 1
deplorable 1   |     |   Comment #21
The Citibank $200 bonus is a much better deal guys. You only need to deposit $5,000 for 60 days and you make twice as much.
ddbrege
ddbrege   |     |   Comment #23
Hey deplorable 1...I have not seen what Citibank is offering currently, but I wrote on here previously about their shady practices. So my advice to you, if you care, is to read everything twice in their disclosures because they must have some great lawyers writing it so it sounds better than it really is.
deplorable 1
deplorable 1   |     |   Comment #24
I have collected Citibank bonuses several times. With any bonus it's best to read the fine print very carefully and save everything until the bonus posts. I have done multiple $200 and $400 Citibank deals. I had to call and ask for the bonus and provide proof once. After 60 days you can drop the balance to $1,500 to keep the account fee free until the bonus posts.
deplorable 1
deplorable 1   |     |   Comment #25
$200/$400/$600 bonuses are available. Ken has them listed here:
https://www.depositaccounts.com/savings/best-savings-checking-account-bonus-offers/
This $500 bonus looks interesting as well. You get the extra $100 for meeting a direct deposit requirement for just 2 months. If ACH counts this is a good deal:
https://banking.citi.com/cbol/checking-500/default.htm?
This Doctor of credit post does a better job at explaining the details of ALL Citibank bonuses in one place with comments:
https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
larry
larry   |     |   Comment #26
d1, looking at several of those doc posted for the wife and I. Made $4k-5k last year just on bonuses. Looking to compliment those with some opm deals! Lol
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123654
123654   |     |   Comment #28
Hey guys,
I know what ACH stands for, but a lot of times I have no idea what you are talking about with all these other acronyms. What is OPP and OPM?

I see acronyms all the time now, I wonder why that is? Is it because nobody wants to spell out the words? ….. In any case, I am sure there are many others like myself that do not know what these are. I noticed in the last 2 weeks someone from the media started using "AOC" for Casio-Cortez, why not just say "Cortez?"
51hh
51hh   |     |   Comment #29
Good point, we use acronyms all the time in military technologies. The rule is always to spell it out at first appearance (unless it is so obvious to all).
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#MeToo
#MeToo   |     |   Comment #33
Reply to #30.
Dumb ideas? Dizzy? deplorable 1 we like some of your financial ideas, but please refrain from using personal insults. Especially against women. Is it ok for us to say that about you?

I receive bonus offers in the mail twice a month from Chase and Capital One. $250 if you open a checking or savings account. $500 for both. But you must deposit $10,000? Capital One wants $50,000. That's ridiculous, and you must leave it there for 6 months? I chose to put my 50K in Redneck Bank @2.50%. I earn more than $100 each month, and can easily withdraw it anytime.
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deplorable 1
deplorable 1   |     |   Comment #44
@Larry: Any issues with CHEX systems after doing all those bonuses in one year?
Sorry had to re-post since comments were deleted.
ANON
ANON   |     |   Comment #53
A good deal.......But I once had a Citibank account. I have learned NEVER to try to get a bonus from a bank that I was a previous customer........I can't ever get a clear answer if I'm eligible......but usually I'm not.......So I refuse to try any longer. If you're 100% new then yes go for it. Otherwise.......BEWARE!!
ra88
ra88   |     |   Comment #31
Haven't seen this here:
HSBC -- $200 offer for existing customers to upgrade to Advance, $10K min combined balances, 90 days, direct savings 2.22%.
ANON
ANON   |     |   Comment #74
Careful ra88.....This is one of the banks that could not give me a clear answer as to whether or not I would be eligible since I was a past customer.......I would be absolutely furious if I did this and they refused the bonus because of this. As I said if you're completely new.....go for it. Otherwise.....Careful!
deplorable 1
deplorable 1   |     |   Comment #76
I skip the Capital one bonuses because they used to disqualify anyone who had a ING direct bonus in the past. Does anyone know if former ING direct customers are still being disqualified? I don't see anything about this in the fine print on their offers anymore.
jimjohn30
jimjohn30   |     |   Comment #78
Yes, I applied for the bonus CD, and was told I did not qualify as I had had an account with Capital One previously, within the past 3 years. As I recall, they don't advise you upfront, only after you have filled out the info.
deplorable 1
deplorable 1   |     |   Comment #83
Thank you! That would have really ticked me off if they tried to pull that BS even though it isn't in the fine print anywhere. I think you should be able to fight them on this if it is not disclosed in print anywhere. I bet there is a law requiring them to disclose this somewhere. But who want's to go through all those headaches anyway.
ANON
ANON   |     |   Comment #118
Yes I once tried them too. It was like pulling teeth to get an answer. They do not say anything in the fine print about being a past customer. These idiots even sent me promo ads insinuating that I was eligible.
jimjohn30
jimjohn30   |     |   Comment #123
I don't understand why they don't address this in the fine print, either. It makes no sense, and would save a lot of people a lot of time. Why would they do something they must know would irritate potential down the road customers. I have to call them tomorrow as I have a 1099 due from 2018 and they did not send it to me, as they did in the previous year. I no longer have a working printer. Anyway I'll ask the question, though of course they will not be able to give me an answer. They never know, They are just customer service reps.
deplorable 1
deplorable 1   |     |   Comment #138
I have received emails and regular mail with their bonus offers and when I call in to ask if I'm eligible they either don't know or they send you to a supervisor who also isn't sure. Once I got a rep who told me flat out don't go for this bonus because they will use that old ING direct account to cheat you out of it.
Learnedone
Learnedone   |     |   Comment #157
Yes they are
ra88
ra88   |     |   Comment #139
Re: HSBC Email Offer --
4. $200 Thank You Gift Offer Terms and Conditions: This offer is non-transferrable and available only at a U.S. HSBC branch or by contacting the Advance Engagement Team or HSBC representative via LiveChat. All qualifying activities must be completed within the stated time frames in order to be eligible for the $200 Thank You Deposit.
bankingar
bankingar   |     |   Comment #40
Think about it like this: $100 interest on $10,000 is a 3 Month CD at 4% APY. My top liquid savings account would only net me ~$5 more to keep the $10k there so that's ~$95 before tax for less than 5 minutes of work.
[EDIT] Although, somehow it opened a new savings account for me instead of applying the offer to my existing savings account. Weird but I can easily close the extra once the holding period is done.
NCSaver
NCSaver   |     |   Comment #43
I have never tried doing one of these bank bonuses... I would not have thought they were worthwhile but you can't argue with the math after you break it down. How do you "experts" out there use these bank bonus accounts? Is this a primary strategy for a portion of your funds (are you always investing a portion of your money in these)? Or do you all typically use these accounts as a place to "hold" money while waiting for good CD deals? Just wondering what strategic approach different people take with these.
deplorable 1
deplorable 1   |     |   Comment #46
I keep a portion of liquid cash rotating in these bonuses all the time. Usually only from $5,000-$20,000. When you do the math the smaller bonuses are much better ROI(return on investment) than the larger bonuses. Take the $200 Citibank bonus for example.
The 60 day yield would be 24%
$5,000 x 24% = $1,200/12 = $100 x 2 =$200
A bit less because you have to wait for the bonus to post. They say 90 days but it has never even taken 30 days for the bonus to post in my experience.
NCSaver
NCSaver   |     |   Comment #47
D1 - thank you... I have learned quite a bit from these posts. Do you know if Citibank does a hard pull to open an account? That is my main concern - impact on credit score and Chexsystem reports. I already opened the Mtn America add on CD and a rewards checking account recently... worried that I might hit roadblocks if I start doing too many of these (although impressed by yours and others successes with these - including Larry's mentioned above). Have you run into problems?
deplorable 1
deplorable 1   |     |   Comment #48
Only a soft pull at Citi unless you are applying for credit. Some banks will do a hard pull if you apply for overdraft protection(I advise against this). Here is a great reference on which banks do a hard or soft pull:
https://www.doctorofcredit.com/bank-accounts/is-opening-a-bank-account-a-soft-or-hard-pull/
larry
larry   |     |   Comment #50
d1, read your comment last night, but I did not have the time because I had to get up early this am. To answer your question, no we did not worry about checksystems inquiries because three of those deals were from accounts we already had which amounted to $3k total just on those. Was able to invest those getting the current savings rate around 2.30% during holding period. The others were new accounts, but you have to realize it's x2, so was not worried. We've never been declined by checksystems if that's what you call it.
deplorable 1
deplorable 1   |     |   Comment #52
Yeah I do the bonuses for the wife as well. May as well double up on them since you have to read the fine print and do the same work anyway. I have even had a few bonuses for my kid's savings. Kids bonuses are almost impossible to find anymore. I got her $50 for opening a Discover savings account with $1.
deplorable 1
deplorable 1   |     |   Comment #49
Also I forgot to mention you have to wait a certain period of time after you close the account before you can do the bonus again. This is usually from 6-12 months and sometimes the bonus is a one time deal only. Some bonuses are "churnable"(meaning you can do them over and over) and come around every 6 months to a year or the time frame for the bonus keeps getting extended.
111
111   |     |   Comment #56
I just did the $400 one again (actually 2 of them). No hard pull. The $600 deal requires $50,000 - a pain because Citi pays next to no interest. Although they sent me checks ("starter" checks, I think - free), after the bonus hit I just ACH-pulled cash to another bank.

My $400 appeared on time, but sometimes they don't - as stated above see https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/ for problems folks have had with Citi. Also, a problem for thos who also have Citi credit cards is, Citi has a tendency to sometimes**** up and remove ALL online access when checking accpoutn is closed, so you have to re-establish your onloine acces for cards. Citi is more of a pain to deal with than, say, Ally.
deplorable 1
deplorable 1   |     |   Comment #58
Good point 111! I think I had to reset my Citibank credit card password for online access after doing 2 $400 bonuses. I can't remember is there some way to avoid that when signing up? I want to do these bonuses again soon.
larry
larry   |     |   Comment #117
deplorable 1 (Comment #58) d1, did you look at the BMO Harris $200/$500 Checking Bonus that is now available nationwide? The $200 one looks interesting and from what I can tell the dd will work from other sources than traditional ones. We've done this one prior about 2 years ago.
SvyT
SvyT   |     |   Comment #140
How do you re-establish online access for the Citi credit cards? I am unable to re-set my password since it asks for the last four of the debit card to the closed bank account.
larry
larry   |     |   Comment #59
d1 (comment #49) Yes, and one trick is to close the account you plan on churning ASAP even if they charge a small fee. Why, because it reset's the clock earlier when the same deal recirculates. Obviously you do not want them to claw back your hard earned bonus so you have to follow the rules by reading carefully the terms. I just confirmed what RJM stated at the beginning of thread and that is wiring fees in/out of Fido(Fidelity) is fee free. We did the Fido offer of deposit $200 get $200 which was the easiest offer we've ever done. Never closed that one and now it's looking like a smart move not to with free wiring fees on Fido's end. That will eliminate Marcus for us because we don't want a soft/hard pull which we will save for a better ROI play. Same for Mountain America CU because we will use that pull for a better offer.
deplorable 1
deplorable 1   |     |   Comment #62
@larry: MACU only requires only a soft pull now. I was talking about Citi removing online access for us credit card customers when closing the savings/checking accounts after the bonus posts. I ran into the same problem as 111. This is really bad for me as I now have 3 Citibank credit cards. They almost made me miss a payment with that BS last time. I thought it was a one time glitch but maybe not.
RJM
RJM   |     |   Comment #68
Larry, I thought someone posted there was no hard pull. See post #6.

As for fidelity, I got a much bigger bonus whenever I opened my account nearly 20 years ago but also did a deal last year for a ton of free trades. I had to move in so much for 9 months. Initially I was going to do a big bonus deal with Merrill Edge for moving money/assets there but changed my mind when I found out they cancel limit orders after 30 days.

I have generally not done too many deals. I opened a Discover account for a bonus and then got another bonus for a $10k-20k ach transfer.

In recent months, I did a couple of credit card deals for the bonuses only. Did a capital one, $150 for a $500 spend and an Amex $200 for $1000 spend. Both of them were really quick about giving me the money in the form of a statement credit so I did not have to spend extra to use the bonus money.

I may pay closer attention to these kind of deals in the future. In the past, I have passed on Citi deals because I read a lot of people saying they often fail to pay bonuses even for people who are diligent about meeting the qualifications.

But, I sure don't want a chexsystems hit that keeps me out of a future deal. Because I have had too many in the last 12-15 months.

I might look into an Edge deal soon as I have $ coming available from Keesler soon with no immediate plans for it. And they have had their best bonus deals around tax time. But I would not use it for my primary brokerage, maybe just for the bonus money while possibly buying brokered CD with it?
anonymous
anonymous   |     |   Comment #75
NCSaver (re # 43), in my case I don't use bank bonus accounts as part of a particular strategy, but I do between 2 to 5 of these a year. I used to do more of the ~$100 bonuses (when $100 was still worth much, which was not too long ago) and now I focus more on the $200-500 range. Largest I've ever done was $1000 at Ameritrade. Have had very good experience with Chase bonuses over the years.

I find that one risk of doing this over time is that you might end up keeping a lot of accounts open for various reasons. Sometimes you'll find unexpected uses for bonus accounts. One time I had to pay for a hospital visit on an international business trip and the only card that worked there was a debit card from a recent bonus deal. So most bonus accounts that I could have closed after 6 months, I find that I keep them open for a year or more and many of them I ended up never closing.
ChasinRates
ChasinRates   |     |   Comment #42
Thank you!
ANON
ANON   |     |   Comment #54
This is a good deal. You're earning $100 and just need to keep it at that level for 90 days......That's 4% right there annually. .....and throw in 2.25% that it will earn. If your money is in Redneck like me earning 2.50 % then you would lose about 6 bucks.......Basically you would make about $94. Pretty good.
jimjohn30
jimjohn30   |     |   Comment #61
Applying for this offer today was the easiest online application I have ever encountered. I filled in the information required; was given an account number - I entered the information necessary to initiate an ACH withdrawal from my checking account, and that was it. It was so easy that I called them to make sure there was nothing further required on my part. Was told the transfer would be done in 1-3 days, and that was it.
WheelinDealin
WheelinDealin   |     |   Comment #64
A few words of caution:

Over the past number of years I have done business with over a dozen online banks: Purepoint, CIT, Citi, Synchrony, GE Bank, GS Marcus, iGo, LiveOak, Barclays, UFB,  and more. I will say that GS/Marcus is the only one that has ever given me big problems and tied up my funds for no apparent reason. After having a large amount of funds there for a long time and then trying to withdraw those same funds, they froze my account and forced me to jump through hoops to get my own monies. I have read about this same thing happening to others when they go to withdraw. I'm not saying this will happen to you, but proceed at your own risk. Is $100 worth it?
larry
larry   |     |   Comment #65
WheelinDealin (Comment #64) It can be a common problem especially if you are new to their business. We ran into something similar today with a local deal that my wife and I did. We tried to ACH out money for the first time and found out they have daily limits of $2500, so we made two different ACH transfers on different days and all of a sudden everything is frozen. We did a chat and found out that first time external transfers have to jump though a series of hoops with which they call you and ask a series of identifying questions before they release funds. It certainly is a convoluted process, but hey who can argue with two $400 bonuses from them? Will be closing down that outfit and moving onto a new offer. Best to you.
SMT1
SMT1   |     |   Comment #70
WheelinDealin #64. It is part of the GS culture. You are correct...dealing with them is not worth the $100. See posts #32 and #69
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HighYield
HighYield   |     |   Comment #80
I might be interested in the $1000 bonus if anyone can provide some info or a link.

The best I've ever seen is $500 from Chase? But you had to open both a checking and savings account. That's too much. The more we submit applications and spread our personal information around, the greater chance of ID theft? That's another reason I rarely chase rates or bonuses at various places. Only very occasionally.
The Real HighYield
The Real HighYield   |     |   Comment #81
Disregard. I just found the "savings account bonus offers" in the savings account drop down box. Thanks DA.
deplorable 1
deplorable 1   |     |   Comment #82
Here you go HighYield:
https://www.doctorofcredit.com/best-bank-account-bonuses/
and Citibank has a $500 bonus here:
https://banking.citi.com/cbol/checking-500/default.htm?
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deplorable 1
deplorable 1   |     |   Comment #94
Thanks I try to be civil and help other posters if I can regardless of their political affiliations and even after being insulted like that APY discussion recently.
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deplorable 1
deplorable 1   |     |   Comment #95
I mostly focus on ROI and not the dollar amount of the bonuses. The ROI on the $200 bonus I mentioned is 24% because the $200 is a gain on only $5,000 in only 60 days. Do several of these a year and you can easily beat stock market returns and still have FDIC coverage. It's kind of like how folks say that rich people get more from the tax cuts. Sure if you are looking at exact dollar amounts because they have more money and earn more but on a percentage basis the lower income folks get a better percentage cut. For example 15% tax bracket going to 12% is a 20% tax cut. While the 39.6% bracket going to 37% only represents a 6.5% tax cut for the highest earners and they got many deductions taken away to offset that.
deplorable 1
deplorable 1   |     |   Comment #96
They keep putting my comments in the wrong spot. #95 was meant for #72.
NCSaver
NCSaver   |     |   Comment #97
D1 and anonymous - thanks for the ideas you shared and also for the links to several helpful Doctor of Credit articles. I thought my new rewards checking account had a pretty good ROI... but when I run the math I now see I could do better by doing 2 of the medium-level bank bonuses for myself and spouse in a year. I am honestly quite surprised and am glad I read this post and the comments. A little worried about a possible negative impact with Chexsystems (would hate to miss a good CD deal because of doing too many other things)... but I may try at least one of these bank bonuses in the near future. The Citi 400 looks promising, and it appears they give an extra 100 (for a total of 500) if you set up two direct deposits over the 60 day period.
The Real HighYield
The Real HighYield   |     |   Comment #98
Thanks deplorable. I pretty much have everything locked up now, but I will keep an eye out for any extra special bonus deals. Now I know where to look. Thanks.
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Ask
Ask   |     |   Comment #141
I’m not living USA, I can open the account?
ddbrege
ddbrege   |     |   Comment #143
I decided to partake in this offer. Opened the account and approved yesterday online in under two minutes. Set up an external account, trial deposits showed up earlier this morning. Verified the trial deposits and transferred funds which showed up immediately in my new account. Pretty easy so far and hopefully it all goes as smoothly after 90 days.
willy12
willy12   |     |   Comment #144
Thanks for mentioning it. I had forgotten about this deal. Do you know if there was a chexsystems check?
ddbrege
ddbrege   |     |   Comment #145
willy12...I simply do not know. I have shuffled money into and out of no less than 10 different financial institutions that I remain a customer of but many new to me in the last six months as well. I have no idea what triggers a ChexSystem review, but I did get refused when I tried to open an online savings account with Popular Direct late last year when they had a pretty decent rate. I called them and all they could tell me was that it was Chexsystems that red-flagged me. I contacted Chexsystems and asked for an explanation and was mailed info pertaining to it. Honestly, by the time I received that information I had already renewed a CD with Popular Direct and I told the CSR about what had happened and she stated that because I was already a customer that I should have called them and they would have taken the steps to open the online savings account. She implied that the red flag issued by ChexSystems should not have happened being that I was already a customer. I still don't really know why I was not allowed to open that savings account as it had nothing to do with my credit worthiness and I had no problem taking that money someplace else. Typically, I don't concern myself with someone like ChexSystems doing whatever they have to do and I am sure the reasons vary greatly between all of us and the myriad of financial institutions that we have readily available to use. Good luck!
willy12
willy12   |     |   Comment #146
At least 3-4 posters mentioned getting rejected for too many new accounts Credit union out west that I was contemplating. I don't know how many but they all said they had a lot. I've had a lot too.

While this is an easy $100 to pick up, what concerns me is if an extra chexsystems inquiry keeps me from opening an account elsewhere with a very favorable rate then the amount I could forgo might be many times the $100.

Someone gave me the link to get a free copy of my chexsystems report but that by itself will not really tell me what I need to know...which is how many new accounts in what time frame will cause a rejection from a member firm?

I was once rejected probably 15 years ago but not since then. But, I've had a lot of new accounts in the last 12-15 months. Of course, not all use Chexsystems.

Right now, I am sitting on a large amount of cash with another large amount maturing next month. I had intended to go for the Hyperion CD deal but it abruptly ended and because of a lack of military affiliation I do not have a good option for a CD right now. I am considering the Keesler 3% 19 month just because I already have an account there. I probably won't put much in it but since its a decent rate and they might have a decent special in 19 months only open to those with a maturing CD then it can't really hurt to open a small one. I am considering $10k-25-50k at the most. But that still leaves me with 6 figures seeking a good CD deal.

But, I just realized this Goldman deal ended yesterday so I will have to wait & see if they have another one later on.
jimjohn30
jimjohn30   |     |   Comment #147
I had an experience very similar to yours. I have CDs and Savings Accounts in a number of financial institutions. My FICO is over 800; I've never bounced a check in my life; I've never had a problem with a bank and have been with the same bank for over 25 years, and yet i was turned down when I applied to open a CD based on a ChexSystems report. I applied for, and received a copy of the ChexSystems report used as a basis for this denial. There was absolutely nothing contained in the report negative. By that time, the offer I was applying for had been withdrawn and I would not have wanted the CD if it were offered to me. I am at a total loss to understand on what basis I was denied opening a CD. If anyone has the answer to a situation such as this, I would like to know why, and will this impact my investing in other financial institutions. I have opened two CDs since then, so it has not impacted me so far. But I remain puzzled by this. I had never heard of ChexSystems. Thanks.
Nothing
Nothing   |     |   Comment #148
The reason for the denial resides within the FI. You need to escalate with it and find out specifically why! Get them to reverse their decision and establish your new account as of the day you applied. (Ask if your spouse could've been approved!) And/or, consider posting their name and reasons! Then file a compliant with the financial board with a cc to Liz Warren.
jimjohn30
jimjohn30   |     |   Comment #149
I have done nothing about my denial except ask for this report, but I believe I will follow up with this as I have no idea why I would be denied. I assume that FI is Financial Institution. I am a widow, so this report could only refer to me. To what 'financial board' are you referring....ChexSystems? And who is Liz Warren? Thanks.
Nothing
Nothing   |     |   Comment #150
The financial institution FI made the adverse decision and can override its wrong decision...escalate and put emphasis on "widow". Consumer Financial Protection Bureau of the US Gov't. Senator Liz Warren (Mass.) is very interested in its activities.
jimjohn30
jimjohn30   |     |   Comment #151
Thank you. Not really knowing exactly what ChexSystems was, and never having had a problem of any kind with credit cards or banks, no financial problems of any kind, ever, I was puzzled and thought of this denial as an anomaly (which it does appear to be). With this information, I intend to follow up on this. I - for whatever reason - kept the email of denial, so I will contact them and see what happens. Thanks again.
Nothing
Nothing   |     |   Comment #153
Jimjohn...Willy has good advice except in the last paragraph (I wouldn't want him as my advocate)...as a footnote to my earlier post, I recall a few years ago while on a trip with mom she offered one night to pay for our dinner...when it came time to pay, her credit card didn't work...it had been canceled. ("Mom, you stiffed me!") I then asked mom, did you tell the cc company that Dad had recently died? Answer was yes. Credit history was in Dad's name and not hers. Returned home, went to her bank and "demanded" a new cc with a relatively low amount and told them to look at the balances in her savings...she got a new cc on the spot! Secured credit is always available!
jimjohn30
jimjohn30   |     |   Comment #154
Nothing - For some reason, your latest post relating to this issue is not listed here. Nor is the post you alluded to. At least nowhere I can see it. Odd.
Nothing
Nothing   |     |   Comment #155
Look at the comment numbers...in any event you have the substance of my reply...good luck!
willy12
willy12   |     |   Comment #152
I followed up at the bank I was rejected at 15 years ago. I too had very good credit but it did not matter. They flat out refused which I guess is their right.

Going back a few decades prior, I WAS on their blacklist over an S&L that I had a savings account at since I was a teenager. When I heard they were closing I went in to cash out my small account. I found out I had a negative balance because they unilaterally started charging me a monthly fee. Inactivity I guess. I raised my voice and the manager called downtown and got approval to give me my money and close the account. Years later, I went in a bank to open a business account and that S&L incident was on there and the usual rep would not open the account. She said that the branch manager could override that and said to come in tomorrow.

I brought in a copy of my credit report, (scores were not common then) , a copy of my brokerage account and a few thousand in cash. I explained what it was all about and that the S&L went under. And at the time there was no way to object to anything at chexsystems. He approved the account.

Liz Warren is a democrat running for president. Contacting her or a financial board is likely to be a waste of time.
Sheila
Sheila   |     |   Comment #156
Do they loan money. Do you recieve bonus for opening online saving account
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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Goldman Sachs Bank USA Ups Rate On Savings Account
Deal Summary: Rate increase on the Online Savings Account (1.90% 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 5 bps to 1.90% 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 internet banks, and it should put pressure on the other large internet banks.

CD rates remained the same...

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Goldman Sachs Bank USA Hikes Rates on Seven High-yield CDs
Deal Summary: CD rate hikes: Most noteworthy is the 12-month CD rate increase (2.55% APY).

Availability: Nationwide

Goldman Sachs Bank USA (now operating under the brand Marcus by Goldman Sachs) increased the rates on seven of its High-yield CDs today. Six had rate gains of 10 bps. These have terms from 12 months to 5 years. The 6-year CD had a rate gain of only 5 bps. All seven of the new APYs are shown below in bold and are effective as of 9/4/2018. The previous APYs are noted inside...

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