Marcus by Goldman Sachs is an online savings account offered by Goldman Sachs Bank USA.
You're probably familiar with the Goldman Sachs, the investment bank, and Goldman Sachs Bank USA is their more “typical” banking services. They are FDIC insured (FDIC #33124) like every other bank listed on this blog.
From time to time, they offer bonuses and for a limited time, they have one available.
The last time they had a bonus offer, it was also around this time of year, with these similar terms, and they only offered it once. So if you're interested, jump on it because it probably won't be back for the rest of the year (unless they change their minds on how they're going to run it).
Marcus by Goldman Sachs – $100 Offer
🔃UPDATE Jan 2023: I was told by a reader, Thomas, that they saw a new offer when they logged into their account. The public page is now available and we've included below.
Marcus will give both new and existing customers a $100 bonus for depositing $10,000 or more into a new or existing Online Savings Account.
You just need to enroll in the offer and then, within 10 days, make the deposit. Then maintain that $10,000 amount (plus existing balance if you are using an existing account) for 90 days to get the $100.
This is an offer they tend to offer just once a year, around this time. Last year, they offered this exact same promotion with an expiration of 2/16/2022.
This year, the offer expires 2/15/2023.
How does this bonus compare?
If you are an existing Marcus customer with $10,000 sitting somewhere else, it's a great deal because you get basically 1% for 90 days – or an effective return of about 4% a year. Not bad for very little work.
If you aren't an existing customer and you've always wanted a Marcus account (and you have $10k), might as well get an extra $100 for your trouble.
If you're looking at this non-direct deposit bonus and wondering if your $10,000 might be better placed elsewhere, the answer is maybe. If you have $15,000 then you get more cash by going with the Citi Priority or Discover offer.
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 4/4/2023. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH323 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $100 Bonus Offer
Bank of America offers a $100 Bonus Offer cash bonus if you open a new account and set up and receive qualifying direct deposits totaling $1,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
Albert – $150
Albert will give you $150 when you open an account and receive a qualifying direct deposit of at least $500 within 45 days and spend at least $200 on goods and services every 30 days for 90 consecutive days with your Albert debit card.