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Financial institutions frequently offer bonuses in exchange for transferring substantial amounts to new or existing accounts. I’ve taken advantage of these a couple of times at Schwab.
There’s a current promo at Marcus by Goldman Sachs, where I already have a savings account, which I’m seriously considering. It offers $1500 for $100,000 in new money , $750 for $50,000, and $100 for $10,000. In addition, the funds only have to remain there for 90 days after the initial funding period. Marcus Savings Bonus
That’s a more generous bonus, with a shorter funds retention term, than I usually see. Marcus currently pays 3.65% APY on its High Yield Savings Account—not the best out there but competitive.
A final note: As is typical with such bonus amounts, it will count as taxable interest income and be included on your 1099.
As much as I can get all excited for these deals as the math says its almost a no brainer, my sane mind stops to reconsider. Do I really want all my personal data at yet another organization that may get hacked and/or an organization that is going bombard me with more marketing from their “affiliates”?
You’re right about the data. I filled in the online application for Marcus a couple years ago when a similar offer was in play. Turns out I was required to unfreeze access to my credit reports for the transaction to proceed. At that point I passed, for exactly the reasons you state, figuring that having my money in their accounts should have been enough.
I enrolled my existing Marcus savings account in the offer this afternoon. It took a few seconds and I didn’t need to unfreeze my credit reports, nor were there any other complications.
I guess it’s possible it could be different if you’re opening a new account at Marcus, but a quick phone call to them would get the answer.
It would have been a new account.
I presume this is per TIN. So, if one has the means, it could be $3000 for a $200,000 deposit.
Morgan Stanley is offering a “cash credit” for opening a Premium Savings Account until February 26, 2026. It pays 3.50% APY. Must Deposit $20,000 to get a $300 bonus, and there are varying amounts for different deposit tiers. A $100,000 deposit gets a $1,500 bonus.
My two years of spending money is in Vanguard’s Federal Money Market (VMFXX), The interest rate is currently at 6.33% so I don’t have to do anything as it resides with all my other investments.
I was surprised to see your quoted interest rate on VMFXX. I went to the Vanguard website and saw 3.62% for the “7 day SEC yield as of January 30, 2026.” Here is the link: VMFXX-Vanguard Federal Money Market Fund | Vanguard . Am I missing something?
Sorry Howard, my dyslexia got the best of me. Per Vanguard, the 7 day SEC YIELD is 3.63%.
These are the 1/3/5/10 year yields:
4.16%. 4.83%. 3.26%. 2.17%
with no minimum that I know of at least for settlement funds
Not bad!
You are mistaken, because the current rate is 3.62%
That works out to an equivalent 9.7% return for an essentially risk-free, 90-day deposit. If it were me, I’d be filling out the enrollment form already!
Mark, I’m inclined to do it. The funds I transfer will come from a Schwab MM fund, SWVXX, which is currently paying 3.52%. To trade some of that for 3.65%, plus FDIC protection, plus the bonus, makes for a pretty compelling case.