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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.