Marcus by Goldman Sachs Bonuses and Promotions: October 2024
Written by
Cynthia Bowman
Edited by
Melanie Grafil
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Named for the founder of the investment firm Goldman Sachs, Marcus by Goldman Sachs, Member FDIC, offers savings products and personal loans for individuals. The bank has a simplified product line that includes a high-yield savings account, certificates of deposit and personal loans. Marcus by Goldman Sachs offers some of the highest interest rates available for savings products.
Banks want your business. Many of them are willing to pay you hundreds in cash when you open a new account or use their branded credit card. And in the current economy, extra money is a good thing.
Like most banks, Marcus by Goldman Sachs occasionally runs special promotions to attract new customers, including referral bonuses and credit card bonus rewards. Here’s a closer look at how these bonus offers work.
Marcus Referral Bonus
Marcus by Goldman Sachs offers a savings account rate boost if you refer a new customer.
Marcus Referred: 0.25% Savings APY Boost
Both the referrer and the referred customer can receive a 0.25% annual percentage yield boost on their online savings accounts for three months if they meet the conditions of Marcus Referred. The best part? Customers can earn the rate boost up to five times each calendar year.
- Cash value: Varies by account balance
- Minimum deposit to qualify: None
- Expiration date: None
- How to get it: Find your referral link in the Marcus Referral Center and provide it to the person you’d like to refer. Once they open a new online savings account using your link, you’ll earn the rate boost.
- How people you refer can get their bonus: Using the referral link you provided, the person you referred can earn the bonus by opening a new online savings account. Referred customers are not eligible to earn the bonus by opening a certificate of deposit.
- When you’ll get it: Within one business day after the referred customer successfully opens the required account
- Terms and conditions: Referred customers must not have had a savings account or certificate of deposit with Marcus for at least 12 months prior to being referred. Adding a customer to a joint account does not qualify. To receive the bonus, accounts must be open and in good standing.
- Monthly fee: None
- Promotion page: Marcus Referred
Marcus by Goldman Sachs Credit Card Bonuses
Marcus by Goldman Sachs offers new member bonuses for all three of its GM co-branded credit cards.
: 15,000 Bonus Points
The My GM Rewards card from Marcus offers 7x points on purchases made from GM and 4x points on everything else with no annual fee. Points can be redeemed toward vehicles and services at GM dealerships. You can also redeem up to $250 worth of points per calendar year as a statement credit.
The card offers 15,000 bonus points for new cardholders who meet the purchase requirements and offers an introductory 0% APR for the first nine months, followed by a variable APR between 19.74% and 29.74%. The annual fee is $0. Additionally, you could receive a $100 statement credit when you make at least $1,500 in fuel purchases at eligible gas stations throughout the year.
- Minimum spend to qualify: $1,000
- Expiration date: None
- How to get it: Spend $1,000 on your My GM Rewards card within the first three months of opening the account
- When you’ll get it: Within two billing cycles after requirements are met
- Terms and conditions: Purchases of traveler’s checks, lottery tickets, casino chips or similar items that can be traded for money are not eligible. Only one bonus offer is available per card. The account must be in good standing.
- Annual fee: None
- Promotion page: My GM Rewards Card
Thanks!
: $750 Bonus
The GM Business card from Marcus by Goldman Sachs offers 5% cash back in Earnings from purchases of parts or services at GM dealerships, 3% at office supply stores, restaurants, and gas, as well as 1% on everything else, and Earnings don’t expire. The GM Business card has a new customer offer of $750 in bonus Earnings and an introductory 0% APR for the first nine months, followed by a variable APR between 18.74% and 28.74%.
- Cash value: $750
- Minimum spend to qualify: $5,000
- Expiration date: None
- How to get it: Spend $5,000 in the first five months after the account is opened
- When you’ll get it: Within two billing cycles after requirements are met
- Terms and conditions: Cash advances, ATM withdrawals and similar transactions do not count toward the $5,000 minimum spend. The account must be in good standing to earn the bonus. Earnings can only be redeemed by either purchasing or leasing a new GM vehicle.
- Annual fee: None
- Promotion page: GM Business Card
GM Extended Family Card™: $100 Bonus
The GM Extended Family card is geared toward GM employees and suppliers. It offers 1% cash back on all purchases and can be combined with a GM employee or supplier discount when purchasing a GM vehicle. It is currently offering a $100 Earnings reward for new cardholders.
- Cash value: $100
- Minimum spend to qualify: $1,000
- Expiration date: None
- How to get it: Spend $1,000 on your GM Extended Family card in the first three months after opening the account.
- When you’ll get it: Within two billing cycles after requirements are met
- Terms and conditions: ATM withdrawals, balance transfers and other cash-like transactions do not qualify. Earnings can only be redeemed as a statement credit or by either purchasing or leasing a new GM vehicle. The account must be in good standing.
- Annual fee: None
- Promotion page: GM Extended Family Card
Benefits of Marcus by Goldman Sachs
Scoring a bank bonus is enticing. But when picking a new bank to work with, the core account features are critical. Below are some of the benefits of Marcus by Goldman Sachs that could make it the right fit for your banking needs.
- Competitive APYs. Marcus by Goldman Sachs offers relatively attractive APYs when compared to the rest of the market. If you want to put your savings to work, these accounts can help.
- No minimum deposit for savings account. You can open a savings account without a minimum deposit requirement. You’ll have 60 days to fund the account.
- Same-day transfers. You can transfer up to $100,000 on the same day, if you submit the request by 12 p.m. ET.
How To Open a Marcus by Goldman Sachs Account
You need to complete an online application to open an account with Marcus by Goldman Sachs. Here’s how:
Opening an Account
How Much Money Do You Need To Open a Bank Account at Marcus by Goldman Sachs?
Marcus by Goldman Sachs does not require a minimum deposit to open a savings account. If you do not deposit any money within 60 days, the bank may close the account.
To open a certificate of deposit, you need to deposit at least $500.
You can fund your accounts through a transfer from a linked bank account, mailed check or domestic wire transfer. Alternatively, you can fund a savings account via direct deposit.
Is Marcus by Goldman Sachs the Right Bank for You?
Marcus by Goldman Sachs may be the right bank for you if you’re looking for a savings account or certificate of deposit that earns impressive rates. You don’t have to dedicate large sums of money or maintain minimum balances to avoid fees and earn the best rates. Take a look at this Marcus by Goldman Sachs review to learn more about what the bank offers customers.
However, the bank doesn’t offer many other products, such as checking accounts or credit cards beyond its line of GM co-branded cards. If you need a full-service bank, check out other financial institutions like the top banks in the country.
Final Take on Marcus by Goldman Sachs Promotions
Marcus by Goldman Sachs offers attractive APYs across its savings products. When you tuck your funds into one of these high yielding accounts, you’ll be putting your money to work. Plus, savers with friends who want to open a new account can tap into a rate boost. But Marcus by Goldman Sachs isn’t the right fit for everyone. If you are looking for a more robust bonus opportunity, scope out the best banking bonuses before moving forward.
FAQ
Here are answers to some of the most frequently asked questions about Marcus by Goldman Sachs and the bonuses and promotions the bank offers.- What bonuses does Marcus by Goldman Sachs offer?
- Marcus by Goldman Sachs offers a referral bonus. If your friend signs up, you'll receive a higher APY for the next three months. The financial institution also offers bonuses for its credit cards.
- How do you qualify for a Marcus bonus?
- You can qualify for a Marcus by Goldman Sachs bonus by providing a friend with a referral code. If they sign up, you can enjoy a higher APY for the next three months. If you want to get a credit card bonus through the financial institution, you'll need to meet the minimum spending requirements.
- Are there promotions for new Marcus customers?
- Yes, as a new customer, you can earn a rate boost for three months if you sign up using a referral code. Also, new customers can tap into credit card bonuses when they meet minimum spending requirements.
- How do you redeem a Marcus promotion?
- If you want to redeem a Marcus by Goldman Sachs promotion, you can sign up through a referral link. When use the link, you'll enjoy a rate increase for the first three months.
More on Marcus by Goldman Sachs
- Marcus by Goldman Sachs Review: High-Yield Savings and CDs
- Marcus by Goldman Sachs High-Yield Online Savings Account Review
- Marcus by Goldman Sachs CD Rates
Sarah Sharkey, Julia Gordon and Amber Barkley contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on promotions is accurate as of Oct. 11, 2024. Additional requirements may apply. Offers and terms are subject to change.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
This article has been updated with additional reporting since its original publication.
