Bank Bonuses: This Online Bank Offers a Great New Bonus

I worked in banking for over a decade and I was fortunate enough to be involved in the very beginning of what was called “in-store banking”. Those were and still are the small banks set up inside other retailers (usually supermarkets) where you can do your grocery shopping, dry cleaning, and many other retail tasks including your banking.

Bank in hand with money representing bank bonuses

It was a new and great idea then and it gave my decades of experience in retail a place to develop the “retail concept” inside a bank. Great times back in the 1990s when it began. But we aren’t in the 1990s anymore, are we?

Today, the online bank has stepped up these days and is now solidly entrenched in the world of banking.

Why You Never Have to Go Inside a Bank

As a customer, it was never really fun to go to the bank and that includes even the times when they gave you a toaster to open up a new account (yes, they actually did that back in the day). It always meant standing in some line and waiting and if there were any issues you’d have to go to “that desk” and see Mr. or Ms. Jones about it…what a drag. All in all, in a busy life, banking was just one more thing to do.

These days, you can at the very least have your pay or Social Security checks directly deposited and just use an ATM to grab some cash if you really need it. I say if because credit cards have supplanted cash just about everywhere, so will you even need cash in the coming years? Probably not.

Banking in the 21st century can be accomplished today by telephone, ATMs, drive-up windows, and the big one: online banking.

Deals, Deals and More Deals?

In every business, the concept of advertising and deals to get you to be a customer is as old as time itself. Online banks are no exception when it comes to competing for your business and more importantly, your money. Let’s face the facts here. We all need a safe place to keep our cash and banks offer that for sure. If you have any money, you need a bank. Even if it is just a place to use for getting your pay. But it’s way more than that as you know. In fact, the banks are begging for your business and always offering deals and bank bonuses to get it!

Safety and Ease of Online Banking

I use online banks and I think they offer the best interest rates around even though it’s not the interest rate we had in the days of yore. My mom always said “something is better than nothing” and the online something rates are better that any traditional banks around these days. And when they offer bank bonuses, jump on it if you can.

In case you had any worry here, online banks are fully secure and insured the same way every bank is, so there isn’t any danger here in trusting your money “online”. In fact, I have found it easier to use and move my money when I link it to my other accounts, online or not. It’s just a matter of linking it from my keyboard and it’s done.

Bank Bonuses: This Deal Is a Great Offer Right Now

Marcus by Goldman Sachs is offering a $100 bonus if you deposit $10,000+ in new funds into their online savings account within 10 days of enrollment and this special offer is valid for both new and existing customers.

Open a new online bonus savings account with a minimum of $10,000. Offer valid from 01/19/22 to 02/16/22 (“the Offer Period”).

To qualify for the $100 Cash Bonus (the “Offer”), you must enroll a Marcus Online Savings Account in this offer at https://www.marcus.com/us/en/savings/osa-savingsbonus or by calling Marcus at 1-855-730-SAVE (1-855-730-7283) by 11:59 pm ET on 02/16/22.

Offer details

Upon successful enrollment you will receive a confirmation of your enrollment via email or U.S. mail. After enrolling, you deposit $10,000 or more in new funds from an external account into your Marcus Online Savings Account within 10 calendar days of enrollment. The balance of the minimum of $10,000 in new funds must be maintained in your Marcus Online Savings Account for 90 consecutive days from the date of enrollment. The 90 days is based on the starting current balance reflected on your account at 12 am ET the day you enroll.

Once the Funding Period has ended, your Marcus Online Savings Account balance may not drop below the Required Dollar Amount at any point until after the 90 consecutive days have passed. You may make multiple deposits within the Funding Period to reach the Required Dollar Amount. Any internal transfers do not count for the purposes of this Offer.

The $100 bonus will be deposited into your Marcus Online Savings Account within 14 calendar days after fulfilling the above requirements. To receive your bonus, your account must be open and in good standing at the time the bonus is deposited in your account. The bonus will be treated as interest for tax reporting purposes. This offer is available to new and existing customers but each customer is limited to just one cash bonus offer. You can see all the details at their website.

And There’s a Good Interest Rate Offer too

Interest on this account is currently 0.50%. But new customers get 1.0% APY for first 3 months if they are referred by an existing customer. If you don’t have a Marcus account yet, if you open with a Marcus referral link from an existing customer (my referral link), you will get the extra 0.50% on all your balances for 3 months. Right now, that means 1.0% APY for the first 3 months. The person who refers you gets the same bonus! You can then sign up for the $100 bonus offer as an existing customer. Thank you to those who use my referral link.

The interest rate bonus offer is a 1.0% interest rate on $10,000 if you keep it there for 90 days, which makes it the equivalent of 4% APY annualized. The bonus is on top of the standard interest rate, currently 0.50% APY as of 1/19/2022.

AARP Members Get an Interest Rate Boost

Even better is this: AARP members will get 0.10% interest rate boost for their new accounts for 24 months. I love AARP for many reasons and this is just one of the many ways they can make or save you money. If you or your spouse is at least age 50, you both can be members at a minimal annual cost. This total of roughly 4.5% APY over 90 days makes it a great short-term rate at that balance size.

Why Keep $10,000 in a Savings Account?

Now at this point, you might be asking why you should keep $10,000 in a savings account. There are many good reasons. It could be your emergency fund, savings for a car or a home, or other funds you plan to use in a relatively short term. While a savings account doesn’t provide the potential gains of an investment, it is a safe place to store your money for those uses and you might as well get the best interest you can on it.

Final Thoughts

Money is tight, and getting good interest in a safe place is difficult right now. That’s why this offer stood out for us and I wanted to pass it on to you. If $10,000 is not possible for you, there are new bank bonuses all the time, so look on the internet to find them as they come up. They are ever present and changing all the time and online banks seem to be the leaders.

If you have good credit, you can earn some fantastic bonuses from major credit cards too.

The point is that you have to be a bit creative in taking advantage of good rates and/or “free money” if you want to stay ahead of the curve of inflation.

Good luck with your net surfing and consider the Marcus offer(s) before it’s too late!

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