DOC Compass — Offers, decoded

Update 5: Both $3,000 & $1,000 bonuses have now expired.

Update 4: Galaxy have made this follow up statement:

Hi all, Jake here again.

Adding some additional color based on the questions we are seeing:

Can I do anything with my deposit during the maintenance period?
Once your qualifying deposit has been made, you’re free to trade stocks and crypto, or invest in Galaxy Premium Yield for 8.00% yield on cash*, at any point during the maintenance period. Price movement will not impact your eligibility during the maintenance period. However, withdrawing funds off-platform below the $10,000 net-deposit threshold during the maintenance period will result in ineligibility. Reversed or returned deposits during the maintenance period will also result in ineligibility.

*Galaxy Premium Yield is available only to U.S. accredited investors, is not a bank deposit, and is not FDIC insured. The note is unsecured and may result in loss of principal. Yield is variable and may change with 30 days’ notice. Guaranteed by Galaxy Digital Holdings LP, a subsidiary of Galaxy Digital Inc.

Is the bonus paid in cash, and what can I do with my bonus?
Yes, the bonus will be paid in cash to your GalaxyOne Cash account. Once paid, you are free to use that cash however you wish – whether you would like to keeping it on the platform or withdraw it, subject to GalaxyOne’s Terms of Use.

Thank you all again as we continue to work through the increased volume.

Best,
Jake

Update 3: Galaxy have made this follow up statement:

First and foremost, we really appreciate all the love and excitement! Our Client Services team has received a high volume of inquiries, so thank you for your patience as we work through them.

I also want to directly clear up a couple of questions we’ve been seeing:

The promotional cutoff was based on when you signed up for your account – not when your KYC was approved or when you funded your account. If you completed account sign up before the applicable cutoff and otherwise meet the terms of the offer, a pending KYC review will not cause you to miss the promotion.
All customers go through our standard KYC and onboarding process. Some accounts are approved automatically, while others require additional review. If your account is still under review, there is no need to worry – we will honor the offer for all eligible clients once the normal onboarding requirements are successfully completed. If your account wasn’t automatically approved, your verification is currently under review and typically takes 1-2 business days. We’ll email you as soon as the review is complete.
Promo codes: If you signed up using a promotion code, you’ll receive an email in the coming days confirming your code application and eligibility.
Missed the cutoff? Some promotions reached their limits and ended early. However, we don’t want you to walk away empty handed. As a courtesy, we’ve auto-enrolled you with a new promo code AUGUST1000, which you can find here: https://www.galaxy.app/august1000
Are my funds safe? Cash deposits into your GalaxyOne Cash account are held at Cross River Bank, Member FDIC. Insured up to $250,000. Crypto deposits are held by Paxos Trust Company LLC, a New York State-chartered trust company regulated by the New York Department of Financial Services. Crypto assets are not insured by the FDIC or SIPC.
What is GalaxyOne? GalaxyOne is part of Galaxy, a publicly traded (Nasdaq: GLXY) financial services firm. GalaxyOne is a financial technology platform, not a bank, not a broker dealer.
Thanks again for your patience and enthusiasm – we’re working through the increased volume as quickly as we can.

Update 2: Rep from Galaxy One reached out with the following statement:

I’m reaching out to let you guys know that we had to close our $3K bonus on $10K deposit promo early because it performed too well!

The POMP and MXD promo pages have been updated to reflect this change. However, our AUGUST1000 promo is still live, with a $1K bonus for a $10K deposit and a 120-day holding period. https://www.galaxy.app/august1000

If your members are interested, they are more than welcome to sign up and apply the AUGUST1000 promo code.

Update: We initially posted a $1k bonus which I personally did. A few minutes later readers found a $3k version which is an insane deal. Don’t see how this can last. (Make sure code MXD or POMP is cookied into your application.) Updated below.

Offer at a glance

Maximum bonus amount: ~~$1,000~~ $3,000
Availability: Nationwide
Deposit required: $10,000
APY: 3.50% possible
Hard/soft pull: Unknown
ChexSystems: None
Credit card funding: None
Monthly fees: None – see below
Early account termination fee: None
Household limit: One ~~per household~~ | per individual
Expiration date: Valid August 17 – August 31, 2026

The Offer

~~Direct Link to offer $1,000~~ | ~~Direct Link to $3,000 MXD 150 days hold~~ | Direct Link to POMP 120 days hold

GalaxyOne is offering $1,000 bonus when you open an account and deposit $10,000 or more. Use offer code: ~~AUGUST1000 MXD~~ POMP at signup.
Must deposit within 30 days of opening. Must maintain balance for 120 ~~150~~ days. Payout will be within 30 days following.

The Fine Print

All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There appears to be a $25 monthly fee if your assets fall below $500. And so if you move funds out in the future, I’d recommend immediately shutting down the account completely.

Our Verdict

GalaxyOne is a financial platform with cash, brokerage, and crypto accounts. They have a high yield savings account in partnership with Cross River Bank which is FDIC insured and offers 3.5% APY.

This an unusually strong bonus given the option to hold the money in an FDIC high-yield savings account. In just 5 months, it nets a ~~10%~~ 30% return on top of the regular 3.50% interest.

I always get nervous when there are intermediaries between me and the bank, but looking into this it seems legit and I’m going to give it a go. GLXY is a publicly traded company, and from what I can tell the setup with Cross River is pretty direct.

Hat tip to reader JJ

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