Update 7/1/24: They restructured the bonus to call it a cash bonus of .25% after 3 months. It ends up roughly the same as the old 1% APY boost for 3 months. (Yes, math is hard.)
Update 11/9/22: Program extended through November 30, 2022
The Offer
- When a Marcus deposits customer refers a new Marcus customer, both could earn an additional 1.00% Annual Percentage Yield (APY) on their Online Savings Accounts for 3 months.
- A customer can receive up to 5 Referral Bonuses per calendar year (which will get you 15 months of the increased rate).
The Fine Print
- Offer valid from 07/01/22 – 09/30/22. All steps for receiving a Referral Bonus must be completed by 09/30/22
- You may earn up to 5 Referral Bonuses in each calendar year.
- CDs are not eligible to receive any APY bonuses through Marcus Referred.
- You can see the status of all your earned Referral Bonuses in the Marcus Referred Center at any time.
- Referral Bonuses you earn will be applied to all of your Online Savings Accounts.
- New to Marcus? When you open a new Online Savings Account, there’s no delay—you can refer friends right away and be on the way to an even better rate.
- The Referral Bonus earned by a new customer will not count towards the maximum Referral Bonuses they can earn by referring other new customers once they are an existing Marcus customer.
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A current Marcus customer who refers a friend can receive a Referral Bonus when their friend opens a CD, though their friend won’t receive a referral bonus for that.
Our Verdict
They’ve had this program for a while to bump up the rate by .2% or .5% for both referrer and new member. They’ve now increased the amount to 1.00% which makes it much more interesting.
If someone deposits $1M and gets 4 referrals which bumps up their rate for a year, they’d land up with an extra $10,000 under this promotion. Obviously that’s an extreme case, but even someone who gets the extra 1% for 3 months on $100,000 in cash will land up with an extra $250 which is nice.
Just make sure to compare Marcus’ interest rate against other bank rates as their rate is not the best out there. This might not be an amazing deal, depending on what your other options are. Note, the 1% bump is only to bump up the interest on your Marcus online savings account, it won’t bump up the interest on your Marcus CD.
Remember also, AARP members always get an extra .10% bump to their savings account rate.
Do not leave Marcus referrals in the comments below. The referral thread was locked due to too many duplicates being posted. Please head over there to find a referral when signing up and help out a fellow reader.
Hat tip to reader Chasing UR Points
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