Marcus Bank: AARP Members Get .10% APY Increase In Savings Account Rate

Contents

1 The Offer
2 The Fine Print
3 Our Verdict

The Offer

AARP members can enroll to earn an Annual Percentage Yield (APY) on savings accounts that is .10% higher than the stated APY available at www.marcus.com for a period of 24 months.

The Fine Print

You must be an active AARP member and you must enroll at marcus.com/aarp-savings or by calling Marcus at 833-956-2277 to participate in the rate bonus for AARP members.
The rate bonus may only be applied once per customer and is valid for 24 months.
There is no minimum balance to open an Online Savings Account or to receive the rate bonus for AARP members.
The maximum amount on deposit for all of your individual and joint Marcus deposit accounts combined may not exceed $3,000,000 per account owner, with a $1,000,000 per account maximum.
All of your current Online Savings Accounts and those that you open following enrollment in this offer will automatically receive the rate bonus through the end of the Promotional Period (24 months, beginning on the date of enrollment).
The rate bonus automatically applies to all of your existing Online Savings Accounts, including those held jointly, even if the joint owner isn’t a member of AARP.
If the stated APY on the Online Savings Account available at www.marcus.com changes at any point while your accounts are earning the rate bonus for AARP members, you will earn an APY of 0.10% above that stated APY though the end of the promotional period (24 months, beginning on the date of enrollment).
Upon expiration of the 24-month Promotional Period, the APY on all of your Online Savings Accounts will automatically revert to the stated APY available on www.marcus.com.

Our Verdict

Anyone can join AARP for $16/yr., regardless of your age. Price is only $12 if you signup for auto-renewal (here’s how to cancel that). Some readers are already AARP members for their gift card deals or other travel advantages. There’s currently a Swagbucks deal to get 1,200 back on AARP membership, so you it’s essentially free for the first year.

There are select benefits which are only valid for those 50+ years old, but I don’t see any mention of that limitation here for this Marcus deal. This deal should be valid for any AARP member, even those under 50.

Marcus Bank consistently has a good interest rate on their savings account (it’s always .05% higher than Ally), and an additional .10% brings is a nice little addition. This will matter primarily for someone with a lot of cash reserves, where the .10% can make a real difference. At small amounts, the gain will be negligible.

As an example, if you have $250,000 in savings account, you’ll end up getting an extra $250 per year, or $500 over the course of the entire deal which is limited to 24 months.

Hat tip to reader Chase-ing UR points

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50 Comments

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sh (@guest_1700308)

September 22, 2023 17:32

#1700308

FYI — If you are considering joining AARP to get this increase in APY in your Marcus savings account, there is a different article on this site about a way to get a free one-year AARP membership — and to also get a little extra cash back of $11 or more.
(There is also a “free gift” that is currently either a car-trunk cool-bag or a USB charging station.)

Last week (September 2023), I was looking into the Marcus savings account for a family member, and this APY increase offer for AARP members was still up on the Marcus website. We ended up deciding not to open a Marcus account for the family member, so that is the extent of my knowledge about whether this still works in the autumn of 2023.

I did, however, sign up to AARP with Chase Credit Card Offers in order to make $11 cash back and get a free one-year AARP membership, in order to see what kind of discounts they offer on their discounted Kroger and Staples gift cards for members, and I wrote a post with my tips about signing up to AARP and some things to do to right away to safeguard your privacy and limit the amount of email, postal mail, texts, and phone calls that you might start to get from AARP and from their advertising partners, so have a look at that post if you are interested — it is https://www.doctorofcredit.com/swagbucks-mypoints-get-15-with-aarp-membership-signup-12-cost-1000-aa-miles/#comment-1698944

FDIC (@guest_1558203)

February 16, 2023 22:59

#1558203

Has anyone figured out a trick to get this again after 2 years are over? thanks

Credit Card Offers (@guest_1800409)

February 20, 2024 02:46

#1800409

FDIC

no luck for me,

Raylan (@guest_1542562)

January 26, 2023 14:23

#1542562

Thanks for providing these instructions, DoC. Super easy to link AARP account online and it stacks with the referral offer. Had to log into my Marcus account before attempting the AARP link, though.

Kike (@guest_1542493)

January 26, 2023 12:39

#1542493

There is a BoA $8 cash back deal now to get the AARP membership so I finally did it. I have never followed the swapbucks stuff so I skipped that.

Called Marcus to get my interest boost and they applied it. They didn’t ask for the membership number though…

fdic (@guest_1542558)

January 26, 2023 14:16

#1542558

Kike

Kike thats the strange. When I did it back in Nov, they wanted the number because I tried a relative’s number and that wont go through. Online too, they want the number. Just double check that the extra rate shows up in your dashboard

EastSideBK (@guest_1547515)

February 1, 2023 20:31

#1547515

@Kike thank you for the B of A tip. Would have totally missed this……

fdic (@guest_1484975)

November 10, 2022 09:48

#1484975

Do I need to renew my AARP membership? Wondering if they take away the discount if my AARP membership is not renewed. I got AARP only for this. If someone has any insight please let me know. thanks

sg77 (@guest_1485124)

November 10, 2022 13:53

#1485124

fdic

No. My AARP membership ended 7 months ago, and Marcus still shows my 0.1% rate bonus.

fdic (@guest_1485161)

November 10, 2022 14:37

#1485161

sg77

sg77
Thanks for confirming. To be honest, I was cheap enough to consider cancelling in the first month itself but then I decided against it, specially when they said they are sending some cheapo USB charger as a gift. So I will let it run through its first year at least.

sg77 (@guest_1485166)

November 10, 2022 14:40

#1485166

The discounted gift cards on AARP’s website can also be useful.

fdic (@guest_1485194)

November 10, 2022 15:16

#1485194

thanks

fdic (@guest_1542557)

January 26, 2023 14:15

#1542557

sg77 Just saw this old post of yours where you had told me about discounted GC’s. I only discovered them when you told me the 2nd time recently : )
Btw, just wondering, were discounted GC’s still working with your expired membership.
I intend to keep the membership, just asking.

sg77 (@guest_1542797)

January 26, 2023 18:44

#1542797

After my AARP membership expired, most of the gift cards that had good discounts say “Members Only”, and I can’t buy them. e.g., CVS, Kroger, Safeway. But it looks like some other gift cards can still be purchased at a discount, like Chili’s, AutoZone, various others.

Pizza (@guest_1128937)

January 16, 2021 14:29

#1128937

This would not apply until I changed the name on my new AARP account to match Marcus

Peter (@guest_1029394)

August 4, 2020 09:35

#1029394

They just lowered the rate to 0.8, .9% if you did the AARP thing. Let’s see if other banks follow.

Billy (@guest_980795)

May 15, 2020 20:26

#980795

I did this today. Maybe 2 mins to sign up for AARP and 5 mins or so to 2FA login to Marcus and apply the promo. Very easy.

I had been planned to join AARP for awhile and this was the kicker to make me do it. FWIW, you also get a free spouse account with AARP membership. I had no problem getting the Marcus promo working with my account and spouse’s account.