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

The Offer

Marcus Link | AARP Link

• 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