Marcus Offering 1.1% No-Penalty CD to AARP Members

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JaneyLH
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Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by JaneyLH »

For anyone looking for a slightly better interest rate now, Marcus by Goldman Sachs has an arrangement for AARP members to get a 1.1% no-penalty CD. I just opened one, funded by Wells Fargo, and plan to open several more once I can get my link established to Capital One where most of my cash is held at .8% now. I called them and they said I could set up multiple CDs at the AARP rate one at a time online.

You log into AARP, go to "Benefits" and look for the Marcus offer. You click through to Marcus to get the 1.1% rate. It will cost $12/year for membership; I will earn thousands more in interest when I get all the CDs set up.
quantAndHold
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by quantAndHold »

That’s for an 8 month CD. By comparison, Capital One’s current rate for a 5 year CD is 1.0%. Six month CD’s are at 0.25%.

I have a couple of large CD’s maturing in October. I’m dreading finding a place for the money...
Yes, I’m really that pedantic.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by 02nz »

Good to know. They also offer a 0.1% boost on their savings account for AARP members, so currently 0.9%, for AARP members for 2 years.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by whodidntante »

I guess it's worth mentioning that you do not need to be retired to join AARP. And they also offer other discounts, such as 10% off Hilton rooms.
BogleMelon
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by BogleMelon »

Is there an age restriction on who can join, or who gets which offer?
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by hahabye »

Thank you so much!

I literally opened two 7 month CD's yesterday at Marcus at .90% so this is a nice interest rat bump for a slightly longer term. :happy
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by JaneyLH »

BogleMelon wrote: Mon Aug 17, 2020 2:02 pm Is there an age restriction on who can join, or who gets which offer?
I believe you have to be 50 or older to have full AARP membership.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by Tracker968 »

If you join now you also get a free trunk organizer!
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by tj »

JaneyLH wrote: Mon Aug 17, 2020 2:46 pm
BogleMelon wrote: Mon Aug 17, 2020 2:02 pm Is there an age restriction on who can join, or who gets which offer?
I believe you have to be 50 or older to have full AARP membership.
I believe anyone can join. In the past people had wanted the AARP credit card...
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by SEAworld9 »

I’ve been an AARP member for 10 years. I’m 37.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by whodidntante »

JaneyLH wrote: Mon Aug 17, 2020 2:46 pm I believe you have to be 50 or older to have full AARP membership.
You can be an exceptional younger person and still join. Or even an average one. And no one will admit to being below average so that's a void demographic, self-reporting wise.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by anonsdca »

Tracker968 wrote: Mon Aug 17, 2020 2:48 pm If you join now you also get a free trunk organizer!
Mine just arrived, I like it, it nice. I saw the Marcus 1.1% deal also. I have a 2.5% CD coming due in a few months. We will see at that time.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by susa »

Not sure why anyone would do this as several FDIC insured banks offer money market or savings accounts online that pay 1.30% or little below. The CD rate can easily be beat. Affirm is 1.30% and Varo is 1.21% and many more.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by tj »

susa wrote: Tue Aug 18, 2020 9:02 am Not sure why anyone would do this as several FDIC insured banks offer money market or savings accounts online that pay 1.30% or little below. The CD rate can easily be beat. Affirm is 1.30% and Varo is 1.21% and many more.
Rates have been rapidly dropping. If you aren't going to use the funds for 7 months or however long the CD is, it could make sense to lock in the rate because savings accounts can drop lower.


I personally don't hold a lot at Marcus or Ally because in each of the past couple years they have offered generous promos to bring in new funds.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by MikeG62 »

susa wrote: Tue Aug 18, 2020 9:02 am Not sure why anyone would do this as several FDIC insured banks offer money market or savings accounts online that pay 1.30% or little below. The CD rate can easily be beat. Affirm is 1.30% and Varo is 1.21% and many more.
Why? Because money market and savings account rates are variable. We have all seen what has happened to them this year.

I'd add that comments by people on Deposit Accounts about the account opening process at Affirm is less than flattering. Same for Varo. Both use a credit reporting agency I've never heard of (plaid). And with Varo they require the savings account to be coupled with a checking account.

Don't mind chasing yield and having to jump through some hoops, but in this case I'd rather take the 1.10% at Marcus for excess cash and be done with it. For larger amounts of excess cash (or what I consider the short end of my FI exposure), I use traditional CD's. Opened a 15-month CD at a local(ish) bank two/three weeks ago at 1.70%. Opened a five year ladder with a CU last week (12 month at 1.45%, 24 at 1.70%, 36 at 1.80%, 48 at 1.90% and 60 month at 2.10%).
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by SmileyFace »

tj wrote: Mon Aug 17, 2020 10:05 pm
JaneyLH wrote: Mon Aug 17, 2020 2:46 pm
BogleMelon wrote: Mon Aug 17, 2020 2:02 pm Is there an age restriction on who can join, or who gets which offer?
I believe you have to be 50 or older to have full AARP membership.
I believe anyone can join. In the past people had wanted the AARP credit card...
Yup - they say it is for those 50+ years but they will take anyone's money.
When you join they ask for your birthday and they note "We require your birthdate to verify eligibility for membership. Some of our benefits providers have specific age requirements." - in other words - they only need to know how old you are so they can target you with the appropriate junk mail.
(I went to the sign-up page and entered a birthyear that put me in my 30's - they were still ready to bill me and send me my membership - no complaints).
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by JaneyLH »

tj wrote: Tue Aug 18, 2020 9:22 am
susa wrote: Tue Aug 18, 2020 9:02 am Not sure why anyone would do this as several FDIC insured banks offer money market or savings accounts online that pay 1.30% or little below. The CD rate can easily be beat. Affirm is 1.30% and Varo is 1.21% and many more.
Rates have been rapidly dropping. If you aren't going to use the funds for 7 months or however long the CD is, it could make sense to lock in the rate because savings accounts can drop lower.
Exactly! I've been tracking my Capital One Performance Savings, which I recently switched to from Capital One Money Market... and it just goes down and down. I just wanted to lock in the current 1.1% offered by Marcus and not have to mess with it for the next 8 months.
000
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by 000 »

What benefit do companies get with deals like this?
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by JaneyLH »

000 wrote: Tue Aug 18, 2020 5:40 pm What benefit do companies get with deals like this?
Marcus gains access to 38 million potential new customers. They make money on each one.
AARP gets a valuable benefit to aid in growing membership even more.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by 000 »

JaneyLH wrote: Wed Aug 19, 2020 2:25 pm
000 wrote: Tue Aug 18, 2020 5:40 pm What benefit do companies get with deals like this?
Marcus gains access to 38 million potential new customers. They make money on each one.
AARP gets a valuable benefit to aid in growing membership even more.
Wouldn't Marcus get even more customers by offering it to everyone?
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by Tracker968 »

Has anyone had trouble opening a new CD from the Marcus website? I keep getting a page saying there's a problem and to try again later. I guess I'll have to call them.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by douginct »

Do I need to unlock my credit in order to open a new account at Marcus? I will be a new customer. And if so, do you know which credit bureau they use? Thanks.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by MikeG62 »

Tracker968 wrote: Wed Aug 19, 2020 11:57 pm Has anyone had trouble opening a new CD from the Marcus website? I keep getting a page saying there's a problem and to try again later. I guess I'll have to call them.
I opened two AARP special CD's (individually owned) two weeks ago without a problem. Tried to open a third one (joint with my wife who is also joint on our online savings account) and got the same message as you. When I called to inquire, the CSR could not see the pending application in their system. Told her I'd like to remove it since the two individually owned CD's are sufficient (actually opened the second one after I could not open the joint one) and the CSR told me to not worry about it. Said it would eventually disappear from my homepage. Odd, but I did not press her further.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by gjlynch17 »

Tracker968 wrote: Wed Aug 19, 2020 11:57 pm Has anyone had trouble opening a new CD from the Marcus website? I keep getting a page saying there's a problem and to try again later. I guess I'll have to call them.
Same thing happened to me when I attempted to open my account a couple of weeks ago. I called Marcus and they were able to easily establish my account. However, it was annoying (and a bit troubling) that there website application has a persistent glitch.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by GlennK »

anonsdca wrote: Mon Aug 17, 2020 11:57 pm
Tracker968 wrote: Mon Aug 17, 2020 2:48 pm If you join now you also get a free trunk organizer!
Mine just arrived, I like it, it nice. I saw the Marcus 1.1% deal also. I have a 2.5% CD coming due in a few months. We will see at that time.
How do you get this offer? I do not see it on their sign up page.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by JaneyLH »

Tracker968 wrote: Wed Aug 19, 2020 11:57 pm Has anyone had trouble opening a new CD from the Marcus website? I keep getting a page saying there's a problem and to try again later. I guess I'll have to call them.
I opened my first CD via the website very easily. The next batch, which I set up a few days later, were affected by the technical problems but easily set up and funded by phone.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by JaneyLH »

GlennK wrote: Thu Aug 20, 2020 9:08 am
anonsdca wrote: Mon Aug 17, 2020 11:57 pm
Tracker968 wrote: Mon Aug 17, 2020 2:48 pm If you join now you also get a free trunk organizer!
Mine just arrived, I like it, it nice. I saw the Marcus 1.1% deal also. I have a 2.5% CD coming due in a few months. We will see at that time.
How do you get this offer? I do not see it on their sign up page.
It is listed on their benefits page with a click-through to the actual offer that takes you direct to Marcus. Not sure how you view it as a non-member since I have been a member for 15 years.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by JaneyLH »

douginct wrote: Thu Aug 20, 2020 7:26 am Do I need to unlock my credit in order to open a new account at Marcus? I will be a new customer. And if so, do you know which credit bureau they use? Thanks.
My credit is locked and that was not a problem for me — and this was my first Marcus account.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by tenkuky »

What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by BogleFanGal »

tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
I'd be interested in any opinions on this as well...how much would you have to deposit to really make this worthwhile vs just skipping the .10 extra? It seems AARP is relentless at hounding you for many years once they have your information. They still send mail to my late mom 8 years after she passed...even after I've sent do not mail requests, wrote "deceased" on mailings, etc. They won't stop.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by tj »

tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
Swagbucks will give you 1200 SB ($12) to join. So it would be free.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by anonsdca »

GlennK wrote: Thu Aug 20, 2020 9:08 am
anonsdca wrote: Mon Aug 17, 2020 11:57 pm
Tracker968 wrote: Mon Aug 17, 2020 2:48 pm If you join now you also get a free trunk organizer!
Mine just arrived, I like it, it nice. I saw the Marcus 1.1% deal also. I have a 2.5% CD coming due in a few months. We will see at that time.
How do you get this offer? I do not see it on their sign up page.
Mine actually can in the mail as just a solicitation, but it gave you a code if you signed up online which I did.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by anonsdca »

tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
The insulated car cart they give would likely recoup half. I was impressed with mine and do a lot of road trip so if I saw it in a store costing $6, I'd buy it. It is really the largest reason I joined to get it, the secondary was to just check what offers they have and they have a lot. I haven't used any, but I likely will over the next year.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by cowdogman »

Thanks all.

Just signed up thru my AARP account and the extra .10% on our savings account is already reflected on the Marcus site.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by egrets »

BogleFanGal wrote: Thu Aug 20, 2020 3:15 pm
tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
I'd be interested in any opinions on this as well...how much would you have to deposit to really make this worthwhile vs just skipping the .10 extra? It seems AARP is relentless at hounding you for many years once they have your information. They still send mail to my late mom 8 years after she passed...even after I've sent do not mail requests, wrote "deceased" on mailings, etc. They won't stop.
That is not my experience. I phoned and asked an AARP member services rep for no more mail and I have gotten none since.

I expect writing deceased or anything else on mailings is futile as they probably have the mailings handled by some business that certainly isn't going to do anything. The post office may not even return the mail as it is probably not first class.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by tenkuky »

tj wrote: Thu Aug 20, 2020 8:34 pm
tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
Swagbucks will give you 1200 SB ($12) to join. So it would be free.
OK, so the sequence is... Join Swagbucks first (right now it's $10 free in SB). Then do what to get to AARP? I didn't see an offer.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by tj »

tenkuky wrote: Fri Aug 21, 2020 3:14 pm
tj wrote: Thu Aug 20, 2020 8:34 pm
tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
Swagbucks will give you 1200 SB ($12) to join. So it would be free.
OK, so the sequence is... Join Swagbucks first (right now it's $10 free in SB). Then do what to get to AARP? I didn't see an offer.
In the search bar for web, search for AARP, the offer should pop up 1200 SB to join. I don't know if this link will work, but you can try it.

https://www.swagbucks.com/?f=11&q=aarp
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JaneyLH
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by JaneyLH »

BogleFanGal wrote: Thu Aug 20, 2020 3:15 pm
tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
I'd be interested in any opinions on this as well...how much would you have to deposit to really make this worthwhile vs just skipping the .10 extra? It seems AARP is relentless at hounding you for many years once they have your information. They still send mail to my late mom 8 years after she passed...even after I've sent do not mail requests, wrote "deceased" on mailings, etc. They won't stop.
I've been a member for 15 years and have always earned back more in discounts than the cost. I also appreciate the lobbying power of AARP and am glad someone is reminding the government that they have to fix Social Security...
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by tj »

JaneyLH wrote: Sat Aug 22, 2020 10:19 pm
BogleFanGal wrote: Thu Aug 20, 2020 3:15 pm
tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
I'd be interested in any opinions on this as well...how much would you have to deposit to really make this worthwhile vs just skipping the .10 extra? It seems AARP is relentless at hounding you for many years once they have your information. They still send mail to my late mom 8 years after she passed...even after I've sent do not mail requests, wrote "deceased" on mailings, etc. They won't stop.
I've been a member for 15 years and have always earned back more in discounts than the cost. I also appreciate the lobbying power of AARP and am glad someone is reminding the government that they have to fix Social Security...
What sorts of things do you get discounts on?
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by Mel Lindauer »

tj wrote: Sat Aug 22, 2020 10:54 pm
JaneyLH wrote: Sat Aug 22, 2020 10:19 pm
BogleFanGal wrote: Thu Aug 20, 2020 3:15 pm
tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
I'd be interested in any opinions on this as well...how much would you have to deposit to really make this worthwhile vs just skipping the .10 extra? It seems AARP is relentless at hounding you for many years once they have your information. They still send mail to my late mom 8 years after she passed...even after I've sent do not mail requests, wrote "deceased" on mailings, etc. They won't stop.
I've been a member for 15 years and have always earned back more in discounts than the cost. I also appreciate the lobbying power of AARP and am glad someone is reminding the government that they have to fix Social Security...
What sorts of things do you get discounts on?
Hotel stays for one. Dennys is another one. There are lots more.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by SlowMovingInvestor »

Mel Lindauer wrote: Sun Aug 23, 2020 3:54 pm
tj wrote: Sat Aug 22, 2020 10:54 pm

What sorts of things do you get discounts on?
Hotel stays for one. Dennys is another one. There are lots more.
But are AARP discounts better than with AAA or with looking around a little on Groupon or credit card reward offers ?
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by SpaethCo »

tj wrote: Sat Aug 22, 2020 10:54 pm What sorts of things do you get discounts on?
ATT Wireless.

$10 off per line for the Unlimited Elite wireless plan. (so $40/mo savings on our 4 line plan)
The AARP account benefit also includes waived activation fees and upgrade fees, which saves money whenever you want to swap/upgrade phones, or activate an Apple watch for a month or two.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by MikeG62 »

SlowMovingInvestor wrote: Sun Aug 23, 2020 4:02 pm
Mel Lindauer wrote: Sun Aug 23, 2020 3:54 pm
tj wrote: Sat Aug 22, 2020 10:54 pm

What sorts of things do you get discounts on?
Hotel stays for one. Dennys is another one. There are lots more.
But are AARP discounts better than with AAA or with looking around a little on Groupon or credit card reward offers ?
In my experience (and for the kinds of things we spend money on) no they have not been. I let my AARP membership lapse two or three years after signing up. Not only were the discounts not useful to us, but I rarely found anything of value in their magazine.

I did re-signup two weeks ago for access to the 8-month no penalty CD (and 10bp bump in the Marcus OLS rate). In fact, I opened three of those CD's yesterday and plan to fund them on 8/31 with the proceeds of a maturing Ally CD. Did not want to wait to month end as it seems just a matter of time before this rate gets adjusted downward.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by the way »

Here's the link in case anyone has trouble finding it https://www.marcus.com/us/en/savings/aarp-npcd

The magazine comes every other month and I read most of the articles + the small puzzle page in the back.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by tj »

Mel Lindauer wrote: Sun Aug 23, 2020 3:54 pm
tj wrote: Sat Aug 22, 2020 10:54 pm
JaneyLH wrote: Sat Aug 22, 2020 10:19 pm
BogleFanGal wrote: Thu Aug 20, 2020 3:15 pm
tenkuky wrote: Thu Aug 20, 2020 11:18 am What is the downside of joining AARP just for this offer?
It's $12 for the first year, so would need to recoup that through interest offer (too lazy to do the math).
Not interested in getting junk mail or other hotel etc offers.
I'd be interested in any opinions on this as well...how much would you have to deposit to really make this worthwhile vs just skipping the .10 extra? It seems AARP is relentless at hounding you for many years once they have your information. They still send mail to my late mom 8 years after she passed...even after I've sent do not mail requests, wrote "deceased" on mailings, etc. They won't stop.
I've been a member for 15 years and have always earned back more in discounts than the cost. I also appreciate the lobbying power of AARP and am glad someone is reminding the government that they have to fix Social Security...
What sorts of things do you get discounts on?
Hotel stays for one. Dennys is another one. There are lots more.
Denny offers an AARP discount in addition to the normal senior discount?
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Mel Lindauer
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by Mel Lindauer »

tj wrote: Mon Aug 24, 2020 7:01 pm
Mel Lindauer wrote: Sun Aug 23, 2020 3:54 pm
tj wrote: Sat Aug 22, 2020 10:54 pm
JaneyLH wrote: Sat Aug 22, 2020 10:19 pm
BogleFanGal wrote: Thu Aug 20, 2020 3:15 pm

I'd be interested in any opinions on this as well...how much would you have to deposit to really make this worthwhile vs just skipping the .10 extra? It seems AARP is relentless at hounding you for many years once they have your information. They still send mail to my late mom 8 years after she passed...even after I've sent do not mail requests, wrote "deceased" on mailings, etc. They won't stop.
I've been a member for 15 years and have always earned back more in discounts than the cost. I also appreciate the lobbying power of AARP and am glad someone is reminding the government that they have to fix Social Security...
What sorts of things do you get discounts on?
Hotel stays for one. Dennys is another one. There are lots more.
Denny offers an AARP discount in addition to the normal senior discount?
Apparently all Denny's are different, because the one near me requires an AARP card to get the discount. Never heard that they offered at 15% senior discount without an AARP card. Live and learn. I always ask for the senior discount wherever I go, just in case. Sometimes, the AARP card is required, other times you get it simply by asking for it and looking old enough.

Lots of hotels also have special rates for both AARP and AAA members.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by West of Chicago »

The rate on the AARP 8-month CD is now 0.85%. :(
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by MikeG62 »

West of Chicago wrote: Tue Aug 25, 2020 9:48 am The rate on the AARP 8-month CD is now 0.85%. :(
Thanks for the update. Figured it was too good to last too much longer. Good thing I opened three of them on Sunday (will fund at month end with proceeds from maturing CD). Sadly, it's getting harder and harder to find places for excess cash.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by indexfundfan »

MikeG62 wrote: Tue Aug 25, 2020 11:11 am
West of Chicago wrote: Tue Aug 25, 2020 9:48 am The rate on the AARP 8-month CD is now 0.85%. :(
Thanks for the update. Figured it was too good to last too much longer. Good thing I opened three of them on Sunday (will fund at month end with proceeds from maturing CD).
I'm not sure if the 10-day rate guarantee also applies to NP CDs.

Compare the two

https://www.marcus.com/us/en/savings/high-yield-cds
https://www.marcus.com/us/en/savings/no-penalty-cds

The "10-day CD rate guarantee" is notably absent for the NP CDs.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members

Post by MikeG62 »

indexfundfan wrote: Tue Aug 25, 2020 3:55 pm
MikeG62 wrote: Tue Aug 25, 2020 11:11 am
West of Chicago wrote: Tue Aug 25, 2020 9:48 am The rate on the AARP 8-month CD is now 0.85%. :(
Thanks for the update. Figured it was too good to last too much longer. Good thing I opened three of them on Sunday (will fund at month end with proceeds from maturing CD).
I'm not sure if the 10-day rate guarantee also applies to NP CDs.

Compare the two

https://www.marcus.com/us/en/savings/high-yield-cds
https://www.marcus.com/us/en/savings/no-penalty-cds

The "10-day CD rate guarantee" is notably absent for the NP CDs.
Good catch. I agree that a quick look at those two pages might lead one to conclude the rate guarantee only applies to their high yield CD's.

Thought it best to call Marcus to confirm. I just got off the phone with a CSR at Marcus who indeed confirmed that the 10-day rate guarantee applies to both their high yield as well as no penalty CD's. Also, those three CD's still show the rate at 1.10%.

I am pretty sure I have funded NP CD's days after opening in the past as well. Not 100% sure, but pretty sure. It was good to reconfirm directly with Marcus though.
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