Marcus Offering 1.1% No-Penalty CD to AARP Members
Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
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
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...
I have a couple of large CD’s maturing in October. I’m dreading finding a place for the money...
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
- whodidntante
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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
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.
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
I believe you have to be 50 or older to have full AARP membership.BogleMelon wrote: ↑Mon Aug 17, 2020 2:02 pm 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
If you join now you also get a free trunk organizer!
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
I believe anyone can join. In the past people had wanted the AARP credit card...JaneyLH wrote: ↑Mon Aug 17, 2020 2:46 pmI believe you have to be 50 or older to have full AARP membership.BogleMelon wrote: ↑Mon Aug 17, 2020 2:02 pm Is there an age restriction on who can join, or who gets which offer?
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
I’ve been an AARP member for 10 years. I’m 37.
- whodidntante
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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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- SmileyFace
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
Yup - they say it is for those 50+ years but they will take anyone's money.tj wrote: ↑Mon Aug 17, 2020 10:05 pmI believe anyone can join. In the past people had wanted the AARP credit card...JaneyLH wrote: ↑Mon Aug 17, 2020 2:46 pmI believe you have to be 50 or older to have full AARP membership.BogleMelon wrote: ↑Mon Aug 17, 2020 2:02 pm Is there an age restriction on who can join, or who gets which offer?
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).
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
What benefit do companies get with deals like this?
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.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.
Real Knowledge Comes Only From Experience
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
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.
- BogleFanGal
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
Swagbucks will give you 1200 SB ($12) to join. So it would be free.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
Mine actually can in the mail as just a solicitation, but it gave you a code if you signed up online which I did.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
Thanks all.
Just signed up thru my AARP account and the extra .10% on our savings account is already reflected on the Marcus site.
Just signed up thru my AARP account and the extra .10% on our savings account is already reflected on the Marcus site.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
That is not my experience. I phoned and asked an AARP member services rep for no more mail and I have gotten none since.BogleFanGal wrote: ↑Thu Aug 20, 2020 3:15 pmI'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 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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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...BogleFanGal wrote: ↑Thu Aug 20, 2020 3:15 pmI'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.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
What sorts of things do you get discounts on?JaneyLH wrote: ↑Sat Aug 22, 2020 10:19 pmI'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...BogleFanGal wrote: ↑Thu Aug 20, 2020 3:15 pmI'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.
- Mel Lindauer
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
Hotel stays for one. Dennys is another one. There are lots more.tj wrote: ↑Sat Aug 22, 2020 10:54 pmWhat sorts of things do you get discounts on?JaneyLH wrote: ↑Sat Aug 22, 2020 10:19 pmI'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...BogleFanGal wrote: ↑Thu Aug 20, 2020 3:15 pmI'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.
Best Regards - Mel |
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Semper Fi
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
But are AARP discounts better than with AAA or with looking around a little on Groupon or credit card reward offers ?Mel Lindauer wrote: ↑Sun Aug 23, 2020 3:54 pmHotel stays for one. Dennys is another one. There are lots more.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
Last edited by SpaethCo on Mon Jan 18, 2021 1:44 am, edited 1 time in total.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.SlowMovingInvestor wrote: ↑Sun Aug 23, 2020 4:02 pmBut are AARP discounts better than with AAA or with looking around a little on Groupon or credit card reward offers ?Mel Lindauer wrote: ↑Sun Aug 23, 2020 3:54 pmHotel stays for one. Dennys is another one. There are lots more.
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
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.
The magazine comes every other month and I read most of the articles + the small puzzle page in the back.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
Denny offers an AARP discount in addition to the normal senior discount?Mel Lindauer wrote: ↑Sun Aug 23, 2020 3:54 pmHotel stays for one. Dennys is another one. There are lots more.tj wrote: ↑Sat Aug 22, 2020 10:54 pmWhat sorts of things do you get discounts on?JaneyLH wrote: ↑Sat Aug 22, 2020 10:19 pmI'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...BogleFanGal wrote: ↑Thu Aug 20, 2020 3:15 pmI'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.
- Mel Lindauer
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.tj wrote: ↑Mon Aug 24, 2020 7:01 pmDenny offers an AARP discount in addition to the normal senior discount?Mel Lindauer wrote: ↑Sun Aug 23, 2020 3:54 pmHotel stays for one. Dennys is another one. There are lots more.tj wrote: ↑Sat Aug 22, 2020 10:54 pmWhat sorts of things do you get discounts on?JaneyLH wrote: ↑Sat Aug 22, 2020 10:19 pmI'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...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.
Lots of hotels also have special rates for both AARP and AAA members.
Best Regards - Mel |
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
The rate on the AARP 8-month CD is now 0.85%.
Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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.
Real Knowledge Comes Only From Experience
- indexfundfan
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Re: Marcus Offering 1.1% No-Penalty CD to AARP Members
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
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.indexfundfan wrote: ↑Tue Aug 25, 2020 3:55 pmI'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.
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.
Real Knowledge Comes Only From Experience