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For a while, Marcus (an online savings account by Goldman Sachs) has been offering a rate bump of 0.2% for three months when you refer someone to Marcus.
The current APY is 0.5%, which is among the top earning savings accounts, and you can even bump that to 0.6% by linking your AARP account (which remember, you can have at any age).
With this Marcus new refer a friend offer, though, you’ll double your rate for 3 months, and so will your friend. Of course the value of this depends on how much you each have in savings. At the max $250,000 for FDIC, you’d each earn an extra $700 or so.
Your referral cannot have had a Marcus savings or CD product in the last 12 months to qualify as new.
(And yes, while it’s not mile relates, there is a ton of overlap between miles and personal finance and I do like to alert readers to these opportunities!)
To refer a friend, you can just sign into your Marcus account and look for the referral center to generate a link.
If you are new, you can earn double the normal rate for 3 months (which as of now is 0.5% – doubled to 1%), by using my referral link. Note that I expect (but can’t yet confirm) that you would be able to stack AARP on top for a total 1.10% APY.
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You can find credit cards that best match your spending habits and bonus categories at Your Best Credit Cards.
New to all of this? My “introduction to miles and points” book, MilesTalk: Live Your Wildest Travel Dreams Using Miles and Points is available on Amazon and at major booksellers.