Marcus High-Yield Savings Account rate increases

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webtrojan
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Re: Marcus High-Yield Savings Account rate increases

Post by webtrojan »

Ron Ronnerson wrote: Mon Aug 08, 2022 10:59 pm
Ron Ronnerson wrote: Sat Aug 06, 2022 5:42 pm North American Savings Bank (NASB) is at 2.53% on their Premium Rate Savings Account. Minimum of $25k required to open and not available in Kansas and Missouri. I’m not familiar with this bank so can’t say much about their customer service, website, etc. but the rate looks competitive.
Looks like there might be another good option. CFG Bank’s High Yield Money Market account is at 2.55%. Only $1k deposit required to earn the yield. No check writing with this account, however.
I just found this on CFG Banks website. Really low transfer limits makes it impossible to use if you have larger sums:

What are the external transfer limits?
Once funding occurs, the daily external outbound transfer limit for the CFG High Yield Money Market Account is $5,000. The daily inbound transfer limit is $25,000. Your total external transfers both inbound and outbound may not exceed $30,000 in a 30-day rolling period. If you have a transaction scheduled, you will not be able to schedule a subsequent transaction until your scheduled transaction has fully processed through your account. If you are initiating the transfer from another institution, you will be subject to their transfer limits.
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Re: Marcus High-Yield Savings Account rate increases

Post by Ron Ronnerson »

webtrojan wrote: Tue Aug 09, 2022 1:09 am
Ron Ronnerson wrote: Mon Aug 08, 2022 10:59 pm
Ron Ronnerson wrote: Sat Aug 06, 2022 5:42 pm North American Savings Bank (NASB) is at 2.53% on their Premium Rate Savings Account. Minimum of $25k required to open and not available in Kansas and Missouri. I’m not familiar with this bank so can’t say much about their customer service, website, etc. but the rate looks competitive.
Looks like there might be another good option. CFG Bank’s High Yield Money Market account is at 2.55%. Only $1k deposit required to earn the yield. No check writing with this account, however.
I just found this on CFG Banks website. Really low transfer limits makes it impossible to use if you have larger sums:

What are the external transfer limits?
Once funding occurs, the daily external outbound transfer limit for the CFG High Yield Money Market Account is $5,000. The daily inbound transfer limit is $25,000. Your total external transfers both inbound and outbound may not exceed $30,000 in a 30-day rolling period. If you have a transaction scheduled, you will not be able to schedule a subsequent transaction until your scheduled transaction has fully processed through your account. If you are initiating the transfer from another institution, you will be subject to their transfer limits.
Good info. If I’m understanding correctly, it seems that the last sentence is offering a way to overcome their transfer limits - just initiate the transfer from the other institution.
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UncleLeo
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Re: Marcus High-Yield Savings Account rate increases

Post by UncleLeo »

MikeG62 wrote: Sat Aug 06, 2022 7:28 am
jeam3131 wrote: Sat Aug 06, 2022 7:26 am
MikeG62 wrote: Sat Aug 06, 2022 6:51 am Adding to my comment above, still no option to send a wire transfer. Can anyone else confirm whether they have the ability to send a wire or not?

Second thing. I sent two ACH transfers this week. Both were initiated in the morning (around 10am) and in both cases the funds did not arrive at the destination bank until approximately 9:30pm. This is highly unusual as all the transfers initiated around this time in the morning would always show by 4:30pm or thereabouts.

Third, when I called in earlier this week to inquire about the inability to do wire transfers it took 10-15 minutes before I got a live rep on the phone. Rep seemed very junior/inexperienced. When I called in a second time about the lack of wire transfer capability, again I got a very junior/inexperienced rep. In the past when I've called Marcus, I've gotten someone on the phone almost immediately and I've always been impressed with the knowledge of the customer service rep.

I'm getting a weird feeling here. Things seem off with Marcus. Anyone else picking up strange vibes with Marcus?

Given Fidelity's premium MMF yield is well above Marcus high yield savings account (2.13% vs. 1.50%), I moved the majority of my cash from Marcus to Fidelity this week. These transfers were initiated at Fidelity (to pull from Marcus) and no issue with access to the funds at Fidelity.
What's the symbol for the fidelity mmf acct?
FZDXX. It does require a $100,000 minimum to open, but after that you can pull as much of the funds as you'd like.

You can use SPRXX instead. No minimum there. Current 7-day SEC yield is 2.02%.
At the time of writing this post 7-day SEC yield for FZDXX is 1.8% and for VMFXX it's 2.1%. It's a dumb question but what is the reason for this considerable difference given that both are similar money market funds? Will the yield of VMFXX generally be higher most of the time? Most online savings accounts offer no more than 1.8% interest. Why would anyone go for that when VMFXX offers 2.1%? Just one ACH transfer to your bank and it's liquid.
MikeG62
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

UncleLeo wrote: Tue Aug 09, 2022 3:46 am
MikeG62 wrote: Sat Aug 06, 2022 7:28 am
jeam3131 wrote: Sat Aug 06, 2022 7:26 am
MikeG62 wrote: Sat Aug 06, 2022 6:51 am Adding to my comment above, still no option to send a wire transfer. Can anyone else confirm whether they have the ability to send a wire or not?

Second thing. I sent two ACH transfers this week. Both were initiated in the morning (around 10am) and in both cases the funds did not arrive at the destination bank until approximately 9:30pm. This is highly unusual as all the transfers initiated around this time in the morning would always show by 4:30pm or thereabouts.

Third, when I called in earlier this week to inquire about the inability to do wire transfers it took 10-15 minutes before I got a live rep on the phone. Rep seemed very junior/inexperienced. When I called in a second time about the lack of wire transfer capability, again I got a very junior/inexperienced rep. In the past when I've called Marcus, I've gotten someone on the phone almost immediately and I've always been impressed with the knowledge of the customer service rep.

I'm getting a weird feeling here. Things seem off with Marcus. Anyone else picking up strange vibes with Marcus?

Given Fidelity's premium MMF yield is well above Marcus high yield savings account (2.13% vs. 1.50%), I moved the majority of my cash from Marcus to Fidelity this week. These transfers were initiated at Fidelity (to pull from Marcus) and no issue with access to the funds at Fidelity.
What's the symbol for the fidelity mmf acct?
FZDXX. It does require a $100,000 minimum to open, but after that you can pull as much of the funds as you'd like.

You can use SPRXX instead. No minimum there. Current 7-day SEC yield is 2.02%.
At the time of writing this post 7-day SEC yield for FZDXX is 1.8% and for VMFXX it's 2.1%. It's a dumb question but what is the reason for this considerable difference given that both are similar money market funds? Will the yield of VMFXX generally be higher most of the time? Most online savings accounts offer no more than 1.8% interest. Why would anyone go for that when VMFXX offers 2.1%? Just one ACH transfer to your bank and it's liquid.
This is incorrect. You are comparing the 7-day SEC yield for VMFXX as of 8-8-22 to the 7-day SEC yield for FZDXX as of 7/31/22.

The current rate (as of yesterday 8-8-22) for FZDXX is 2.15% or 2.18% compound effective annual yield. It is higher than VMFXX, which is at 2.10%.

To see the current rate, go to the "performance and risk" tab and look under the "average annual total returns" table.

https://fundresearch.fidelity.com/mutua ... e=o-NavBar
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Life_Questions
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Re: Marcus High-Yield Savings Account rate increases

Post by Life_Questions »

@FedGuy

Yes, Marcus uses 2FA. It's not an option. You must use 2FA to log into your account. You can obtain your 2FA code via text to your cellular account, or to a email address.

Marcus requires the creation of a telephone PIN, and a "secret word" challenge and "hint word" to speak with a CSR.

Marcus provides statements as well. I am a new customer, as I have had my account less than 6 months, but I have received all my statements, as requested, and in a timely manner. You have to tick a account option switch to invoke the statements options. It is easy enough, as I find the GUI well laid out, and simple.

ACH transferred have been timely as well. Both incoming and outgoing.

As an another poster has noted, I too have experienced slow downs, and lack of response to navigation on the website. I have seen a "unable to process your request" dialogue on the website as well, but that was when interest rates were starting to rise, and I just think the website bandwidth was maxed out due to increased activity related to account creation by new customers, and the required money transferred need to fund new accounts. I have had no website problems in recent months.

I would guess that Goldman Sachs wants to increase website capacity, but they must do that in a very secure manner. I would think that adding network capacity is difficult to some degree due to the major shortage of networking equipment in general.

I have had a very positive experience with Marcus by Goldman Sachs. It is a very limited experience due to how their bank offerings are. It's been very simple for me. Create an account, in a secure manner. Park some money, and collect the interest. It is working well for me. I like simple. No hassle dealing with Marcus.
FedGuy
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Re: Marcus High-Yield Savings Account rate increases

Post by FedGuy »

Thanks, Life_Questions!
Johnny Thinwallet
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Re: Marcus High-Yield Savings Account rate increases

Post by Johnny Thinwallet »

Just logged into Marcus and saw that their rate is now 1.7%. Unless I'm mistaken, it looks like another increase (last I had seen was 1.5% a few weeks ago).

And it's a Friday with beautiful weather where I'm at so I now have several reasons to enjoy a fall craft beer tonight. :sharebeer
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Re: Marcus High-Yield Savings Account rate increases

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Feel free to discuss the beer here: Boglehead Beer
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Cheez-It Guy
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Re: Marcus High-Yield Savings Account rate increases

Post by Cheez-It Guy »

Johnny Thinwallet wrote: Fri Aug 12, 2022 10:22 am Just logged into Marcus and saw that their rate is now 1.7%. Unless I'm mistaken, it looks like another increase (last I had seen was 1.5% a few weeks ago).
You are not mistaken!
ModifiedDuration
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Re: Marcus High-Yield Savings Account rate increases

Post by ModifiedDuration »

The yield on Marcus is 1.70% and if you refer someone else and they open an account (no minimum deposit, no minimum time period to keep account open), you both get an additional 1.00% for 3 months.
MikeG62
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

Cheez-It Guy wrote: Fri Aug 12, 2022 6:31 pm
Johnny Thinwallet wrote: Fri Aug 12, 2022 10:22 am Just logged into Marcus and saw that their rate is now 1.7%. Unless I'm mistaken, it looks like another increase (last I had seen was 1.5% a few weeks ago).
You are not mistaken!
Oddly, I got an e-mail last week (on the 18th) informing me that they had just raised their rate to 1.70%. I had to go back and look since I thought I had already been getting that rate. Sure enough, the change was made on the 12th. So, it appears that recent email was in error.

This adds to the list of things that give me pause with Marcus recently (most of which I have documented upthread). Just doesn't feel like the same FI I had been dealing with for the last many years.
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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

I'm thinking of using Marcus as my "hub," really liking that they don't have the six withdrawal limit like other places. Their ACH speed is very fast as well.
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Cheez-It Guy
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Re: Marcus High-Yield Savings Account rate increases

Post by Cheez-It Guy »

Marseille07 wrote: Thu Sep 01, 2022 6:36 pm I'm thinking of using Marcus as my "hub," really liking that they don't have the six withdrawal limit like other places. Their ACH speed is very fast as well.
Yes, this is what I do. i have my pay direct-deposited there. I auto-debit Marcus to pay 3 monthly credit card bills, and also have it set up as the funding source for my weekly taxable auto-investment in VTSAX at Vanguard. Seamless, automatic, and zero maintenance.
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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

Cheez-It Guy wrote: Thu Sep 01, 2022 6:58 pm
Marseille07 wrote: Thu Sep 01, 2022 6:36 pm I'm thinking of using Marcus as my "hub," really liking that they don't have the six withdrawal limit like other places. Their ACH speed is very fast as well.
Yes, this is what I do. i have my pay direct-deposited there. I auto-debit Marcus to pay 3 monthly credit card bills, and also have it set up as the funding source for my weekly taxable auto-investment in VTSAX at Vanguard. Seamless, automatic, and zero maintenance.
Yeah, while I would miss the overdraft feature of Ally checking & savings, if I can pretty much move everything over to Marcus (paying CCs, salary deposit etc etc) then I don't really need the overdraft feature in the first place. The only thing I would need is checkwriting, but I don't remember the last time I wrote a check.

Marcus being the hub makes a lot of sense in my opinion.
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Cheez-It Guy
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Re: Marcus High-Yield Savings Account rate increases

Post by Cheez-It Guy »

With the speed of their ACH, funds would typically be in your checking account by the time a check is deposited by the recipient even if you made the ACH request the same day you wrote the check, so I don't worry much about that.
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fetch5482
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Re: Marcus High-Yield Savings Account rate increases

Post by fetch5482 »

Marseille07 wrote: Thu Sep 01, 2022 6:36 pm I'm thinking of using Marcus as my "hub," really liking that they don't have the six withdrawal limit like other places. Their ACH speed is very fast as well.
They only allow adding 4 or 5 external accounts. If you have more than that, you can't use Marcus as a hub. It's the only reason Ally is still my hub account.
Lately Ally has been increasing their rates faster than Marcus. They're already at 2.00% APY now whule Marcus is 1.70%.
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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

gas_balloon wrote: Thu Sep 01, 2022 7:56 pm They only allow adding 4 or 5 external accounts. If you have more than that, you can't use Marcus as a hub. It's the only reason Ally is still my hub account.
Lately Ally has been increasing their rates faster than Marcus. They're already at 2.00% APY now whule Marcus is 1.70%.
Yeah Marcus' APY is lagging a bit, surprisingly. I thought they'd be lighting fast like the speed of their ACH but not so.

As far as external accounts, I think I can keep'em under 4~5 since I don't need to configure at Marcus so long as CC payments can be pulled from Marcus. I also plan to keep Ally Savings just in case.
sabresgrl06
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Re: Marcus High-Yield Savings Account rate increases

Post by sabresgrl06 »

gas_balloon wrote: Thu Sep 01, 2022 7:56 pm
Marseille07 wrote: Thu Sep 01, 2022 6:36 pm I'm thinking of using Marcus as my "hub," really liking that they don't have the six withdrawal limit like other places. Their ACH speed is very fast as well.
They only allow adding 4 or 5 external accounts. If you have more than that, you can't use Marcus as a hub. It's the only reason Ally is still my hub account.
Lately Ally has been increasing their rates faster than Marcus. They're already at 2.00% APY now whule Marcus is 1.70%.
I have both, with more money in Marcus due to bonus harvesting last year for my emergency fund. The interest rate discrepancy is making me reconsider moving the EF back to Ally.
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Cheez-It Guy
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Re: Marcus High-Yield Savings Account rate increases

Post by Cheez-It Guy »

It goes in both directions. Sometimes Marcus is higher than Ally. Seems like it mainly averages out over time, but we'll see how long they lag. Current gap is notable.
Last edited by Cheez-It Guy on Fri Sep 02, 2022 7:07 am, edited 1 time in total.
MikeG62
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

Cheez-It Guy wrote: Fri Sep 02, 2022 6:41 am It goes in both directions. Sometimes Marcus is higher than Ally. Seems like it mainly averages out over time, but we'll see have long they lag. Current gap is notable.
Current gap is notable. Ally has raised three times over the last few weeks (from 1.60% to 1.75%, then from 1.75% to 1.85 and now from 1.85% to 2.0%), all with no response from Marcus who continues to sit at 1.70% for about a month now. I am a customer of both banks and cannot remember a period of time like this (without each responding to the other's moves).

In August, I moved all but $1 of funds from Marcus to Fidelity (where those funds are invested in FZDXX, earning north of 2.20%, or in shorter-term treasuries). Our accounts at Ally have similarly nominal balances.
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atdharris
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Re: Marcus High-Yield Savings Account rate increases

Post by atdharris »

I still have an account at Ally. It may be worth moving my cash there if Marcus continues to lag behind. A 0.3% gap is noticeable.
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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

atdharris wrote: Fri Sep 02, 2022 8:15 am I still have an account at Ally. It may be worth moving my cash there if Marcus continues to lag behind. A 0.3% gap is noticeable.
I think my plan is to park more $ at whoever is offering higher.
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Re: Marcus High-Yield Savings Account rate increases

Post by student »

Marseille07 wrote: Fri Sep 02, 2022 9:54 am
atdharris wrote: Fri Sep 02, 2022 8:15 am I still have an account at Ally. It may be worth moving my cash there if Marcus continues to lag behind. A 0.3% gap is noticeable.
I think my plan is to park more $ at whoever is offering higher.
Same here. I have move most of the money out to a brokerage account for t-bills.
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anon_investor
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Re: Marcus High-Yield Savings Account rate increases

Post by anon_investor »

student wrote: Fri Sep 02, 2022 10:23 am
Marseille07 wrote: Fri Sep 02, 2022 9:54 am
atdharris wrote: Fri Sep 02, 2022 8:15 am I still have an account at Ally. It may be worth moving my cash there if Marcus continues to lag behind. A 0.3% gap is noticeable.
I think my plan is to park more $ at whoever is offering higher.
Same here. I have move most of the money out to a brokerage account for t-bills.
What duration are you buying?
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femur
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Re: Marcus High-Yield Savings Account rate increases

Post by femur »

Marseille07 wrote: Thu Sep 01, 2022 6:36 pm I'm thinking of using Marcus as my "hub," really liking that they don't have the six withdrawal limit like other places. Their ACH speed is very fast as well.
This is what I do. My paycheck goes into Marcus and then all my bills (mortgage, credit cards, insurance premiums, etc) auto-pay via pull from my marcus acct. Any time I need cash (rarely) I do a same-day ACH push over to my ally checking. After I hit my threshold (3 months expenses) in Marcus, any spillover I push over to Vanguard.

Very happy with this system!
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Re: Marcus High-Yield Savings Account rate increases

Post by student »

anon_investor wrote: Fri Sep 02, 2022 10:58 am
student wrote: Fri Sep 02, 2022 10:23 am
Marseille07 wrote: Fri Sep 02, 2022 9:54 am
atdharris wrote: Fri Sep 02, 2022 8:15 am I still have an account at Ally. It may be worth moving my cash there if Marcus continues to lag behind. A 0.3% gap is noticeable.
I think my plan is to park more $ at whoever is offering higher.
Same here. I have move most of the money out to a brokerage account for t-bills.
What duration are you buying?
3 months.
mongstradamus
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Re: Marcus High-Yield Savings Account rate increases

Post by mongstradamus »

student wrote: Fri Sep 02, 2022 3:08 pm
anon_investor wrote: Fri Sep 02, 2022 10:58 am
student wrote: Fri Sep 02, 2022 10:23 am
Marseille07 wrote: Fri Sep 02, 2022 9:54 am
atdharris wrote: Fri Sep 02, 2022 8:15 am I still have an account at Ally. It may be worth moving my cash there if Marcus continues to lag behind. A 0.3% gap is noticeable.
I think my plan is to park more $ at whoever is offering higher.
Same here. I have move most of the money out to a brokerage account for t-bills.
What duration are you buying?
3 months.
I am curious why you moved out of broker to buy 3 month tbills is it because you have to buy more than 1000 usd worth in brokerage vs treasury direct where min is 100?
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anon_investor
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Re: Marcus High-Yield Savings Account rate increases

Post by anon_investor »

mongstradamus wrote: Fri Sep 02, 2022 3:14 pm
student wrote: Fri Sep 02, 2022 3:08 pm
anon_investor wrote: Fri Sep 02, 2022 10:58 am
student wrote: Fri Sep 02, 2022 10:23 am
Marseille07 wrote: Fri Sep 02, 2022 9:54 am

I think my plan is to park more $ at whoever is offering higher.
Same here. I have move most of the money out to a brokerage account for t-bills.
What duration are you buying?
3 months.
I am curious why you moved out of broker to buy 3 month tbills is it because you have to buy more than 1000 usd worth in brokerage vs treasury direct where min is 100?
I think that poster moved $ out of [Marcus] to a brokerage to buy T-Bills.
Last edited by anon_investor on Fri Sep 02, 2022 5:47 pm, edited 1 time in total.
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Re: Marcus High-Yield Savings Account rate increases

Post by student »

mongstradamus wrote: Fri Sep 02, 2022 3:14 pm
student wrote: Fri Sep 02, 2022 3:08 pm
anon_investor wrote: Fri Sep 02, 2022 10:58 am
student wrote: Fri Sep 02, 2022 10:23 am
Marseille07 wrote: Fri Sep 02, 2022 9:54 am

I think my plan is to park more $ at whoever is offering higher.
Same here. I have move most of the money out to a brokerage account for t-bills.
What duration are you buying?
3 months.
I am curious why you moved out of broker to buy 3 month tbills is it because you have to buy more than 1000 usd worth in brokerage vs treasury direct where min is 100?
Maybe there is a misunderstanding. I moved out of Marcus and moved to a brokerage firm.
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Re: Marcus High-Yield Savings Account rate increases

Post by anon_investor »

student wrote: Fri Sep 02, 2022 5:22 pm
mongstradamus wrote: Fri Sep 02, 2022 3:14 pm
student wrote: Fri Sep 02, 2022 3:08 pm
anon_investor wrote: Fri Sep 02, 2022 10:58 am
student wrote: Fri Sep 02, 2022 10:23 am

Same here. I have move most of the money out to a brokerage account for t-bills.
What duration are you buying?
3 months.
I am curious why you moved out of broker to buy 3 month tbills is it because you have to buy more than 1000 usd worth in brokerage vs treasury direct where min is 100?
Maybe there is a misunderstanding. I moved out of Marcus and moved to a brokerage firm.
What brokerage did you move you money to? I have some T-Bills at Fidelity on autoroll.
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Re: Marcus High-Yield Savings Account rate increases

Post by student »

anon_investor wrote: Fri Sep 02, 2022 5:48 pm
student wrote: Fri Sep 02, 2022 5:22 pm
mongstradamus wrote: Fri Sep 02, 2022 3:14 pm
student wrote: Fri Sep 02, 2022 3:08 pm
anon_investor wrote: Fri Sep 02, 2022 10:58 am

What duration are you buying?
3 months.
I am curious why you moved out of broker to buy 3 month tbills is it because you have to buy more than 1000 usd worth in brokerage vs treasury direct where min is 100?
Maybe there is a misunderstanding. I moved out of Marcus and moved to a brokerage firm.
What brokerage did you move you money to? I have some T-Bills at Fidelity on autoroll.
I moved to etrade. I had a etrade years ago and they sent me a good promotion bonus. So I am buying t-bills there.
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Re: Marcus High-Yield Savings Account rate increases

Post by mongstradamus »

student wrote: Fri Sep 02, 2022 5:22 pm
mongstradamus wrote: Fri Sep 02, 2022 3:14 pm
student wrote: Fri Sep 02, 2022 3:08 pm
anon_investor wrote: Fri Sep 02, 2022 10:58 am
student wrote: Fri Sep 02, 2022 10:23 am

Same here. I have move most of the money out to a brokerage account for t-bills.
What duration are you buying?
3 months.
I am curious why you moved out of broker to buy 3 month tbills is it because you have to buy more than 1000 usd worth in brokerage vs treasury direct where min is 100?
Maybe there is a misunderstanding. I moved out of Marcus and moved to a brokerage firm.
My apologies I misread it , I thought you were saying you moved out of brokerage to buy tbills.
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

femur wrote: Fri Sep 02, 2022 11:12 am This is what I do. My paycheck goes into Marcus and then all my bills (mortgage, credit cards, insurance premiums, etc) auto-pay via pull from my marcus acct. Any time I need cash (rarely) I do a same-day ACH push over to my ally checking. After I hit my threshold (3 months expenses) in Marcus, any spillover I push over to Vanguard.

Very happy with this system!
Yeah, my plan will be something similar. I love that they don't enforce the 6/mo withdrawal thing, and their ACH is the fastest in the industry. As far as cash, I always park $300~$500 in checking so I don't have to scramble before hitting the ATM.
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Re: Marcus High-Yield Savings Account rate increases

Post by johnegonpdx »

I'm fine with the middling HYSA rate at Marcus because I can freely and quickly transfer to and from Fidelity where I'm building up a short-term treasury / CD ladder as rates rise.
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

johnegonpdx wrote: Fri Sep 02, 2022 11:57 pm I'm fine with the middling HYSA rate at Marcus because I can freely and quickly transfer to and from Fidelity where I'm building up a short-term treasury / CD ladder as rates rise.
Or you could just keep most/all of the funds at Fidelity, and that which is not in T-Bills can sit in one of their MMF's currently earning ~2.10% or more.
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johnegonpdx
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Re: Marcus High-Yield Savings Account rate increases

Post by johnegonpdx »

MikeG62 wrote: Sat Sep 03, 2022 3:29 am
johnegonpdx wrote: Fri Sep 02, 2022 11:57 pm I'm fine with the middling HYSA rate at Marcus because I can freely and quickly transfer to and from Fidelity where I'm building up a short-term treasury / CD ladder as rates rise.
Or you could just keep most/all of the funds at Fidelity, and that which is not in T-Bills can sit in one of their MMF's currently earning ~2.10% or more.
That is a thought.

I've been using a HYSA for so long given how bad other risk-equivalent(ish) options were for cash. Not any more.
MikeG62
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

johnegonpdx wrote: Sat Sep 03, 2022 8:53 pm
MikeG62 wrote: Sat Sep 03, 2022 3:29 am
johnegonpdx wrote: Fri Sep 02, 2022 11:57 pm I'm fine with the middling HYSA rate at Marcus because I can freely and quickly transfer to and from Fidelity where I'm building up a short-term treasury / CD ladder as rates rise.
Or you could just keep most/all of the funds at Fidelity, and that which is not in T-Bills can sit in one of their MMF's currently earning ~2.10% or more.
That is a thought.

I've been using a HYSA for so long given how bad other risk-equivalent(ish) options were for cash. Not any more.
This is true. Lots of better yielding options available these days. Been a number of years since this was the case.

If you haven’t already, you might want to consider I Bonds for some of the money you intended to invest in CD’s. The yields on I Bonds now are unmatched by any high quality fixed income (and they are US gov’t backed too). Just keep in mind you cannot touch the funds for 12 months (and there is a 3-month interest penalty if you sell the bonds within the first 5 years - which is not a big problem if you don’t intend to do that until the latest rate reset is much lower than current yields).
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dknightd
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Re: Marcus High-Yield Savings Account rate increases

Post by dknightd »

Interest rates are going up. But I would not bother to chase higher interest rates. The differences are still small.
Retired 2019. So far, so good. I want to wake up every morning. But I want to die in my sleep. Just another conundrum. I think the solution might be afternoon naps ;)
atdharris
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Re: Marcus High-Yield Savings Account rate increases

Post by atdharris »

dknightd wrote: Sun Sep 04, 2022 6:56 am Interest rates are going up. But I would not bother to chase higher interest rates. The differences are still small.
The Schwab money market fund is yielding 2.22% now. I am not sure that is insignificant compared to Marcus' 1.70%.
Ron Ronnerson
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Re: Marcus High-Yield Savings Account rate increases

Post by Ron Ronnerson »

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BlackcatCA
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Re: Marcus High-Yield Savings Account rate increases

Post by BlackcatCA »

Can one have more than 1 Marcus account?
I read that if one signs up with a referral, you get current rate +1% for 3 month. Currently that is 2.7% which is better than anything out there. In 3 months other banks may catch up of course.
I have a Marcus accounts with $0 balance, but I am thinking about opening another with referral, if it is allowed. Or, I could cancel it and then re-open with a referral. Has anyone tried this?
LuckyInLife
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Re: Marcus High-Yield Savings Account rate increases

Post by LuckyInLife »

BlackcatCA wrote: Tue Sep 06, 2022 6:04 pm Can one have more than 1 Marcus account?
I read that if one signs up with a referral, you get current rate +1% for 3 month. Currently that is 2.7% which is better than anything out there. In 3 months other banks may catch up of course.
I have a Marcus accounts with $0 balance, but I am thinking about opening another with referral, if it is allowed. Or, I could cancel it and then re-open with a referral. Has anyone tried this?
I don't think you can do this, because they give the 1% kicker to both the referring and the referred parties. I convinced my young adult daughter to do the referral and she now gets 2.7% and I get 2.8% (I have the AARP .1% bonus for 24 months as well).
MikeG62
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

BlackcatCA wrote: Tue Sep 06, 2022 6:04 pm Can one have more than 1 Marcus account?
I read that if one signs up with a referral, you get current rate +1% for 3 month. Currently that is 2.7% which is better than anything out there. In 3 months other banks may catch up of course.
I have a Marcus accounts with $0 balance, but I am thinking about opening another with referral, if it is allowed. Or, I could cancel it and then re-open with a referral. Has anyone tried this?
No that won’t work. You can refer a spouse or someone else, but not yourself.

Having said that, 3-month Treasuries are currently at 3.06% and 6- month is at 3.45%. These are clearly better than 2.7% to 2.8% at Marcus even with the referral bonus. So, I don’t know that I would bother with the referral route and instead go to Treasuries. It’s fine for cash you are using month to month to pay your bills. But if it’s going to be sitting there largely untouched, then Treasuries are a better option. And they are very simple/easy to purchase.
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anon_investor
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Re: Marcus High-Yield Savings Account rate increases

Post by anon_investor »

MikeG62 wrote: Wed Sep 07, 2022 7:56 am
BlackcatCA wrote: Tue Sep 06, 2022 6:04 pm Can one have more than 1 Marcus account?
I read that if one signs up with a referral, you get current rate +1% for 3 month. Currently that is 2.7% which is better than anything out there. In 3 months other banks may catch up of course.
I have a Marcus accounts with $0 balance, but I am thinking about opening another with referral, if it is allowed. Or, I could cancel it and then re-open with a referral. Has anyone tried this?
No that won’t work. You can refer a spouse or someone else, but not yourself.

Having said that, 3-month Treasuries are currently at 3.06% and 6- month is at 3.45%. These are clearly better than 2.7% to 2.8% at Marcus even with the referral bonus. So, I don’t know that I would bother with the referral route and instead go to Treasuries. It’s fine for cash you are using month to month to pay your bills. But if it’s going to be sitting there largely untouched, then Treasuries are a better option. And they are very simple/easy to purchase.
Wow 3 month treasuries are over 3% now? I should grab some at the next auction.
MikeG62
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

anon_investor wrote: Wed Sep 07, 2022 11:31 am
MikeG62 wrote: Wed Sep 07, 2022 7:56 am
BlackcatCA wrote: Tue Sep 06, 2022 6:04 pm Can one have more than 1 Marcus account?
I read that if one signs up with a referral, you get current rate +1% for 3 month. Currently that is 2.7% which is better than anything out there. In 3 months other banks may catch up of course.
I have a Marcus accounts with $0 balance, but I am thinking about opening another with referral, if it is allowed. Or, I could cancel it and then re-open with a referral. Has anyone tried this?
No that won’t work. You can refer a spouse or someone else, but not yourself.

Having said that, 3-month Treasuries are currently at 3.06% and 6- month is at 3.45%. These are clearly better than 2.7% to 2.8% at Marcus even with the referral bonus. So, I don’t know that I would bother with the referral route and instead go to Treasuries. It’s fine for cash you are using month to month to pay your bills. But if it’s going to be sitting there largely untouched, then Treasuries are a better option. And they are very simple/easy to purchase.
Wow 3 month treasuries are over 3% now? I should grab some at the next auction.
I know that’s a great rate. I am thinking about perhaps shifting some funds from Fidelity’s premium MMF there as the term is so short. Would pickup ~ 80lbs.

Next 3-month and 6-month auctions close this coming Monday. Or could grab some in the secondary market depending on what is available.
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anon_investor
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Re: Marcus High-Yield Savings Account rate increases

Post by anon_investor »

MikeG62 wrote: Wed Sep 07, 2022 11:43 am
anon_investor wrote: Wed Sep 07, 2022 11:31 am
MikeG62 wrote: Wed Sep 07, 2022 7:56 am
BlackcatCA wrote: Tue Sep 06, 2022 6:04 pm Can one have more than 1 Marcus account?
I read that if one signs up with a referral, you get current rate +1% for 3 month. Currently that is 2.7% which is better than anything out there. In 3 months other banks may catch up of course.
I have a Marcus accounts with $0 balance, but I am thinking about opening another with referral, if it is allowed. Or, I could cancel it and then re-open with a referral. Has anyone tried this?
No that won’t work. You can refer a spouse or someone else, but not yourself.

Having said that, 3-month Treasuries are currently at 3.06% and 6- month is at 3.45%. These are clearly better than 2.7% to 2.8% at Marcus even with the referral bonus. So, I don’t know that I would bother with the referral route and instead go to Treasuries. It’s fine for cash you are using month to month to pay your bills. But if it’s going to be sitting there largely untouched, then Treasuries are a better option. And they are very simple/easy to purchase.
Wow 3 month treasuries are over 3% now? I should grab some at the next auction.
I know that’s a great rate. I am thinking about perhaps shifting some funds from Fidelity’s premium MMF there as the term is so short. Would pickup ~ 80lbs.

Next 3-month and 6-month auctions close this coming Monday. Or could grab some in the secondary market depending on what is available.
I will check out the auctions, I like to buy at auction and have the option to do Fido autoroll.
atdharris
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Re: Marcus High-Yield Savings Account rate increases

Post by atdharris »

Well, now it appears Marcus is blocking large transfers. I tried to move $20k out of my account to Schwab for a MM fund and they reversed the transfer, and locked my account until I called in. Now, I am not sure if I try to initiate the transfer again if I will get locked out again.
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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

atdharris wrote: Thu Sep 08, 2022 2:54 pm Well, now it appears Marcus is blocking large transfers. I tried to move $20k out of my account to Schwab for a MM fund and they reversed the transfer, and locked my account until I called in. Now, I am not sure if I try to initiate the transfer again if I will get locked out again.
What the...I thought their daily max is something like 125K and I've done this many times, though not recently.
atdharris
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Re: Marcus High-Yield Savings Account rate increases

Post by atdharris »

Marseille07 wrote: Thu Sep 08, 2022 2:55 pm
atdharris wrote: Thu Sep 08, 2022 2:54 pm Well, now it appears Marcus is blocking large transfers. I tried to move $20k out of my account to Schwab for a MM fund and they reversed the transfer, and locked my account until I called in. Now, I am not sure if I try to initiate the transfer again if I will get locked out again.
What the...I thought their daily max is something like 125K and I've done this many times, though not recently.
I don't know. I am going to wait until Monday to try to initiate it again and see if I am locked. It says the limit is $125k. I just checked. I thought I just had to confirm it was me doing it so it would go through, but it appears the entire transfer was reversed.
Topic Author
Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

atdharris wrote: Thu Sep 08, 2022 2:58 pm I don't know. I am going to wait until Monday to try to initiate it again and see if I am locked. It says the limit is $125k. I just checked. I thought I just had to confirm it was me doing it so it would go through, but it appears the entire transfer was reversed.
That's a bummer. I am just wrapping up banking connections to situate Marcus as my hub :oops:
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