Marcus or Ally

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2020 ButClassic
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Re: Marcus or Ally

Post by 2020 ButClassic »

Cheez-It Guy wrote: Sun May 03, 2020 5:51 pm Savings rate will drop.
And you were right!

Marcus dropped its savings rate to 1.30% so it went from top 3 to, well, not even top 10 anymore. So much for chasing the highest rate.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

2020 ButClassic wrote: Fri May 08, 2020 9:53 pm
Cheez-It Guy wrote: Sun May 03, 2020 5:51 pm Savings rate will drop.
And you were right!

Marcus dropped its savings rate to 1.30% so it went from top 3 to, well, not even top 10 anymore. So much for chasing the highest rate.
Wonder when Ally will drop their rates now... :?:
czr
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Re: Marcus or Ally

Post by czr »

anon_investor wrote: Fri May 08, 2020 10:04 pm Wonder when Ally will drop their rates now... :?:
Right when the transfer from Marcus to Ally has been completed. It's funny/sad because that's my experience.
HomeStretch
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Re: Marcus or Ally

Post by HomeStretch »

tarnation wrote: Sun May 03, 2020 12:08 pm Was looking at Marcus on depositaccounts.com, and saw ad for capital one 360 Performance Savings has cash bonus up to $500 and 1.5% rate. Any gotchas?
I just opened one. Here’s a recent thread about it:
viewtopic.php?p=5238659#p5238659
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midareff
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Re: Marcus or Ally

Post by midareff »

FWIW, as of today Marcus is 1.3% savings vs. 1.5% at Ally
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birdog
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Re: Marcus or Ally

Post by birdog »

2020 ButClassic wrote: Fri May 08, 2020 9:53 pm
Cheez-It Guy wrote: Sun May 03, 2020 5:51 pm Savings rate will drop.
And you were right!

Marcus dropped its savings rate to 1.30% so it went from top 3 to, well, not even top 10 anymore. So much for chasing the highest rate.
I just looked and you can still lock in a 1.55% APY on a 7 month no-penalty CD even though their savings APY dropped to 1.3%. Might be an option for some.
binx99
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Re: Marcus or Ally

Post by binx99 »

Marcus 1.55% no-penalty CD does look appealing. Any drawback to this that I'm not seeing?

Same thing just happened to me this week. Parked my emergency fund in Marcus and was disappointed with an immediate rate drop. Do these major high-yield savings accounts usually adjust rates and track so closely that it's not worth it to jump ship to Ally?
am
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Re: Marcus or Ally

Post by am »

meursault33 wrote: Sat May 09, 2020 8:46 am Marcus 1.55% no-penalty CD does look appealing. Any drawback to this that I'm not seeing?

Same thing just happened to me this week. Parked my emergency fund in Marcus and was disappointed with an immediate rate drop. Do these major high-yield savings accounts usually adjust rates and track so closely that it's not worth it to jump ship to Ally?
Ally is 11 months no penalty cd at 1.5%. I think that’s a better deal given the extra 4 month rate lock.

I don’t jump ship from bank to bank over 20-50 basis point differences. The money you gain doing this is not worth the time and effort for me required to keep multiple accounts open.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

meursault33 wrote: Sat May 09, 2020 8:46 am Marcus 1.55% no-penalty CD does look appealing. Any drawback to this that I'm not seeing?

Same thing just happened to me this week. Parked my emergency fund in Marcus and was disappointed with an immediate rate drop. Do these major high-yield savings accounts usually adjust rates and track so closely that it's not worth it to jump ship to Ally?
Just take advantage of the no penalty CD. Only draw back is it is short at 7 months (and not longer), rates could be much lower then.
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birdog
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Re: Marcus or Ally

Post by birdog »

meursault33 wrote: Sat May 09, 2020 8:46 am Marcus 1.55% no-penalty CD does look appealing. Any drawback to this that I'm not seeing?

Same thing just happened to me this week. Parked my emergency fund in Marcus and was disappointed with an immediate rate drop. Do these major high-yield savings accounts usually adjust rates and track so closely that it's not worth it to jump ship to Ally?
I don't see a drawback to this particular CD. I'm guessing the 1.55% rate for it may drop soon as well.

I would be surprised if Ally didn't drop soon as well. If you want to guarantee it, just move your money there. I just moved cash from Alliant Credit Union to Marcus least week and got the immediate drop, same as you. Alliant is down to 1.20%, which is surprising because they typically beat Ally by just a bit. It seems that Marcus usually beats Ally by a small margin as well so I don't expect Ally to stay at 1.50% for long. I'm just going to maintain both Alliant and Marcus for now and park the money with the one paying the most.
centrifuge41
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Re: Marcus or Ally

Post by centrifuge41 »

Yep, Marcus is usually one of the higher yielding banks in the big name online bank pack. Since it just rate dropped, I wouldn't be surprised if Amex, Cap1, Discover etc rate drop to 1.3% (or lower).

Barclays is already at 1.3%.
Topic Author
2020 ButClassic
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Re: Marcus or Ally

Post by 2020 ButClassic »

I don't see a good reason for other banks to pay significantly more so they may adjust.

Their game is to pay marginally more so to attract customers. Marcus may rethink its rate drop strategy if other banks don't dial down the rates. Unless, Marcus now thinks it has gained brand advantage and can now complete on other fronts.

Note that Capital One dropped its one-year CD rate a few weeks ago to 1%. Shortly after it probably realized it went too far and raised it to 1.5%. I realize this is a CD comparison but it is probably true for savings too.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

Of course, email today from Ally Bank... HYS interest rate dropping to 1.25%. Marcus still ahead at 1.3%. Hope no one rushed from Marcus to Ally when Marcus dropped to 1.3%.
stoptothink
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Re: Marcus or Ally

Post by stoptothink »

anon_investor wrote: Mon May 11, 2020 1:58 pm Of course, email today from Ally Bank... HYS interest rate dropping to 1.25%. Marcus still ahead at 1.3%. Hope no one rushed from Marcus to Ally when Marcus dropped to 1.3%.
I don't seem to have gotten that email yet. If that is the case, I think I'm just going to go ahead and pay off the mortgage by the end of the month.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

stoptothink wrote: Mon May 11, 2020 2:08 pm
anon_investor wrote: Mon May 11, 2020 1:58 pm Of course, email today from Ally Bank... HYS interest rate dropping to 1.25%. Marcus still ahead at 1.3%. Hope no one rushed from Marcus to Ally when Marcus dropped to 1.3%.
I don't seem to have gotten that email yet. If that is the case, I think I'm just going to go ahead and pay off the mortgage by the end of the month.
I wonder when the CD rates will drop... I have a no penalty CD expiring 5/20, hoping they hold up until then so I can get the 0.05% renewal bonus with current rates...
boglewill34
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Re: Marcus or Ally

Post by boglewill34 »

stoptothink wrote: Mon May 11, 2020 2:08 pm
anon_investor wrote: Mon May 11, 2020 1:58 pm Of course, email today from Ally Bank... HYS interest rate dropping to 1.25%. Marcus still ahead at 1.3%. Hope no one rushed from Marcus to Ally when Marcus dropped to 1.3%.
I don't seem to have gotten that email yet. If that is the case, I think I'm just going to go ahead and pay off the mortgage by the end of the month.
I haven't gotten the email on this, I'm a new customer but didn't rush to switch or anything, I'm mostly there for the CDs.

Talk about, does anyone know when or if CD rates will go down at more or less the same time/rate?
mageedge
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Re: Marcus or Ally

Post by mageedge »

As others have noted no-penalty CD's seem the obvious play for parking cash in the current environment.

I use both Ally (my 'every day' bank) and Marcus. Both offer good rates and, so far, good service. Ally has the 11 month lock vs. 7 months for Marcus on the top rate but one advantage to note for Marcus is that its minimum for best rate is $500 vs. $25,000 at Ally.
As most are aware no-penalty CD's do not offer partial withdrawal so there is some benefit in using Marcus to get a number of smaller denomination CD's for any money you think you might need before the term is up.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

boglewill34 wrote: Mon May 11, 2020 2:27 pm
stoptothink wrote: Mon May 11, 2020 2:08 pm
anon_investor wrote: Mon May 11, 2020 1:58 pm Of course, email today from Ally Bank... HYS interest rate dropping to 1.25%. Marcus still ahead at 1.3%. Hope no one rushed from Marcus to Ally when Marcus dropped to 1.3%.
I don't seem to have gotten that email yet. If that is the case, I think I'm just going to go ahead and pay off the mortgage by the end of the month.
I haven't gotten the email on this, I'm a new customer but didn't rush to switch or anything, I'm mostly there for the CDs.

Talk about, does anyone know when or if CD rates will go down at more or less the same time/rate?
They do not go down in lock step, and not at the same time either. I would not expect the current CD rates to stay at current levels for very long, maybe a couple of days.
BergeronsBuddies
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Re: Marcus or Ally

Post by BergeronsBuddies »

Just locked in the 1.5% no Penalty CD when I got the email saying Ally is reducing savings rate to 1.25%. Probably a good time to do so if you hadn't yet like myself.
BogleMelon
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Re: Marcus or Ally

Post by BogleMelon »

At what level would it matter to have a no penalty CD's vs saving account? Other than my Ally NP CD's, I have another $6K in savings Marcus. Does it really worth it to buy say 3X$2K NoP CD's?
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
boglewill34
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Re: Marcus or Ally

Post by boglewill34 »

anon_investor wrote: Mon May 11, 2020 2:37 pm
boglewill34 wrote: Mon May 11, 2020 2:27 pm
stoptothink wrote: Mon May 11, 2020 2:08 pm
anon_investor wrote: Mon May 11, 2020 1:58 pm Of course, email today from Ally Bank... HYS interest rate dropping to 1.25%. Marcus still ahead at 1.3%. Hope no one rushed from Marcus to Ally when Marcus dropped to 1.3%.
I don't seem to have gotten that email yet. If that is the case, I think I'm just going to go ahead and pay off the mortgage by the end of the month.
I haven't gotten the email on this, I'm a new customer but didn't rush to switch or anything, I'm mostly there for the CDs.

Talk about, does anyone know when or if CD rates will go down at more or less the same time/rate?
They do not go down in lock step, and not at the same time either. I would not expect the current CD rates to stay at current levels for very long, maybe a couple of days.
Thanks! I've locked in but not yet funded a 3yr CD with them, I'll lock in another long term CD or two in the next week or so.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

boglewill34 wrote: Mon May 11, 2020 3:01 pm
anon_investor wrote: Mon May 11, 2020 2:37 pm
boglewill34 wrote: Mon May 11, 2020 2:27 pm
stoptothink wrote: Mon May 11, 2020 2:08 pm
anon_investor wrote: Mon May 11, 2020 1:58 pm Of course, email today from Ally Bank... HYS interest rate dropping to 1.25%. Marcus still ahead at 1.3%. Hope no one rushed from Marcus to Ally when Marcus dropped to 1.3%.
I don't seem to have gotten that email yet. If that is the case, I think I'm just going to go ahead and pay off the mortgage by the end of the month.
I haven't gotten the email on this, I'm a new customer but didn't rush to switch or anything, I'm mostly there for the CDs.

Talk about, does anyone know when or if CD rates will go down at more or less the same time/rate?
They do not go down in lock step, and not at the same time either. I would not expect the current CD rates to stay at current levels for very long, maybe a couple of days.
Thanks! I've locked in but not yet funded a 3yr CD with them, I'll lock in another long term CD or two in the next week or so.
Don't wait too long. I remember I rushed and locked in some no penalty CDs back when Ally cut the HYS interest rate went from 1.6% to 1.5% (either the same day I got the email or the next day). I am glad I did, because when I thought about doing another one a few days later the rates had already dropped.
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2020 ButClassic
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Re: Marcus or Ally

Post by 2020 ButClassic »

Letter from Marcus announcing the cut on savings also touted the 1.55% APY No Penalty CD, as a substitute for customers.

This was just last week so it won't look good if Marcus dropped the No Penalty CD rates in the coming days -- at least not in May, one would hope!
stoptothink
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Re: Marcus or Ally

Post by stoptothink »

boglewill34 wrote: Mon May 11, 2020 2:27 pm
stoptothink wrote: Mon May 11, 2020 2:08 pm
anon_investor wrote: Mon May 11, 2020 1:58 pm Of course, email today from Ally Bank... HYS interest rate dropping to 1.25%. Marcus still ahead at 1.3%. Hope no one rushed from Marcus to Ally when Marcus dropped to 1.3%.
I don't seem to have gotten that email yet. If that is the case, I think I'm just going to go ahead and pay off the mortgage by the end of the month.
I haven't gotten the email on this, I'm a new customer but didn't rush to switch or anything, I'm mostly there for the CDs.

Talk about, does anyone know when or if CD rates will go down at more or less the same time/rate?
Just got the email...just scheduled mortgage payoff for Wednesday.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

stoptothink wrote: Mon May 11, 2020 4:49 pm
boglewill34 wrote: Mon May 11, 2020 2:27 pm
stoptothink wrote: Mon May 11, 2020 2:08 pm
anon_investor wrote: Mon May 11, 2020 1:58 pm Of course, email today from Ally Bank... HYS interest rate dropping to 1.25%. Marcus still ahead at 1.3%. Hope no one rushed from Marcus to Ally when Marcus dropped to 1.3%.
I don't seem to have gotten that email yet. If that is the case, I think I'm just going to go ahead and pay off the mortgage by the end of the month.
I haven't gotten the email on this, I'm a new customer but didn't rush to switch or anything, I'm mostly there for the CDs.

Talk about, does anyone know when or if CD rates will go down at more or less the same time/rate?
Just got the email...just scheduled mortgage payoff for Wednesday.
Congrats! The will be a nice feeling.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

Ally No Penalty CDs are now 1.3% regardless of balance size...
Rudedog
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Re: Marcus or Ally

Post by Rudedog »

I have accounts at both, both seem OK to me.
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birdog
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Re: Marcus or Ally

Post by birdog »

mageedge wrote: Mon May 11, 2020 2:33 pm As others have noted no-penalty CD's seem the obvious play for parking cash in the current environment.

I use both Ally (my 'every day' bank) and Marcus. Both offer good rates and, so far, good service. Ally has the 11 month lock vs. 7 months for Marcus on the top rate but one advantage to note for Marcus is that its minimum for best rate is $500 vs. $25,000 at Ally.
As most are aware no-penalty CD's do not offer partial withdrawal so there is some benefit in using Marcus to get a number of smaller denomination CD's for any money you think you might need before the term is up.
Good idea.
Jags4186
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Re: Marcus or Ally

Post by Jags4186 »

I think you should have both. Marcus and Ally both offer bonuses to current customers occasionally. For example Ally had recently the deposit $25k get $250 bonus. Marcus had similar deal last year. Best to keep one account empty and your cash in the account with the most recent deal.
Outafter20
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Re: Marcus or Ally

Post by Outafter20 »

Jags4186 wrote: Tue May 12, 2020 8:21 am I think you should have both. Marcus and Ally both offer bonuses to current customers occasionally. For example Ally had recently the deposit $25k get $250 bonus. Marcus had similar deal last year. Best to keep one account empty and your cash in the account with the most recent deal.
Back in March I opened an Ally CD to get the $250 bonus. I currently do not have an online savings account with Ally, just the CD. Does anyone know how the bonus will be paid? Will they just credit it to the CD or will they open an online savings account?

Thanks.
mageedge
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Re: Marcus or Ally

Post by mageedge »

Outafter20 wrote: Tue May 12, 2020 10:03 am
Jags4186 wrote: Tue May 12, 2020 8:21 am I think you should have both. Marcus and Ally both offer bonuses to current customers occasionally. For example Ally had recently the deposit $25k get $250 bonus. Marcus had similar deal last year. Best to keep one account empty and your cash in the account with the most recent deal.
Back in March I opened an Ally CD to get the $250 bonus. I currently do not have an online savings account with Ally, just the CD. Does anyone know how the bonus will be paid? Will they just credit it to the CD or will they open an online savings account?

Thanks.
This seems to answer your question (from Ally bonus terms and conditions) -

If no Online Savings, Money Market, or Interest Checking account: CD with the highest balance. We’ll pay the Cash Bonus as interest during the term of the CD
drummerboy
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Re: Marcus or Ally

Post by drummerboy »

Marcus Savings is now 1.30%
Ally Savings is now 1.25%

I have accounts at both. My CDs are at Marcus. Not a big difference between the two. Marcus is typically .05% higher, but that is fairly insignificant unless we are talking really big balances.

Marcus does same day transfers. Your money is rarely in “limbo land” when doing transfers between your brokerage and Marcus account.

Ally does have the ability to utilize a Checking account too.

I don’t think you can go wrong with either one.
kidshrink
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Re: Marcus or Ally

Post by kidshrink »

birdog wrote: Tue May 12, 2020 8:13 am
mageedge wrote: Mon May 11, 2020 2:33 pm As others have noted no-penalty CD's seem the obvious play for parking cash in the current environment.

I use both Ally (my 'every day' bank) and Marcus. Both offer good rates and, so far, good service. Ally has the 11 month lock vs. 7 months for Marcus on the top rate but one advantage to note for Marcus is that its minimum for best rate is $500 vs. $25,000 at Ally.
As most are aware no-penalty CD's do not offer partial withdrawal so there is some benefit in using Marcus to get a number of smaller denomination CD's for any money you think you might need before the term is up.
Good idea.
Pulled the trigger on 3 different ones, can break one without affecting the others if needed.
Global100
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Re: Marcus or Ally

Post by Global100 »

Marcus dropped their interest rate for 7 month No Penalty CD from 1.55% to 1.30%, which is now the same as their current basic savings interest rate.
Last edited by Global100 on Fri May 15, 2020 11:46 pm, edited 1 time in total.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

Global100 wrote: Fri May 15, 2020 11:44 pm Marcus dropped their 7 month No Penalty CD from 1.55% to 1.30%, which is now the same as their current basic savings account interest rate.
I would rather get the 1.3% 11 month No Penalty CD from Ally, and extra 4 months with that interest rate locked in.
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2020 ButClassic
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Re: Marcus or Ally

Post by 2020 ButClassic »

Global100 wrote: Fri May 15, 2020 11:44 pm Marcus dropped their interest rate for 7 month No Penalty CD from 1.55% to 1.30%, which is now the same as their current basic savings interest rate.
Lol. Only a week after they emailed customers to consider No Penalty CD as a substitute when they lowered the rate on their savings.

I understand the financial environment but don't care for the jumpiness. I have lost some respect for Marcus. Would like to see more maturity in decision making and customer perception.
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birdog
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Re: Marcus or Ally

Post by birdog »

2020 ButClassic wrote: Sat May 16, 2020 2:31 am
Global100 wrote: Fri May 15, 2020 11:44 pm Marcus dropped their interest rate for 7 month No Penalty CD from 1.55% to 1.30%, which is now the same as their current basic savings interest rate.
Lol. Only a week after they emailed customers to consider No Penalty CD as a substitute when they lowered the rate on their savings.

I understand the financial environment but don't care for the jumpiness. I have lost some respect for Marcus. Would like to see more maturity in decision making and customer perception.
Agree. They recommend the 1.55% CD then take it away.
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Re: Marcus or Ally

Post by MikeG62 »

birdog wrote: Sun May 17, 2020 10:04 am
2020 ButClassic wrote: Sat May 16, 2020 2:31 am
Global100 wrote: Fri May 15, 2020 11:44 pm Marcus dropped their interest rate for 7 month No Penalty CD from 1.55% to 1.30%, which is now the same as their current basic savings interest rate.
Lol. Only a week after they emailed customers to consider No Penalty CD as a substitute when they lowered the rate on their savings.

I understand the financial environment but don't care for the jumpiness. I have lost some respect for Marcus. Would like to see more maturity in decision making and customer perception.
Agree. They recommend the 1.55% CD then take it away.
One needs to be willing and able to move quickly, especially in a declining rate environment. I actually consider that e-mail as a shot across the bow (a heads up so to speak). After all, they give you I think it is 10 days to fund the CD after opening it. So it's not like you have to drop everything and run to get the funds there right away. Opening the CD locks the rate for that roughly 10-day period.

FWIW, I opened my 10th active NP CD last weekend at Marcus - 7-month at 1.55% before the most recent rate drop.
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ChiKid24
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Re: Marcus or Ally

Post by ChiKid24 »

Just got notification my Marcus Savings is now down to 1.05% vs 1.30%. This follows similar trends I'm seeing at other banks.
atdharris
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Re: Marcus or Ally

Post by atdharris »

Ally down to 1.1% and Amex down to 1.15%. Maybe I should just lock my cash into a CD and be done with it. I can't see rates rising any time soon given the Fed has pledged to keep rates at near 0 until 2023.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

atdharris wrote: Tue Jun 16, 2020 1:29 pm Ally down to 1.1% and Amex down to 1.15%. Maybe I should just lock my cash into a CD and be done with it. I can't see rates rising any time soon given the Fed has pledged to keep rates at near 0 until 2023.
You definitely should. No penalty CDs are good if you may need to use the money. I have my emergency fund entirely in no penalty CDs.
atdharris
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Re: Marcus or Ally

Post by atdharris »

anon_investor wrote: Tue Jun 16, 2020 1:33 pm
atdharris wrote: Tue Jun 16, 2020 1:29 pm Ally down to 1.1% and Amex down to 1.15%. Maybe I should just lock my cash into a CD and be done with it. I can't see rates rising any time soon given the Fed has pledged to keep rates at near 0 until 2023.
You definitely should. No penalty CDs are good if you may need to use the money. I have my emergency fund entirely in no penalty CDs.
I probably will. I have ~$30k in my emergency fund and I'm watching my monthly interest plummet.
02nz
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Re: Marcus or Ally

Post by 02nz »

MikeG62 wrote: Sun May 17, 2020 10:12 am
birdog wrote: Sun May 17, 2020 10:04 am
2020 ButClassic wrote: Sat May 16, 2020 2:31 am
Global100 wrote: Fri May 15, 2020 11:44 pm Marcus dropped their interest rate for 7 month No Penalty CD from 1.55% to 1.30%, which is now the same as their current basic savings interest rate.
Lol. Only a week after they emailed customers to consider No Penalty CD as a substitute when they lowered the rate on their savings.

I understand the financial environment but don't care for the jumpiness. I have lost some respect for Marcus. Would like to see more maturity in decision making and customer perception.
Agree. They recommend the 1.55% CD then take it away.
One needs to be willing and able to move quickly, especially in a declining rate environment. I actually consider that e-mail as a shot across the bow (a heads up so to speak). After all, they give you I think it is 10 days to fund the CD after opening it. So it's not like you have to drop everything and run to get the funds there right away. Opening the CD locks the rate for that roughly 10-day period.

FWIW, I opened my 10th active NP CD last weekend at Marcus - 7-month at 1.55% before the most recent rate drop.
Not only does Marcus give you 10 days to fund initially (minimum is $500 IIRC), as long as you do that you have 30 days from opening to add more funds. This can only be done by phone. This spring when CD rates were still at 1.8% or so I opened and funded several CDs, which worked out well as rates fell, I was able to add significant amounts to them having locked in the higher rate.
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anon_investor
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Re: Marcus or Ally

Post by anon_investor »

atdharris wrote: Tue Jun 16, 2020 1:39 pm
anon_investor wrote: Tue Jun 16, 2020 1:33 pm
atdharris wrote: Tue Jun 16, 2020 1:29 pm Ally down to 1.1% and Amex down to 1.15%. Maybe I should just lock my cash into a CD and be done with it. I can't see rates rising any time soon given the Fed has pledged to keep rates at near 0 until 2023.
You definitely should. No penalty CDs are good if you may need to use the money. I have my emergency fund entirely in no penalty CDs.
I probably will. I have ~$30k in my emergency fund and I'm watching my monthly interest plummet.
This has definitely worked out well for me as interest rates dropped. I still have no penalty CDs used for my emergency fund earning 1.85% to 2.05% interest. I had one expire last month that was earning 2.3% and renwed into only 1.35% interest. But now that 1.35% looks better than current rates...
MikeG62
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Re: Marcus or Ally

Post by MikeG62 »

02nz wrote: Tue Jun 16, 2020 1:42 pm
MikeG62 wrote: Sun May 17, 2020 10:12 am
birdog wrote: Sun May 17, 2020 10:04 am
2020 ButClassic wrote: Sat May 16, 2020 2:31 am
Global100 wrote: Fri May 15, 2020 11:44 pm Marcus dropped their interest rate for 7 month No Penalty CD from 1.55% to 1.30%, which is now the same as their current basic savings interest rate.
Lol. Only a week after they emailed customers to consider No Penalty CD as a substitute when they lowered the rate on their savings.

I understand the financial environment but don't care for the jumpiness. I have lost some respect for Marcus. Would like to see more maturity in decision making and customer perception.
Agree. They recommend the 1.55% CD then take it away.
One needs to be willing and able to move quickly, especially in a declining rate environment. I actually consider that e-mail as a shot across the bow (a heads up so to speak). After all, they give you I think it is 10 days to fund the CD after opening it. So it's not like you have to drop everything and run to get the funds there right away. Opening the CD locks the rate for that roughly 10-day period.

FWIW, I opened my 10th active NP CD last weekend at Marcus - 7-month at 1.55% before the most recent rate drop.
Not only does Marcus give you 10 days to fund initially (minimum is $500 IIRC), as long as you do that you have 30 days from opening to add more funds. This can only be done by phone. This spring when CD rates were still at 1.8% or so I opened and funded several CDs, which worked out well as rates fell, I was able to add significant amounts to them having locked in the higher rate.
I did not know that - thanks for sharing.

I spoke with a Marcus rep yesterday about the 30 day window and he failed to point out this important factoid. He was emphasizing my needing to fund within 10 days to lock the rate.
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J295
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PSA re Ally and Marcus Banks

Post by J295 »

[Thread merged into here, see below. --admin LadyGeek]

I had posted previously requesting feedback on a few banks re online CDs for my parents. Ended up with accounts at Ally and Marcus. Just providing feedback that the experience with both online and on the phone (when we needed to call for follow up), was excellent. At least on the opening of the CD side of things can give both high marks. Funded by wires and rates were competitive at 1.25% and 1.30% (per 10 day guarantees).

Action item: Anyone else have experiences they wish to share on either bank?
02nz
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Re: PSA re Ally and Marcus Banks

Post by 02nz »

Several existing threads.
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Re: PSA re Ally and Marcus Banks

Post by 123 »

Prior threads about Ally Bank and Marcus Bank can be located by typing "Ally" or "Marcus" (without quotes) respectively in the google search box that normally appears in the top right corner of the computer browser window.
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jason2459
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Re: PSA re Ally and Marcus Banks

Post by jason2459 »

Both are good and competitive. I went with Marcus and very happy with them. It was very easy to connect to my bank for transfers and setting up CDs. I don't jump around chasing the current highest yield which changes weekly now a days.
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Re: Marcus or Ally

Post by LadyGeek »

I merged J295's thread into a similar discussion.
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