[Marcus Savings Account - Interest rate is now 1.7%]

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William Million
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by William Million »

All the high interest accounts with Marcus, Ally, AmEx, CIT, Barclays are around the same place, 1.5%, at the moment. CDs marginally better. Given that, I prefer Barclays as it's more user-friendly.

I got out of Marcus. You can't access their site from abroad, even through a VPN, and they refused to add my spouse to my account (without reason). This was not a credit account but a savings account with 6-figures. So I'm done with Marcus.
marcwd
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by marcwd »

stocknoob4111 wrote: Fri May 08, 2020 4:26 pm
marcwd wrote: Fri May 08, 2020 4:10 pm Not complicated, just not especially remunerative.
I implied that it was complicated to find a way to park money in a way that fights off inflation... virtually all fixed income now has negative tax adjusted real yields.

One can invest in equities I guess given the dividend yields right now on the S&P 500 are 2.2% and the tax treatment is more favorable, not sure what the risk adjusted return is now the S&P 500 vs parking money in a savings account... the S&P 500 on a 5 year interval may be better on a risk adjusted basis given that you are guaranteed to lose money in a savings account on a real basis.
Not wanting to be preachy, but this environment is just the way it is when there’s a lot of “safe” money looking for a home. No one promised us an investment vehicle that guarantees a positive tax-adjusted real yield.
And I think it’s dangerous to start considering equities as an alternative to a savings account.
go_mets
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by go_mets »

email from Marcus 5 pm ET May 8
1.3%

.
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Munir
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Munir »

go_mets wrote: Fri May 08, 2020 5:30 pm email from Marcus 5 pm ET May 8
1.3%

.
And so is Barclay's but Ally is still at 1.5% - for the moment anyway.
MikeG62
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by MikeG62 »

The best way to protect yourself from these rate reductions on your excess cash is to (the extent possible) move funds in online savings accounts to no penalty CD's. Ally currently at 1.50% for 11-months (amounts invested of $25K or more) and Marcus is at 1.55% for 7-months (amounts of $500 or more). Split up across multiple CD's if you can so if you need some funds you are not breaking the entire CD. FWIW, I currently have nine no penalty CD's (five at Ally and four at Marcus) at rates ranging from 1.70% to 2.35%.
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Cheez-It Guy
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Cheez-It Guy »

It's only temporary protection, but every little bit helps, I guess!
frankandbeans
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by frankandbeans »

And Ally sees Marcus’s 1.3 and raises (lowers) it to 1.25. Just got the email. Glad I just put everything in the no-penalty CD at 1.5.
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Cheez-It Guy
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Cheez-It Guy »

Cheez-It Guy wrote: Fri May 08, 2020 7:22 am
anon_investor wrote: Fri May 08, 2020 6:51 am
Lastrun wrote: Fri May 08, 2020 6:48 am Marcus at 1.3%. Race to the bottom.
Wow, first time I have seen Marcus lower than Ally Bank (1.5%).
My timing is terrible. I just created accounts with Marcus based on their persistently higher interest rates. I assumed they had a sort of informal policy to stay above Ally and other usual suspects. However, I realize others will be dropping as well, and I can't worry about a few days or weeks of difference assuming long-term trends hold. I had the thought that maybe they have inside knowledge or are assuming that Ally and others are poised to drop rates by a quarter percent, and this they would do the same and in the end remain 0.05% ahead. Time will tell. . .
Time told. Called it.
tenkuky
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by tenkuky »

frankandbeans wrote: Mon May 11, 2020 6:36 pm And Ally sees Marcus’s 1.3 and raises (lowers) it to 1.25. Just got the email. Glad I just put everything in the no-penalty CD at 1.5.
I'm still seeing 1.5% for savings and I didn't get an email. But I trust you and just now swept it into the NPCD to gain that 25 bps advantage.
And if I need the cash sooner, I can always liquidate (after 6 days).
I have another NPCD (at 2.3%) from last year coming due in a month and these rates to put it in :oops:
stevekozak2
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by stevekozak2 »

tenkuky wrote: Mon May 11, 2020 7:00 pm
frankandbeans wrote: Mon May 11, 2020 6:36 pm And Ally sees Marcus’s 1.3 and raises (lowers) it to 1.25. Just got the email. Glad I just put everything in the no-penalty CD at 1.5.
I'm still seeing 1.5% for savings and I didn't get an email. But I trust you and just now swept it into the NPCD to gain that 25 bps advantage.
And if I need the cash sooner, I can always liquidate (after 6 days).
I have another NPCD (at 2.3%) from last year coming due in a month and these rates to put it in :oops:
I received the email. Ally drops to 1.25 tomorrow. Dang.
MikeG62
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by MikeG62 »

frankandbeans wrote: Mon May 11, 2020 6:36 pm And Ally sees Marcus’s 1.3 and raises (lowers) it to 1.25. Just got the email. Glad I just put everything in the no-penalty CD at 1.5.
Did the same thing this past weekend with excess cash sitting in an OLS account at Marcus (after receiving their e-mail regarding the 20bp drop in the OLS account yield) . Moved into their 7-month NP CD at 1.55%. It’s now my tenth active (but lowest yielding) NP CD (spread between Marcus and Ally). Still better than 1.3% (which is probably still heading lower).
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frankandbeans
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by frankandbeans »

tenkuky wrote: Mon May 11, 2020 7:00 pm
frankandbeans wrote: Mon May 11, 2020 6:36 pm And Ally sees Marcus’s 1.3 and raises (lowers) it to 1.25. Just got the email. Glad I just put everything in the no-penalty CD at 1.5.
I'm still seeing 1.5% for savings and I didn't get an email. But I trust you and just now swept it into the NPCD to gain that 25 bps advantage.
And if I need the cash sooner, I can always liquidate (after 6 days).
I have another NPCD (at 2.3%) from last year coming due in a month and these rates to put it in :oops:
As of this morning, the Ally NPCD is now at 1.30% for all balance tiers. So you probably got in just under the wire.
tenkuky
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by tenkuky »

frankandbeans wrote: Tue May 12, 2020 7:38 am
tenkuky wrote: Mon May 11, 2020 7:00 pm
frankandbeans wrote: Mon May 11, 2020 6:36 pm And Ally sees Marcus’s 1.3 and raises (lowers) it to 1.25. Just got the email. Glad I just put everything in the no-penalty CD at 1.5.
I'm still seeing 1.5% for savings and I didn't get an email. But I trust you and just now swept it into the NPCD to gain that 25 bps advantage.
And if I need the cash sooner, I can always liquidate (after 6 days).
I have another NPCD (at 2.3%) from last year coming due in a month and these rates to put it in :oops:
As of this morning, the Ally NPCD is now at 1.30% for all balance tiers. So you probably got in just under the wire.
Yup, saw that and the drop in savings. Thanks to you, I got in. :beer
abner kravitz
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by abner kravitz »

Thrifty Femme wrote: Fri May 08, 2020 3:09 pm
abner kravitz wrote: Fri May 08, 2020 7:07 am Interesting. When they started a few years ago, they would send me an email when they changed rates. I guess they decided that was a bad idea.
I received the email this morning. Check your spam directory.
Got it, thanks
TJHOFF
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by TJHOFF »

Discover is now 1.25%
hudson
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by hudson »

Amex Bank 1.3% from 1.5% today
am
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by am »

Is the floor based on 2008 about 1% for these high yield savings accounts?
Lastrun
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Lastrun »

am wrote: Thu May 14, 2020 9:33 am Is the floor based on 2008 about 1% for these high yield savings accounts?
Perhaps a little lower. This is from the DepositAccounts website:

“After the 2008 financial crisis, the federal funds target rate was near zero from 2008 to 2015, and online savings account rates generally remained in a range of 0.70% to 1.00% for most of this period. Thus, the OSA Index may eventually stabilize later this year in a range that’s about 75 bps above the federal funds target rate range.”
Global100
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Global100 »

Marcus lowered the APY on their No Penalty CD from 1.30% to 1.20%. Their current online savings interest is still 1.30% for now.
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Munir
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Munir »

If you are an AARP member, let Marcus know and they will raise your online savings rate by 0.1%.
jumbopapa
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by jumbopapa »

Just got the email saying that the rate is now 1.05%. This is the first time I've seen Marcus go lower than Ally (just dropped to 1.10%). The race to the bottom is on.

I keep my emergency fund parked at Marcus, but I think it might make more sense just to move it back to Fidelity seeing how noncompetitive rates are getting.
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jason2459
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by jason2459 »

Grab a CD while they're still around 1.3%

Edit: nevermind, just looked and they've dropped too. Glad I locked one in just Friday at 1.3
Last edited by jason2459 on Tue Jun 16, 2020 12:18 pm, edited 1 time in total.
jumbopapa
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by jumbopapa »

jason2459 wrote: Tue Jun 16, 2020 12:13 pm Grab a CD while they're still around 1.3%
Just checked and it looks like they’ve dropped CD rates too.
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jason2459
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by jason2459 »

jumbopapa wrote: Tue Jun 16, 2020 12:17 pm
jason2459 wrote: Tue Jun 16, 2020 12:13 pm Grab a CD while they're still around 1.3%
Just checked and it looks like they’ve dropped CD rates too.
Yeah I just looked too. Usually they dropped the CD rate after a short period but this time they were in sync
02nz
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by 02nz »

Saw the same just now. Of all my HYSA's the highest is now CIBC's Agility, at 1.35%. But that probably won't last long.
Halicar
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Halicar »

jumbopapa wrote: Tue Jun 16, 2020 11:43 am Just got the email saying that the rate is now 1.05%. This is the first time I've seen Marcus go lower than Ally (just dropped to 1.10%). The race to the bottom is on.

I keep my emergency fund parked at Marcus, but I think it might make more sense just to move it back to Fidelity seeing how noncompetitive rates are getting.
I just got that too. I figure in another 6 months--if not sooner--my best bet will be to pay off my 0.9% car loan.
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SmileyFace
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by SmileyFace »

for the second time this year we have at least one day when Ally's rate is actually higher than Marcus (1.10 versus 1.05). This never used to happen with Marcus - disappointing (or maybe this means another drop at Ally is coming tomorrow or soon - last time Marcus dropped below Ally, Ally dropped the very next day down below Marcus).
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anon_investor
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by anon_investor »

jumbopapa wrote: Tue Jun 16, 2020 11:43 am Just got the email saying that the rate is now 1.05%. This is the first time I've seen Marcus go lower than Ally (just dropped to 1.10%). The race to the bottom is on.

I keep my emergency fund parked at Marcus, but I think it might make more sense just to move it back to Fidelity seeing how noncompetitive rates are getting.
I think that happened last time Marcus dropped, it was lower than Ally for a week before Ally dropped again. Where are you doing to put it at Fidelity? Nothing risk free pays close to 1.05%.

With all the rates dropping like rocks everywhere I am opening up no penalty CDs (at Ally) when I have any significant extra cash I am not investing (like my emergency fund).
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anon_investor
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by anon_investor »

DaftInvestor wrote: Tue Jun 16, 2020 12:35 pm for the second time this year we have at least one day when Ally's rate is actually higher than Marcus (1.10 versus 1.05). This never used to happen with Marcus - disappointing (or maybe this means another drop at Ally is coming tomorrow or soon - last time Marcus dropped below Ally, Ally dropped the very next day down below Marcus).
I doubt Ally will drop so soon after just dropping (last week from 1.2% to 1.1%). Although I could be wrong.
jumbopapa
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by jumbopapa »

anon_investor wrote: Tue Jun 16, 2020 12:38 pm I think that happened last time Marcus dropped, it was lower than Ally for a week before Ally dropped again. Where are you doing to put it at Fidelity? Nothing risk free pays close to 1.05%.

With all the rates dropping like rocks everywhere I am opening up no penalty CDs (at Ally) when I have any significant extra cash I am not investing (like my emergency fund).
I would just put it in a standard MMF. I don’t know if it’s worth my time to keep rate chasing like this and because I use Fidelity as my mostly “one stop shop” it would just simplify things.
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anon_investor
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by anon_investor »

jumbopapa wrote: Tue Jun 16, 2020 12:52 pm
anon_investor wrote: Tue Jun 16, 2020 12:38 pm I think that happened last time Marcus dropped, it was lower than Ally for a week before Ally dropped again. Where are you doing to put it at Fidelity? Nothing risk free pays close to 1.05%.

With all the rates dropping like rocks everywhere I am opening up no penalty CDs (at Ally) when I have any significant extra cash I am not investing (like my emergency fund).
I would just put it in a standard MMF. I don’t know if it’s worth my time to keep rate chasing like this and because I use Fidelity as my mostly “one stop shop” it would just simplify things.
So you want 0.2% or less vs. 1.05%? I would just pick a reputable high yield savings account and stick with it. I agree no need to chase yield, but seems silly to leave a free lunch on the table too.
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Cranberry44
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Cranberry44 »

Okay, so now...

Savings Account: 1.05%

No Penalty CDs:
7-month: 1.00%
11-month: 0.9%
13-month: 0.8%

Question: What are the rules of thumb for deciding when/if to leaving a higher Savings Account rate to open a lower NPCD rate?
stocknoob4111
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by stocknoob4111 »

This is on a path towards zero bound.... :( With inflation at 2.5% (probably much more than that now - I am seeing some restaurants increasing their prices by as much as 30%, I am seeing groceries increasing 10+% as well) the real rate is negative 1.5% now...

Trying to figure out what to do with a chunk of money I have sitting in my savings, with the markets at all time highs equities look terribly risky, bonds are also at all time highs so that does not sound very appealing.... tough decisions.
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jason2459
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by jason2459 »

Look on the bright side it's more tax efficient now. :)
schooner
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by schooner »

Unless you have tons of cash, probably safer to keep an emergency fund in a brick-and-mortar checking account imo.

Just one overdraft fee or $35 would wipe out the interest I'd earn on $3,300 in one year at that rate. Plus all of the hastle. No thank you.

Happy with my Marcus CDs but definately not depositing more any time soon.
hudson
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by hudson »

stocknoob4111 wrote: Tue Jun 16, 2020 3:22 pm This is on a path towards zero bound.... :( With inflation at 2.5% (probably much more than that now
I'm seeing lower inflation on this website: https://www.usinflationcalculator.com/i ... ion-rates/
stocknoob4111
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by stocknoob4111 »

hudson wrote: Tue Jun 16, 2020 3:52 pm I'm seeing lower inflation on this website: https://www.usinflationcalculator.com/i ... ion-rates/
I think that is the CPI which isn't reflective of the actual inflation rate as it affects the average Joe. The CPI has been heavily manipulated over the decades to get an artificially low reading.

Per shadowstats using the methodology the government was using in 1980 for calculating inflation it's around 7.5% which seems a bit high, 1990 methodology seems more spot on at between 4-6% which is what I see anecdotally as well.

http://www.shadowstats.com/alternate_da ... ion-charts
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anon_investor
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by anon_investor »

schooner wrote: Tue Jun 16, 2020 3:38 pm Unless you have tons of cash, probably safer to keep an emergency fund in a brick-and-mortar checking account imo.

Just one overdraft fee or $35 would wipe out the interest I'd earn on $3,300 in one year at that rate. Plus all of the hastle. No thank you.

Happy with my Marcus CDs but definately not depositing more any time soon.
Actually using Ally Bank checking, you can have overdraft funded by a the savings account. Ally will withdraw in $100 increments the amount needed to cover the overdraft (no fees). I have tested this out before, works pretty well. I keep only $1 in the checking account and I have multiple savings accounts, using 1 as a dedicated overdraft account (I do not keep all my funds there just in case there is some fraud I will not lose everything).
schooner
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by schooner »

anon_investor wrote: Tue Jun 16, 2020 4:04 pm
schooner wrote: Tue Jun 16, 2020 3:38 pm Unless you have tons of cash, probably safer to keep an emergency fund in a brick-and-mortar checking account imo.

Just one overdraft fee or $35 would wipe out the interest I'd earn on $3,300 in one year at that rate. Plus all of the hastle. No thank you.

Happy with my Marcus CDs but definately not depositing more any time soon.
Actually using Ally Bank checking, you can have overdraft funded by a the savings account. Ally will withdraw in $100 increments the amount needed to cover the overdraft (no fees). I have tested this out before, works pretty well. I keep only $1 in the checking account and I have multiple savings accounts, using 1 as a dedicated overdraft account (I do not keep all my funds there just in case there is some fraud I will not lose everything).
Thanks, great idea! I've been with Marcus for a while for the higher rates but will check it out. Looks like Ally is actually 5 basis points higher to boot
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Munir
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Munir »

The interest rate on Marcus Online savings is 1.15% if you are an AARP member- which I think is about $12-$16/year. You have to be 50 or above in age.
02nz
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by 02nz »

Munir wrote: Thu Jun 18, 2020 11:39 am The interest rate on Marcus Online savings is 1.15% if you are an AARP member- which I think is about $12-$16/year. You have to be 50 or above in age.
It seems to be limited to 24 months: https://www.aarp.org/benefits-discounts ... man-sachs/

Also, AARP's website says members "50 or over" enjoy benefits, but AFAIK anyone can join AARP. (I am <50 and joined a few years ago to get the AARP rate at a hotel.)
jst
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by jst »

Marcus just dropped their savings rate a full quarter point - from 1.05% to .80%.

I guess I'll be getting .90% with my AARP membership, but at that rate, I should probably jump to an Ally no-penalty CD and lock it in.
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anon_investor
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by anon_investor »

jst wrote: Tue Aug 04, 2020 12:49 pm Marcus just dropped their savings rate a full quarter point - from 1.05% to .80%.

I guess I'll be getting .90% with my AARP membership, but at that rate, I should probably jump to an Ally no-penalty CD and lock it in.
Yes. Marcus also has a 0.9% NP CD, but it is only for 7 months vs. 11 months for Ally.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by jst »

anon_investor wrote: Tue Aug 04, 2020 12:53 pm
jst wrote: Tue Aug 04, 2020 12:49 pm Marcus just dropped their savings rate a full quarter point - from 1.05% to .80%.

I guess I'll be getting .90% with my AARP membership, but at that rate, I should probably jump to an Ally no-penalty CD and lock it in.
Yes. Marcus also has a 0.9% NP CD, but it is only for 7 months vs. 11 months for Ally.
OK - good to know. Easier, and it'll keep some money away from Ally for FDIC reasons.
MikeG62
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by MikeG62 »

Marcus OLS account rate now at 0.60% (or 0.70% for AARP members). :(
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czr
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by czr »

That's a sad number. Anyone have any guesses on how low they and other online savings banks will end up?
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anon_investor
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by anon_investor »

czr wrote: Wed Sep 09, 2020 1:51 pm That's a sad number. Anyone have any guesses on how low they and other online savings banks will end up?
Yikes, race to the bottom...
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batpot
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by batpot »

anon_investor wrote: Tue Aug 04, 2020 12:53 pm
jst wrote: Tue Aug 04, 2020 12:49 pm Marcus just dropped their savings rate a full quarter point - from 1.05% to .80%.

I guess I'll be getting .90% with my AARP membership, but at that rate, I should probably jump to an Ally no-penalty CD and lock it in.
Yes. Marcus also has a 0.9% NP CD, but it is only for 7 months vs. 11 months for Ally.
I-bonds are 1.06% through October...
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Sufferlandrian
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Sufferlandrian »

Just got an email from Marcus - Interest rate is now 0.6%

:?
Learning to fish.
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epicahab
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by epicahab »

I wonder when the Fed is going to change this trend.
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