[Marcus Savings Account - Interest rate is now 0.5%]

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BogleMelon
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Marcus interest is now 2%

Post by BogleMelon »

Marcus interest rate now is 2% instead of 2.15%, down 15 bps. Still higher than Ally. Not sure how it compares to Fidelity MM funds especially after state taxes (I am in 5.53% NJ state tax bracket).

https://www.marcus.com/us/en/savings/high-yield-savings
Last edited by BogleMelon on Wed Aug 28, 2019 8:30 am, edited 1 time in total.
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02nz
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Re: Marcus interest is now 2%

Post by 02nz »

BogleMelon wrote: Wed Aug 28, 2019 8:17 am Marcus interest rate now is 2% instead of 15%
Well that’s quite a drop! :P
BogleMelon
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Re: Marcus interest is now 2%

Post by BogleMelon »

02nz wrote: Wed Aug 28, 2019 8:25 am
BogleMelon wrote: Wed Aug 28, 2019 8:17 am Marcus interest rate now is 2% instead of 15%
Well that’s quite a drop! :P
OPS! Fixed :D
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student
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Re: Marcus interest is now 2%

Post by student »

Barclays is still 2.10% but I expect them to drop soon.
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Harry Livermore
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Re: Marcus interest is now 2%

Post by Harry Livermore »

I got that email yesterday. Wife and I threw a pile of money in there last month to take advantage of a new customer sign-up bonus. We'll continue to keep the pile in for the 90 days to capture the 1% bonus.
It is what it is. We have a sizeable savings account at BOA (emergency fund) that gets, like, .015% or something ridiculous. And we are super-duper-platinum-rewards-blah-blah customers, or whatever it's called.
Most of our "cash" in in VG prime MM.
But I like Goldman's bank, and it's FDIC. All good. We'll keep some of the money there after the 90 days.
Cheers
HomeStretch
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Re: Marcus interest is now 2%

Post by HomeStretch »

Not unexpected but the recent bonus offer (if enrolled; no longer available) sweetens the Marcus rate.

Vanguard’s money market funds (MMF) VUSXX (Treasury) and VMFXX (Federal) still have a higher tax equivalent yield (due to state tax) for me than the Marcus CD or Fidelity’s FDLXX Treasury only MMF.
ohai
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Re: Marcus interest is now 2%

Post by ohai »

With effective Fed Funds rate at 2.11%, it does not seem like it would make sense for them to pay you 2.15% on deposits. They will probably just track these short term benchmark rates closely, meaning more declines in the near future.
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Re: Marcus interest is now 2%

Post by Misenplace »

BogleMelon wrote: Wed Aug 28, 2019 8:17 am Marcus interest rate now is 2% instead of 2.15%, down 15 bps. Still higher than Ally. Not sure how it compares to Fidelity MM funds especially after state taxes (I am in 5.53% NJ state tax bracket).

https://www.marcus.com/us/en/savings/high-yield-savings
This topic has been merged into an existing thread on Marcus savings accounts "Marcus Bank 1% Bonus for New Funds up to $50k". Moderator Misenplace
Bronco Billy
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by Bronco Billy »

My Discover savings has also dropped to 2.0%. I have a couple of Discover CD coming up on 9/1 that were paying 2.4%. Don't know yet what that rate will go to. I will not worry about the Marcus saving account until i get the $500 Marcus bonus.
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by MikeG62 »

Bronco Billy wrote: Wed Aug 28, 2019 12:14 pm My Discover savings has also dropped to 2.0%. I have a couple of Discover CD coming up on 9/1 that were paying 2.4%. Don't know yet what that rate will go to. I will not worry about the Marcus saving account until i get the $500 Marcus bonus.
You may want to look at Ally for replacement CD's. Although both Ally and Discover interest rate is the same on 12-month CD's (2.40%), Ally EW penalty is only 60 days interest whereas Discover is 180 days. Also, Ally has 18-month at 2.50% (same 60-day EW penalty). You could open now and lock in today's rate as long as you fund within I believe 10-days from opening date or wait till next week as Ally dropped the rate on their CD's a week or two ago (doubtful they will move again until the next Fed action in mid-Sept).
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Bronco Billy
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by Bronco Billy »

Thank You Mike, I will check it out.
MikeG62 wrote: Wed Aug 28, 2019 2:51 pm
Bronco Billy wrote: Wed Aug 28, 2019 12:14 pm My Discover savings has also dropped to 2.0%. I have a couple of Discover CD coming up on 9/1 that were paying 2.4%. Don't know yet what that rate will go to. I will not worry about the Marcus saving account until i get the $500 Marcus bonus.
You may want to look at Ally for replacement CD's. Although both Ally and Discover interest rate is the same on 12-month CD's (2.40%), Ally EW penalty is only 60 days interest whereas Discover is 180 days. Also, Ally has 18-month at 2.50% (same 60-day EW penalty). You could open now and lock in today's rate as long as you fund within I believe 10-days from opening date or wait till next week as Ally dropped the rate on their CD's a week or two ago (doubtful they will move again until the next Fed action in mid-Sept).
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SmileyFace
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by SmileyFace »

For those that took advantage of this offer - as FYI - my bonus was deposited yesterday.
tj
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by tj »

DaftInvestor wrote: Thu Nov 07, 2019 9:59 am For those that took advantage of this offer - as FYI - my bonus was deposited yesterday.
Mine was on Monday I think. It depends when you signed up. Simple posted a couple days later, too.
j9j
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by j9j »

Guess I jumped in early. My Bonus posted on 10/31 but another friend's hasn't posted yet. From the offer terms, the last date for all bonus payouts is 11/29.
rantk81
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by rantk81 »

Marcus just dropped the interest rate on the savings account for me, from 1.9% to 1.7% (matching Ally.)
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fortfun
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by fortfun »

rantk81 wrote: Tue Nov 19, 2019 7:17 am Marcus just dropped the interest rate on the savings account for me, from 1.9% to 1.7% (matching Ally.)
If I received the bonus, can I move it back to Ally without losing the bonus now?
HomeStretch
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by HomeStretch »

fortfun wrote: Tue Nov 19, 2019 12:11 pm If I received the bonus, can I move it back to Ally without losing the bonus now?
I moved my entire account balance out of Marcus after receiving the bonus earlier this month. There was no account closure fee or bonus clawback (nor did I see any mentioned in the promo fine print).
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by LadyGeek »

The bonus has expired and I retitled the thread. Let's use this thread to discuss Marcus.
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fortfun
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Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by fortfun »

HomeStretch wrote: Tue Nov 19, 2019 12:27 pm
fortfun wrote: Tue Nov 19, 2019 12:11 pm If I received the bonus, can I move it back to Ally without losing the bonus now?
I moved my entire account balance out of Marcus after receiving the bonus earlier this month. There was no account closure fee or bonus clawback (nor did I see any mentioned in the promo fine print).
Thanks Homestretch.
tj
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by tj »

I got an email that they are offering me $100 to increase my balance by $10,000 and hold for 60 days.
HomeStretch
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by HomeStretch »

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

Post by IcedDog »

tj wrote: Wed Jan 22, 2020 6:40 pm I got an email that they are offering me $100 to increase my balance by $10,000 and hold for 60 days.
Yep, same, it's good for new and existing customers (yay!))...enrolled and just transferred the $10K to Marcus.

Offer details:
https://www.marcus.com/us/en/disclosure ... er-details
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by ReformedSpender »

tj wrote: Wed Jan 22, 2020 6:40 pm I got an email that they are offering me $100 to increase my balance by $10,000 and hold for 60 days.
100 bucks is a 100 bucks but this is a whopping 1% bonus. Doesn't get me too excited.
Market history shows that when there's economic blue sky, future returns are low, and when the economy is on the skids, future returns are high. The best fishing is done in the most stormy waters.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by tj »

ReformedSpender wrote: Thu Jan 23, 2020 7:58 am
tj wrote: Wed Jan 22, 2020 6:40 pm I got an email that they are offering me $100 to increase my balance by $10,000 and hold for 60 days.
100 bucks is a 100 bucks but this is a whopping 1% bonus. Doesn't get me too excited.
It would be 1% if you had to hold for a year. You don't.
the way
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by the way »

tj wrote: Thu Jan 23, 2020 6:35 pm
ReformedSpender wrote: Thu Jan 23, 2020 7:58 am
tj wrote: Wed Jan 22, 2020 6:40 pm I got an email that they are offering me $100 to increase my balance by $10,000 and hold for 60 days.
100 bucks is a 100 bucks but this is a whopping 1% bonus. Doesn't get me too excited.
It would be 1% if you had to hold for a year. You don't.
It does lock the entire balance for 60 days though. E.g. if you had 20k there already and added 10k, you'd have to keep the entire 30k balance. But I wonder if that applies to other sub-accounts too. Say you also had 50k in a no-penalty CD and wanted to move it. Is that counted in the "maintain those funds plus your current balance for 60 days" fine print, or does "current balance" only refer to the Savings Account balance?
Bronco Billy
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Bronco Billy »

ReformedSpender wrote: Thu Jan 23, 2020 7:58 am
tj wrote: Wed Jan 22, 2020 6:40 pm I got an email that they are offering me $100 to increase my balance by $10,000 and hold for 60 days.
100 bucks is a 100 bucks but this is a whopping 1% bonus. Doesn't get me too excited.
Do you have a better place for us to get a BONUS?
HomeStretch
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by HomeStretch »

Spouse and I enrolled. It took about 10 minutes to enroll and make the transfers. Nice bonus/rate for 60 days.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by ReformedSpender »

Bronco Billy wrote: Sat Jan 25, 2020 3:35 pm
ReformedSpender wrote: Thu Jan 23, 2020 7:58 am
tj wrote: Wed Jan 22, 2020 6:40 pm I got an email that they are offering me $100 to increase my balance by $10,000 and hold for 60 days.
100 bucks is a 100 bucks but this is a whopping 1% bonus. Doesn't get me too excited.
Do you have a better place for us to get a BONUS?
I don't typically pursue these type of things, however, better incentives do make rounds. An attractive offer of $900 on $15k just expired from Chase:
https://www.doctorofcredit.com/check-if ... ngs-bonus/

IMO, this offer from Marcus seems bit 'lazy'
Market history shows that when there's economic blue sky, future returns are low, and when the economy is on the skids, future returns are high. The best fishing is done in the most stormy waters.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Jags4186 »

ReformedSpender wrote: Mon Jan 27, 2020 7:59 am
Bronco Billy wrote: Sat Jan 25, 2020 3:35 pm
ReformedSpender wrote: Thu Jan 23, 2020 7:58 am
tj wrote: Wed Jan 22, 2020 6:40 pm I got an email that they are offering me $100 to increase my balance by $10,000 and hold for 60 days.
100 bucks is a 100 bucks but this is a whopping 1% bonus. Doesn't get me too excited.
Do you have a better place for us to get a BONUS?
I don't typically pursue these type of things, however, better incentives do make rounds. An attractive offer of $900 on $15k just expired from Chase:
https://www.doctorofcredit.com/check-if ... ngs-bonus/

IMO, this offer from Marcus seems bit 'lazy'
Marcus is the only bank I know of that offers bonuses to current customers and the worst cross selling you’ll see is some e-mails about personal loans.

Considering this is $200 for $20,000 for a couple, and you’ll be earning 1.7% on top of it, and you won’t need to open new accounts, this is as low hanging fruit as it gets.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Bronco Billy »

Jags4186 wrote: Mon Jan 27, 2020 8:11 am
Marcus is the only bank I know of that offers bonuses to current customers and the worst cross selling you’ll see is some e-mails about personal loans.

Considering this is $200 for $20,000 for a couple, and you’ll be earning 1.7% on top of it, and you won’t need to open new accounts, this is as low hanging fruit as it gets.
Yes I agree with you. Marcus has been very good place for these Deals. I think it like getting another 5 or 6 months of interest. I want NO more of the Checking and savings DEALS...TOO much small print for me.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by H-Town »

Jags4186 wrote: Mon Jan 27, 2020 8:11 am
ReformedSpender wrote: Mon Jan 27, 2020 7:59 am
Bronco Billy wrote: Sat Jan 25, 2020 3:35 pm
ReformedSpender wrote: Thu Jan 23, 2020 7:58 am
tj wrote: Wed Jan 22, 2020 6:40 pm I got an email that they are offering me $100 to increase my balance by $10,000 and hold for 60 days.
100 bucks is a 100 bucks but this is a whopping 1% bonus. Doesn't get me too excited.
Do you have a better place for us to get a BONUS?
I don't typically pursue these type of things, however, better incentives do make rounds. An attractive offer of $900 on $15k just expired from Chase:
https://www.doctorofcredit.com/check-if ... ngs-bonus/

IMO, this offer from Marcus seems bit 'lazy'
Marcus is the only bank I know of that offers bonuses to current customers and the worst cross selling you’ll see is some e-mails about personal loans.

Considering this is $200 for $20,000 for a couple, and you’ll be earning 1.7% on top of it, and you won’t need to open new accounts, this is as low hanging fruit as it gets.
Agree. I'm pretty happy with Marcus and their "easy" bonus for existing customers.

I also do other bank bonus, recently the $750 HSBC with direct deposit.
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rantk81
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by rantk81 »

Marcus has dropped the rate to 1.55%
fwellimort
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by fwellimort »

Marcus no penalty CD is still 1.70%.

I would put the money there while you can.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by SmileyFace »

rantk81 wrote: Wed Apr 15, 2020 8:49 am Marcus has dropped the rate to 1.55%
Bummer but still 0.05% ahead of Ally and Synchrony so I may stand where I am for now (might slide a little into their 1.85% 12 month CD before it drops).
Lastrun
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Lastrun »

Marcus at 1.3%. Race to the bottom.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by anon_investor »

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

Post by abner kravitz »

Lastrun wrote: Fri May 08, 2020 6:48 am Marcus at 1.3%. Race to the bottom.
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.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Cheez-It Guy »

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

Post by HomeStretch »

The Marcus 7-month no-penalty CD still shows a rate of 1.55%. It’s a good alternative to the Marcus Savings account now that the rate dropped.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Cheez-It Guy »

And I plan to use it once the Vanguard account linkage process completes.
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by BUBear29 »

Citi Accelerate is 1.55% (if you live in an area it is offered)
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by student »

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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 »

student wrote: Fri May 08, 2020 10:34 am You may be interested in this.

https://www.aarp.org/benefits-discounts ... man-sachs/
Wow! Thanks! I was able to apply that for my parents. Had no idea. They are AARP members, but don't do a good job keeping up with discounts. Painless!
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by mtmingus »

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Thrifty Femme
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Thrifty Femme »

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

Post by Munir »

Cheez-It Guy wrote: Fri May 08, 2020 11:21 am
student wrote: Fri May 08, 2020 10:34 am You may be interested in this.

https://www.aarp.org/benefits-discounts ... man-sachs/
Wow! Thanks! I was able to apply that for my parents. Had no idea. They are AARP members, but don't do a good job keeping up with discounts. Painless!
Thank you all for the info and the link. I just added the new rate to my Marcus account. I've been an AARP member for many years and did not know about this adding 0.1% to my savings rate for 24 months..
stocknoob4111
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by stocknoob4111 »

I just got notice that the rate has been changed down to 1.3% now... :oops:

Parking money is becoming increasingly complicated now...
marc in merrimack
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by marc in merrimack »

stocknoob4111 wrote: Fri May 08, 2020 4:04 pm I just got notice that the rate has been changed down to 1.3% now... :oops:

Parking money is becoming increasingly complicated now...
Not complicated, just not especially remunerative.
stocknoob4111
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by stocknoob4111 »

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.
Global100
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Re: [Marcus Savings Account - Interest rate is now 1.7%]

Post by Global100 »

Marcus only requires a minimum $500 for their no-penalty CDs (currently at 1.55% for a seven month term). The funds are only locked for the first seven days but then are accessible. But if you want to withdraw even $1 from the CD, then you have to close the entire CD to access the funds (and possibly lose the 1.55% rate). So, one could open a bunch of no-penalty CDs with a $500 initial amount, and then close one CD at a time if/as the funds are needed.

IMPORTANT Note: each CD opened using Marcus savings account funds counts as ONE of the six withdrawals per cycle. (To avoid this issue: First, transfer funds into a personal checking account and make sure funds are available, then set-up the funding of the multiple CDs from the checking account). Otherwise Marcus might block a seventh withdrawal attempt and then can't access any of the remainder savings account money until the next statement cycle, which could be a nightmare.

Ally would let you take as many withdrawals but charge $10 for every withdrawal after the sixth in a cycle. I believe they have temporarily dropped that fee back in March.
Last edited by Global100 on Fri May 08, 2020 5:16 pm, edited 1 time in total.
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