Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

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BogleMelon
Posts: 2070
Joined: Mon Feb 01, 2016 11:49 am

Marcus interest is now 2%

Post by BogleMelon » 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
Last edited by BogleMelon on Wed Aug 28, 2019 8:30 am, edited 1 time in total.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

02nz
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Joined: Wed Feb 21, 2018 3:17 pm

Re: Marcus interest is now 2%

Post by 02nz » 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

BogleMelon
Posts: 2070
Joined: Mon Feb 01, 2016 11:49 am

Re: Marcus interest is now 2%

Post by BogleMelon » Wed Aug 28, 2019 8:30 am

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
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

student
Posts: 4030
Joined: Fri Apr 03, 2015 6:58 am

Re: Marcus interest is now 2%

Post by student » Wed Aug 28, 2019 8:32 am

Barclays is still 2.10% but I expect them to drop soon.

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Harry Livermore
Posts: 95
Joined: Thu Apr 04, 2019 5:32 am

Re: Marcus interest is now 2%

Post by Harry Livermore » Wed Aug 28, 2019 8:32 am

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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Joined: Thu Dec 27, 2018 3:06 pm

Re: Marcus interest is now 2%

Post by HomeStretch » Wed Aug 28, 2019 8:34 am

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
Posts: 1047
Joined: Wed Dec 27, 2017 2:10 pm

Re: Marcus interest is now 2%

Post by ohai » Wed Aug 28, 2019 10:57 am

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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Misenplace
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Re: Marcus interest is now 2%

Post by Misenplace » Wed Aug 28, 2019 11:14 am

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
Posts: 173
Joined: Tue Jan 23, 2018 11:27 pm

Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by Bronco Billy » 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.

MikeG62
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Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by MikeG62 » 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).
Real Knowledge Comes Only From Experience

Bronco Billy
Posts: 173
Joined: Tue Jan 23, 2018 11:27 pm

Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by Bronco Billy » Wed Aug 28, 2019 3:02 pm

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).

DaftInvestor
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Joined: Wed Feb 19, 2014 10:11 am

Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by DaftInvestor » Thu Nov 07, 2019 10:59 am

For those that took advantage of this offer - as FYI - my bonus was deposited yesterday.

tj
Posts: 2605
Joined: Thu Dec 24, 2009 12:10 am

Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by tj » Thu Nov 07, 2019 10:21 pm

DaftInvestor wrote:
Thu Nov 07, 2019 10:59 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
Posts: 31
Joined: Sat Oct 24, 2015 1:46 pm

Re: Marcus Bank 1% Bonus for New Funds up to $50k ($500 bonus)

Post by j9j » Fri Nov 08, 2019 11:39 am

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.

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