Marcus High-Yield Savings Account rate now 0.6%

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atdharris
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by atdharris »

Looks like Marcus bumped their rate to 0.85%. I didn't get an email with that announcement.
MikeG62
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by MikeG62 »

atdharris wrote: Wed Jun 01, 2022 8:46 am Looks like Marcus bumped their rate to 0.85%. I didn't get an email with that announcement.
I suspect this is in response to Ally raising their rate to 0.75% last week. It's good to see.

With the AARP bump that's now 0.95% and with a 50bp referral bonus, I am currently at 1.45%!
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atdharris
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by atdharris »

MikeG62 wrote: Wed Jun 01, 2022 8:56 am
atdharris wrote: Wed Jun 01, 2022 8:46 am Looks like Marcus bumped their rate to 0.85%. I didn't get an email with that announcement.
I suspect this is in response to Ally raising their rate to 0.75% last week. It's good to see.

With the AARP bump that's now 0.95% and with a 50bp referral bonus, I am currently at 1.45%!
I'm sure, because they just had bumped it to 0.7% after the last Fed hike. That's why I like Marcus. They seem to move to have the highest rates among the bigger HYSA banks like Amex, Ally, Discover, etc.
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Cheez-It Guy
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by Cheez-It Guy »

Marcus moved HYSA to 1.00% as of this morning.

No email notification of any recent moves up, but that's OK as long as they keep moving up. They're not the highest of anyone, but I'm not jumping to a no-name with a currently attractive rate just trying to vacuum up capital and likely lagging in the future. For now, my big question is how well will Marcus HYSA keep pace with Vanguard Federal Money Market Fund (VMFXX). Even with today's increase, it continues to lag. Might have to jump back to money market sooner than later.
centrifuge41
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by centrifuge41 »

Yep, even at 1% (above Discover's 0.9% now), Marcus is behind Vanguard Federal MM, which yields 1.27% now. Federal MM yielded 0.76% just a week ago, so it has jumped up fast.
atdharris
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by atdharris »

Cheez-It Guy wrote: Wed Jun 22, 2022 8:33 am Marcus moved HYSA to 1.00% as of this morning.

No email notification of any recent moves up, but that's OK as long as they keep moving up. They're not the highest of anyone, but I'm not jumping to a no-name with a currently attractive rate just trying to vacuum up capital and likely lagging in the future. For now, my big question is how well will Marcus HYSA keep pace with Vanguard Federal Money Market Fund (VMFXX). Even with today's increase, it continues to lag. Might have to jump back to money market sooner than later.
I actually expected more of a bump given we had a 75bp hike, but it still higher than Ally and Amex (as of today).
ChiKid24
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by ChiKid24 »

atdharris wrote: Wed Jun 22, 2022 9:02 am
Cheez-It Guy wrote: Wed Jun 22, 2022 8:33 am Marcus moved HYSA to 1.00% as of this morning.

No email notification of any recent moves up, but that's OK as long as they keep moving up. They're not the highest of anyone, but I'm not jumping to a no-name with a currently attractive rate just trying to vacuum up capital and likely lagging in the future. For now, my big question is how well will Marcus HYSA keep pace with Vanguard Federal Money Market Fund (VMFXX). Even with today's increase, it continues to lag. Might have to jump back to money market sooner than later.
I actually expected more of a bump given we had a 75bp hike, but it still higher than Ally and Amex (as of today).
Agree also expected more. Wealthfront bumped theirs to 1.40% last week. But I'm getting a 0.5% referral bonus with Marcus so 1.50% after that is more attractive.
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Marseille07
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by Marseille07 »

Geez people, we'll see 1.3% by the end of August :moneybag
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ChiKid24
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by ChiKid24 »

Marcus website showing 1.2% now. Guessing an email alert will follow shortly.
exodusNH
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by exodusNH »

Marseille07 wrote: Wed Jun 22, 2022 2:00 pm Geez people, we'll see 1.3% by the end of August :moneybag
Vio just bumped their money market (FDIC-insured) to 1.3%.
Mainlandjones
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by Mainlandjones »

Citizens Access HYSA has been at 1.25% since June 17.

I don’t see them mentioned often on these threads, so fyi I have found their website very simple and easy to use, and their rates have been competitive.
wbarabas
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by wbarabas »

Comenity bank is at 1.64%
MikeG62
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by MikeG62 »

ChiKid24 wrote: Fri Jul 01, 2022 12:23 am Marcus website showing 1.2% now. Guessing an email alert will follow shortly.
Indeed it is. Thanks for the heads up.

I am at 1.80% now - 1.20% + 10bps for AARP + 50bp referral bonus (good for another month).
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patrick
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by patrick »

BrioDirect is now at 1.8%.

Enzo pays 1.49% scheduled to increase to 2.15% on Aug 1, and they also give 1% cashback on Paypal purchases allowing you to double dip rewards if you pay off a rewards credit card with Paypal Bill Pay.
tim1999
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by tim1999 »

The 1.2% is great on my savings there, but now I feel like an idiot for locking up money in their 1.10% 10-month CD a few months ago, despite that being a great rate at the time. :oops:
UpperNwGuy
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by UpperNwGuy »

tim1999 wrote: Fri Jul 01, 2022 10:56 am The 1.2% is great on my savings there, but now I feel like an idiot for locking up money in their 1.10% 10-month CD a few months ago, despite that being a great rate at the time. :oops:
I refuse to buy CDs or individual treasuries while rates are rising. I don't want to lock up money at rates that seem good now but later will seem low. I'm sticking to high yield savings and bond funds so I can keep up with the rising rates.
isira
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by isira »

ChiKid24 wrote: Fri Jul 01, 2022 12:23 am Marcus website showing 1.2% now. Guessing an email alert will follow shortly.
Have they been sending emails? I haven't gotten a single email from them during this rise.
Tom_T
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by Tom_T »

UpperNwGuy wrote: Fri Jul 01, 2022 11:00 am
tim1999 wrote: Fri Jul 01, 2022 10:56 am The 1.2% is great on my savings there, but now I feel like an idiot for locking up money in their 1.10% 10-month CD a few months ago, despite that being a great rate at the time. :oops:
I refuse to buy CDs or individual treasuries while rates are rising. I don't want to lock up money at rates that seem good now but later will seem low. I'm sticking to high yield savings and bond funds so I can keep up with the rising rates.
Rates have been falling for two days. ;)
ChiKid24
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by ChiKid24 »

isira wrote: Fri Jul 01, 2022 11:25 am
ChiKid24 wrote: Fri Jul 01, 2022 12:23 am Marcus website showing 1.2% now. Guessing an email alert will follow shortly.
Have they been sending emails? I haven't gotten a single email from them during this rise.
Yes. Got the email this morning confirming the increase in rate. Believe I've gotten one for each rate increase.
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AerialWombat
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Re: Marcus High-Yield Savings Account rate now 0.6%

Post by AerialWombat »

UpperNwGuy wrote: Fri Jul 01, 2022 11:00 am
tim1999 wrote: Fri Jul 01, 2022 10:56 am The 1.2% is great on my savings there, but now I feel like an idiot for locking up money in their 1.10% 10-month CD a few months ago, despite that being a great rate at the time. :oops:
I refuse to buy CDs or individual treasuries while rates are rising. I don't want to lock up money at rates that seem good now but later will seem low. I'm sticking to high yield savings and bond funds so I can keep up with the rising rates.
Why not use 13-week T-bills? Those are very attractive compared to HYSA, and it’s only locked up for 3 months.
This post is a work of fiction. Any similarity to real financial advice is purely coincidental.
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