Marcus could also change their policy, right?Marseille07 wrote: ↑Fri Oct 21, 2022 1:15 pm b) they might change their policy and stop refunding in the future.
Marcus High-Yield Savings Account rate increases
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Re: Marcus High-Yield Savings Account rate increases
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Re: Marcus High-Yield Savings Account rate increases
Could, but imo Ally changing the policy is more likely than Marcus; although can I simply bypass it by opening another HYSA at Ally?TravelGeek wrote: ↑Fri Oct 21, 2022 1:22 pmMarcus could also change their policy, right?Marseille07 wrote: ↑Fri Oct 21, 2022 1:15 pm b) they might change their policy and stop refunding in the future.
Re: Marcus High-Yield Savings Account rate increases
Clumsy - I agree.TravelGeek wrote: ↑Fri Oct 21, 2022 1:22 pmMarcus could also change their policy, right?Marseille07 wrote: ↑Fri Oct 21, 2022 1:15 pm b) they might change their policy and stop refunding in the future.
The policy is defined by fed rules, the only reason they are waiving it is because Regulation D has been rolled back temporarily. If the government decides to un-suspend that, all banks will have to add back the 6 transaction limit.
Last edited by fetch5482 on Fri Oct 21, 2022 2:17 pm, edited 2 times in total.
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Re: Marcus High-Yield Savings Account rate increases
Or a checking account that you “refill” up to six times per month from one Savings account, the way this is presumably intended to work?Marseille07 wrote: ↑Fri Oct 21, 2022 1:28 pm
Could, but imo Ally changing the policy is more likely than Marcus; although can I simply bypass it by opening another HYSA at Ally?
Seems to work fine for me; I don’t even track the number of Savings transactions and apparently never exceeded the limit.
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Re: Marcus High-Yield Savings Account rate increases
I used to overdraft but not these days; I simply use HYSA directly.TravelGeek wrote: ↑Fri Oct 21, 2022 1:31 pm Or a checking account that you “refill” up to six times per month from one Savings account, the way this is presumably intended to work?
Seems to work fine for me; I don’t even track the number of Savings transactions and apparently never exceeded the limit.
Regulation D might never come back though:
https://www.nasdaq.com/articles/what-is ... gs-accountAs of October 2022, Regulation D is suspended indefinitely. The Federal Reserve has stated it “does not have plans to re-impose transfer limits.”
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Re: Marcus High-Yield Savings Account rate increases
Can anyone confirm that dodging the 6/mo charge & refund is a matter of opening another Ally HYSA?
I think I can live with that and make Ally as my hub instead of Marcus.
I think I can live with that and make Ally as my hub instead of Marcus.
Re: Marcus High-Yield Savings Account rate increases
I can confirm. I have 2 savings account with them and was able to withdraw more than 6 times across both accounts before they started refunding the fee.Marseille07 wrote: ↑Fri Oct 21, 2022 1:59 pm Can anyone confirm that dodging the 6/mo charge & refund is a matter of opening another Ally HYSA?
I think I can live with that and make Ally as my hub instead of Marcus.
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Re: Marcus High-Yield Savings Account rate increases
Thank you. I'll think about this multi-HYSA plan at Ally. As much as I like Marcus, their recent de-prioritization gives me pause to continue using them as my hub.gas_balloon wrote: ↑Fri Oct 21, 2022 2:02 pm I can confirm. I have 2 savings account with them and was able to withdraw more than 6 times across both accounts before they started refunding the fee.
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Re: Marcus High-Yield Savings Account rate increases
So the folks using Marcus as their hub are wait-n-see mode at this point? I guess the situation is probably not yet dire, as they just bumped it up to 2.35% and Goldman Sachs is obviously TBTF.
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Re: Marcus High-Yield Savings Account rate increases
I am waiting to see what happens. What's the rush? Meanwhile it continues to be pretty good in most ways.Marseille07 wrote: ↑Fri Oct 21, 2022 5:25 pm So the folks using Marcus as their hub are wait-n-see mode at this point? I guess the situation is probably not yet dire, as they just bumped it up to 2.35% and Goldman Sachs is obviously TBTF.
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Re: Marcus High-Yield Savings Account rate increases
I think I got jittery because of negative news on Marcus of late. And if I were to change my hub, it requires some work to redo all those ACH linkages.Cheez-It Guy wrote: ↑Fri Oct 21, 2022 6:46 pm I am waiting to see what happens. What's the rush? Meanwhile it continues to be pretty good in most ways.
But I'm now settling to just wait & see, as the situation doesn't seem dire just yet.
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Re: Marcus High-Yield Savings Account rate increases
I think the most dire it can really get is that the interest rate lags competitors by significant amounts for extended periods of time. The account is FDIC-insured. I don't relish changing hubs and reconfiguring everything, so I'd rather wait to make sure it's something I really need to do at all. Jury is still out.Marseille07 wrote: ↑Fri Oct 21, 2022 6:49 pmI think I got jittery because of negative news on Marcus of late. And if I were to change my hub, it requires some work to redo all those ACH linkages.Cheez-It Guy wrote: ↑Fri Oct 21, 2022 6:46 pm I am waiting to see what happens. What's the rush? Meanwhile it continues to be pretty good in most ways.
But I'm now settling to just wait & see, as the situation doesn't seem dire just yet.
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Re: Marcus High-Yield Savings Account rate increases
I doubt GS has made a decision to shut down Marcus. For starters, they are still actively recruiting new account holders via referral bonuses (1% for three months). And even if they ultimately decide to stop investing into the platform and focus on their core business, they could probably find someone to buy the the business, just like they bought it originally from GE Capital.
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Re: Marcus High-Yield Savings Account rate increases
I don't believe they have, though I think the checking product is scrapped at this point.TravelGeek wrote: ↑Fri Oct 21, 2022 10:24 pm I doubt GS has made a decision to shut down Marcus. For starters, they are still actively recruiting new account holders via referral bonuses (1% for three months). And even if they ultimately decide to stop investing into the platform and focus on their core business, they could probably find someone to buy the the business, just like they bought it originally from GE Capital.
The problem with selling Marcus is that Marcus is somehow losing 1.2B/year. They might struggle to find a taker of money-losing business.
Re: Marcus High-Yield Savings Account rate increases
Losing so much money? I wonder how.Marseille07 wrote: ↑Sat Oct 22, 2022 12:21 pmI don't believe they have, though I think the checking product is scrapped at this point.TravelGeek wrote: ↑Fri Oct 21, 2022 10:24 pm I doubt GS has made a decision to shut down Marcus. For starters, they are still actively recruiting new account holders via referral bonuses (1% for three months). And even if they ultimately decide to stop investing into the platform and focus on their core business, they could probably find someone to buy the the business, just like they bought it originally from GE Capital.
The problem with selling Marcus is that Marcus is somehow losing 1.2B/year. They might struggle to find a taker of money-losing business.
Re: Marcus High-Yield Savings Account rate increases
There was an advantage to Goldman converting to a bank holding company back in 2008 - access to Fed discount window to prevent a Lehman type situation if I recall correctly.TravelGeek wrote: ↑Fri Oct 21, 2022 10:24 pm I doubt GS has made a decision to shut down Marcus. For starters, they are still actively recruiting new account holders via referral bonuses (1% for three months). And even if they ultimately decide to stop investing into the platform and focus on their core business, they could probably find someone to buy the the business, just like they bought it originally from GE Capital.
Assuming this status continues to be valuable to them, it would seem unlikely they will look to exit the commercial bank.
I heard David Solomon on cnbc last week talk about moving the bank under the wealth management arm. Sounded more like a rearranging of the deck furniture than a precursor to offloading/divesting of the bank to me.
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Re: Marcus High-Yield Savings Account rate increases
My account at Marcus shows a rate of 3.50% this morning. I am getting a referral bonus. So, removing that 100bp bonus, it seems Marcus quietly increased their base rate another 15bps very recently to 2.50%.
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Re: Marcus High-Yield Savings Account rate increases
Yep, I saw the 2.5% rate when I logged on this morning to send a deposit on in. Happy Friday!
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Re: Marcus High-Yield Savings Account rate increases
It's a nice bump; maybe Marcus is OK after all.
Re: Marcus High-Yield Savings Account rate increases
It follows on the recently announced reorganization of the business. Perhaps Goldman is refocusing on its commercial bank.
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Re: Marcus High-Yield Savings Account rate increases
Capital One is up to 3% today.
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Re: Marcus High-Yield Savings Account rate increases
I have a CO360 account, but I will say they're a bit of a hassle. The primary complaint is that they will roll out a new product with the competitive rate, while leaving old products languishing at non-competitive rates. For example, I started with the CO360 Money Market account which was "the product" of its day. However, CO360 Money Market is currently only at 0.8%, since they subsequently came out with CO360 Performance Savings which is currently at 3.0%.Marseille07 wrote: ↑Sat Oct 29, 2022 3:37 pmI must say that's pretty good. Why don't they receive more attention? I sense that Cap1 don't get much love here for some reason.
So with Capital One, you have to be on the lookout for when they roll out a new product and transfer your account if you want to remain competitive. It's an additional headache for the set-and-forget crowd.
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Re: Marcus High-Yield Savings Account rate increases
I have the Capital One 360 account and I have always gotten the latest increases, including the 3.00% today.Mudpuppy wrote: ↑Sat Oct 29, 2022 7:47 pmI have a CO360 account, but I will say they're a bit of a hassle. The primary complaint is that they will roll out a new product with the competitive rate, while leaving old products languishing at non-competitive rates. For example, I started with the CO360 Money Market account which was "the product" of its day. However, CO360 Money Market is currently only at 0.8%, since they subsequently came out with CO360 Performance Savings which is currently at 3.0%.Marseille07 wrote: ↑Sat Oct 29, 2022 3:37 pmI must say that's pretty good. Why don't they receive more attention? I sense that Cap1 don't get much love here for some reason.
So with Capital One, you have to be on the lookout for when they roll out a new product and transfer your account if you want to remain competitive. It's an additional headache for the set-and-forget crowd.
I also picked up $950 in bonuses in the last 18 months.
Re: Marcus High-Yield Savings Account rate increases
This is even higher than VMFXX!Outafter20 wrote: ↑Sat Oct 29, 2022 7:54 pm I have the Capital One 360 account and I have always gotten the latest increases, including the 3.00% today.
I also picked up $950 in bonuses in the last 18 months.
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Re: Marcus High-Yield Savings Account rate increases
There is a separate thread about them and their rate changes:Marseille07 wrote: ↑Sat Oct 29, 2022 3:37 pm
I must say that's pretty good. Why don't they receive more attention? I sense that Cap1 don't get much love here for some reason.
viewtopic.php?t=317965&start=300
Re: Marcus High-Yield Savings Account rate increases
I have both account types at CO. If I go into the 360 Money Market account and view details, the rate is 0.8% which matches their disclosure page for the older Money Market product: https://www.capitalone.com/bank/disclos ... t-account/Outafter20 wrote: ↑Sat Oct 29, 2022 7:54 pm I have the Capital One 360 account and I have always gotten the latest increases, including the 3.00% today.
I also picked up $950 in bonuses in the last 18 months.
If I go into 360 Performance Savings and view details, the rate is 3.0%. Had I not moved my money from Money Market to Performance Savings back when the Performance Savings rate started to significantly outpace the Money Market account rate, I would still be earning only 0.8%. Anyone who hasn't noticed they're in the old non-competitive product would also be earning that lower 0.8% rate.
CO has a history of changing their product lineup every few years and only providing the competitive rate to the new products. You have to create the new account and move your money to it to keep the competitive rates. You can read more people complaining about it on the CO thread: viewtopic.php?t=317965
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Re: Marcus High-Yield Savings Account rate increases
I think the above poster ran into an unfortunate situation when Cap1 decided to abandon the MM offering and launched Performance. If you were on Performance then I don't believe you have issues.Outafter20 wrote: ↑Sat Oct 29, 2022 7:54 pmI have the Capital One 360 account and I have always gotten the latest increases, including the 3.00% today.Mudpuppy wrote: ↑Sat Oct 29, 2022 7:47 pmI have a CO360 account, but I will say they're a bit of a hassle. The primary complaint is that they will roll out a new product with the competitive rate, while leaving old products languishing at non-competitive rates. For example, I started with the CO360 Money Market account which was "the product" of its day. However, CO360 Money Market is currently only at 0.8%, since they subsequently came out with CO360 Performance Savings which is currently at 3.0%.Marseille07 wrote: ↑Sat Oct 29, 2022 3:37 pmI must say that's pretty good. Why don't they receive more attention? I sense that Cap1 don't get much love here for some reason.
So with Capital One, you have to be on the lookout for when they roll out a new product and transfer your account if you want to remain competitive. It's an additional headache for the set-and-forget crowd.
I also picked up $950 in bonuses in the last 18 months.
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Re: Marcus High-Yield Savings Account rate increases
Thanks. I was talking Cap1 because someone tipped us about their 3% rate. I'll follow up over there should I have anything to ask. I am considering Performance.TravelGeek wrote: ↑Sat Oct 29, 2022 8:03 pmThere is a separate thread about them and their rate changes:Marseille07 wrote: ↑Sat Oct 29, 2022 3:37 pm
I must say that's pretty good. Why don't they receive more attention? I sense that Cap1 don't get much love here for some reason.
viewtopic.php?t=317965&start=300
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Re: Marcus High-Yield Savings Account rate increases
Thanks for the update. This is excellent.
Re: Marcus High-Yield Savings Account rate increases
Random note: robbin hood just updated their interest rate for non-traded funds to be 3.75%! That's my new savings account haha. Only catch is you can only transfer $50k/day out of it.
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Re: Marcus High-Yield Savings Account rate increases
So will we see Ally match by end of week? Come on you laggard!
Re: Marcus High-Yield Savings Account rate increases
Wow. 50bp increase. Nice. I am getting a referral bonus so this puts me at 4.0%.
By the way, Ally just bumped their rate by 25bps today to 2.75%.
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Re: Marcus High-Yield Savings Account rate increases
Noticed the standard rate on Marcus HYSA was 3.30% as of this morning. Not sure when it actually changed. However, I have moved most cash equivalent back to VMFXX/VUSXX.
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Re: Marcus High-Yield Savings Account rate increases
With Marcus, if you belong to AARP, it bumps up the HYSA rate a little more. Also, I noticed Marcus just bumped up their CD rates to 4.3% for 12 months.
Re: Marcus High-Yield Savings Account rate increases
How does one out that in place?Capricorn212 wrote: ↑Wed Dec 21, 2022 7:05 am With Marcus, if you belong to AARP, it bumps up the HYSA rate a little more. Also, I noticed Marcus just bumped up their CD rates to 4.3% for 12 months.
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Re: Marcus High-Yield Savings Account rate increases
I could not find a place to do it online, but it was an easy phone call. The .1% rate bump for AARP members lasts for 24 months and stacks with other bonuses.femur wrote: ↑Wed Dec 21, 2022 6:33 pmHow does one out that in place?Capricorn212 wrote: ↑Wed Dec 21, 2022 7:05 am With Marcus, if you belong to AARP, it bumps up the HYSA rate a little more. Also, I noticed Marcus just bumped up their CD rates to 4.3% for 12 months.
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Re: Marcus High-Yield Savings Account rate increases
Pretty sure I used this pageLuckyInLife wrote: ↑Wed Dec 21, 2022 6:36 pmI could not find a place to do it online, but it was an easy phone call. The .1% rate bump for AARP members lasts for 24 months and stacks with other bonuses.femur wrote: ↑Wed Dec 21, 2022 6:33 pmHow does one out that in place?Capricorn212 wrote: ↑Wed Dec 21, 2022 7:05 am With Marcus, if you belong to AARP, it bumps up the HYSA rate a little more. Also, I noticed Marcus just bumped up their CD rates to 4.3% for 12 months.
https://www.marcus.com/us/en/savings/aarp-savings
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Re: Marcus High-Yield Savings Account rate increases
Marcus now at 3.5% for savings accounts.
That said, I'm actually moving some of our money out of Marcus and into Fidelity money market. After moving funds out, I enrolled in the $100 bonus offer and then moved $10k back in to hopefully qualify for the $100 bonus. We'll see if it works.
That said, I'm actually moving some of our money out of Marcus and into Fidelity money market. After moving funds out, I enrolled in the $100 bonus offer and then moved $10k back in to hopefully qualify for the $100 bonus. We'll see if it works.
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Re: Marcus High-Yield Savings Account rate increases
How do you get $100 offer at Fidelity, my daughter is thinking of moving her account to Fidelity any way ?Johnny Thinwallet wrote: ↑Tue Feb 07, 2023 9:33 am Marcus now at 3.5% for savings accounts.
That said, I'm actually moving some of our money out of Marcus and into Fidelity money market. After moving funds out, I enrolled in the $100 bonus offer and then moved $10k back in to hopefully qualify for the $100 bonus. We'll see if it works.
Last edited by carminered2019 on Tue Feb 07, 2023 10:37 am, edited 1 time in total.
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Re: Marcus High-Yield Savings Account rate increases
My apologies - I should have been more clear. I withdrew funds from Marcus, waited a day, then enrolled in the $100 Marcus bonus offer and put $10k of funds back in Marcus to satisfy the terms of the Marcus bonus.carminered2019 wrote: ↑Tue Feb 07, 2023 10:08 amHow do you get $100 bumps offer at Fidelity, my daughter is thinking of moving her account to Fidelity any way ?Johnny Thinwallet wrote: ↑Tue Feb 07, 2023 9:33 am Marcus now at 3.5% for savings accounts.
That said, I'm actually moving some of our money out of Marcus and into Fidelity money market. After moving funds out, I enrolled in the $100 bonus offer and then moved $10k back in to hopefully qualify for the $100 bonus. We'll see if it works.
Not sure of any current Fidelity offers, but I did do the holiday $150 bonus back in Nov/Dec.
Re: Marcus High-Yield Savings Account rate increases
It should be clarified that this 4.6% is for 3 months, which, you can get a 3 month t-bill now paying that. A fidelity treasury money market is paying over 4% with no 3 month minimum. Not saying this is a bad deal for everyone, but, just some thoughts I had.squint5 wrote: ↑Tue Feb 07, 2023 12:34 pm Marcus Rate Increase, as of 2/7/23
You can now get up to 4.6%, with 1% referral bonus and 0.1% AARP bonus. And there is also $100 bonus (for $10K or more deposit) through February 15, 2023.
See reddit for referral bonus and other info. Here are a couple of links (there are a bunch)---scroll through to get all of the latest info.
https://www.reddit.com/r/referralcodes/ ... onus_2023/
or this one..........
https://www.reddit.com/r/referralcodes/ ... ral_bonus/
Re: Marcus High-Yield Savings Account rate increases
I just moved my remaining cash out of Marcus into TTTXX. It's a 4.25% yield versus 3.5%. I'll keep $50 in the account so they won't close it, but it doesn't make sense to hold money at Marcus when you can get better rates in a treasury only fund.
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Re: Marcus High-Yield Savings Account rate increases
This works, or has in previous years. Kind of a silly game, but then we don't make the rules.Johnny Thinwallet wrote: ↑Tue Feb 07, 2023 9:33 am Marcus now at 3.5% for savings accounts.
That said, I'm actually moving some of our money out of Marcus and into Fidelity money market. After moving funds out, I enrolled in the $100 bonus offer and then moved $10k back in to hopefully qualify for the $100 bonus. We'll see if it works.
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Re: Marcus High-Yield Savings Account rate increases
Marcus now up to 3.75% as of this morning.
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Re: Marcus High-Yield Savings Account rate increases
Marcus now up to 3.90% as of this morning.
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Re: Marcus High-Yield Savings Account rate increases
Marcus no longer seems to be the leader in rates it once was. Still beating Captial One though.
Ally money market accounts have been 4% for quite some times now.
But money market funds have been over 4% for pretty much the entire year. For example, TTTXX is 4.51% now and is mostly exempt from state/local income taxes (over 96% exempt in 2022).
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Re: Marcus High-Yield Savings Account rate increases
When I go to Ally.com the landing page states 3.75% for HYSAs - all tiers.anon_investor wrote: ↑Fri Apr 14, 2023 9:24 amMarcus no longer seems to be the leader in rates it once was. Still beating Captial One though.
Ally money market accounts have been 4% for quite some times now.
But money market funds have been over 4% for pretty much the entire year. For example, TTTXX is 4.51% now and is mostly exempt from state/local income taxes (over 96% exempt in 2022).
Marcus and Ally tend to stay close with eachother when not comparing Apples to Oranges. MM and HYSAs are different account types.