Marcus High-Yield Savings Account rate increases

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TravelGeek
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Re: Marcus High-Yield Savings Account rate increases

Post by TravelGeek »

Marseille07 wrote: Fri Oct 21, 2022 1:15 pm b) they might change their policy and stop refunding in the future.
Marcus could also change their policy, right?
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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

TravelGeek wrote: Fri Oct 21, 2022 1:22 pm
Marseille07 wrote: Fri Oct 21, 2022 1:15 pm b) they might change their policy and stop refunding in the future.
Marcus could also change their policy, right?
Could, but imo Ally changing the policy is more likely than Marcus; although can I simply bypass it by opening another HYSA at Ally?
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fetch5482
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Re: Marcus High-Yield Savings Account rate increases

Post by fetch5482 »

TravelGeek wrote: Fri Oct 21, 2022 1:22 pm
Marseille07 wrote: Fri Oct 21, 2022 1:15 pm b) they might change their policy and stop refunding in the future.
Marcus could also change their policy, right?
Clumsy - I agree.
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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TravelGeek
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Re: Marcus High-Yield Savings Account rate increases

Post by TravelGeek »

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?
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.
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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

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.
I used to overdraft but not these days; I simply use HYSA directly.

Regulation D might never come back though:
As of October 2022, Regulation D is suspended indefinitely. The Federal Reserve has stated it “does not have plans to re-impose transfer limits.”
https://www.nasdaq.com/articles/what-is ... gs-account
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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

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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fetch5482
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Re: Marcus High-Yield Savings Account rate increases

Post by fetch5482 »

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.
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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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

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.
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.
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Marseille07
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

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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Cheez-It Guy
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Re: Marcus High-Yield Savings Account rate increases

Post by Cheez-It Guy »

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.
I am waiting to see what happens. What's the rush? Meanwhile it continues to be pretty good in most ways.
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

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.
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.

But I'm now settling to just wait & see, as the situation doesn't seem dire just yet.
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Cheez-It Guy
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Re: Marcus High-Yield Savings Account rate increases

Post by Cheez-It Guy »

Marseille07 wrote: Fri Oct 21, 2022 6:49 pm
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.
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.

But I'm now settling to just wait & see, as the situation doesn't seem dire just yet.
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.
TravelGeek
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Re: Marcus High-Yield Savings Account rate increases

Post by TravelGeek »

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

Post by Marseille07 »

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.
I don't believe they have, though I think the checking product is scrapped at this point.

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.
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Re: Marcus High-Yield Savings Account rate increases

Post by student »

Marseille07 wrote: Sat Oct 22, 2022 12:21 pm
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.
I don't believe they have, though I think the checking product is scrapped at this point.

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.
Losing so much money? I wonder how.
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

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.
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.

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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MikeG62
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

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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Johnny Thinwallet
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Re: Marcus High-Yield Savings Account rate increases

Post by Johnny Thinwallet »

MikeG62 wrote: Fri Oct 28, 2022 8:09 am 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%.
Yep, I saw the 2.5% rate when I logged on this morning to send a deposit on in. Happy Friday! :sharebeer
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

It's a nice bump; maybe Marcus is OK after all.
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

Marseille07 wrote: Fri Oct 28, 2022 11:11 pm It's a nice bump; maybe Marcus is OK after all.
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

Post by billy269 »

Capital One is up to 3% today.
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

billy269 wrote: Sat Oct 29, 2022 2:53 pm Capital One is up to 3% today.
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.
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Re: Marcus High-Yield Savings Account rate increases

Post by Mudpuppy »

Marseille07 wrote: Sat Oct 29, 2022 3:37 pm
billy269 wrote: Sat Oct 29, 2022 2:53 pm Capital One is up to 3% today.
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.
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%.

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

Post by Outafter20 »

Mudpuppy wrote: Sat Oct 29, 2022 7:47 pm
Marseille07 wrote: Sat Oct 29, 2022 3:37 pm
billy269 wrote: Sat Oct 29, 2022 2:53 pm Capital One is up to 3% today.
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.
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%.

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 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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fetch5482
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Re: Marcus High-Yield Savings Account rate increases

Post by fetch5482 »

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.
This is even higher than VMFXX!
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TravelGeek
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Re: Marcus High-Yield Savings Account rate increases

Post by TravelGeek »

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.
There is a separate thread about them and their rate changes:

viewtopic.php?t=317965&start=300
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Re: Marcus High-Yield Savings Account rate increases

Post by Mudpuppy »

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.
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/

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

Post by Marseille07 »

Outafter20 wrote: Sat Oct 29, 2022 7:54 pm
Mudpuppy wrote: Sat Oct 29, 2022 7:47 pm
Marseille07 wrote: Sat Oct 29, 2022 3:37 pm
billy269 wrote: Sat Oct 29, 2022 2:53 pm Capital One is up to 3% today.
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.
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%.

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 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.
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.
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

TravelGeek wrote: Sat Oct 29, 2022 8:03 pm
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.
There is a separate thread about them and their rate changes:

viewtopic.php?t=317965&start=300
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.
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Re: Marcus High-Yield Savings Account rate increases

Post by Randolph Mortimer »

Now at 3%
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Re: Marcus High-Yield Savings Account rate increases

Post by Marseille07 »

Randolph Mortimer wrote: Tue Nov 08, 2022 12:45 pm Now at 3%
Thanks for the update. This is excellent.
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Re: Marcus High-Yield Savings Account rate increases

Post by djinn80 »

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

Post by professor_americus »

So will we see Ally match by end of week? Come on you laggard!
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Re: Marcus High-Yield Savings Account rate increases

Post by MikeG62 »

Randolph Mortimer wrote: Tue Nov 08, 2022 12:45 pm Now at 3%
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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Cheez-It Guy
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Re: Marcus High-Yield Savings Account rate increases

Post by Cheez-It Guy »

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

Post by Capricorn212 »

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

Post by femur »

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.
How does one out that in place?
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Re: Marcus High-Yield Savings Account rate increases

Post by LuckyInLife »

femur wrote: Wed Dec 21, 2022 6:33 pm
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.
How does one out that in place?
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.
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Re: Marcus High-Yield Savings Account rate increases

Post by TravelGeek »

LuckyInLife wrote: Wed Dec 21, 2022 6:36 pm
femur wrote: Wed Dec 21, 2022 6:33 pm
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.
How does one out that in place?
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.
Pretty sure I used this page

https://www.marcus.com/us/en/savings/aarp-savings
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Re: Marcus High-Yield Savings Account rate increases

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Re: Marcus High-Yield Savings Account rate increases

Post by Johnny Thinwallet »

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

Post by carminered2019 »

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.
How do you get $100 offer at Fidelity, my daughter is thinking of moving her account to Fidelity any way ?
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

Post by Johnny Thinwallet »

carminered2019 wrote: Tue Feb 07, 2023 10:08 am
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.
How do you get $100 bumps offer at Fidelity, my daughter is thinking of moving her account to Fidelity any way ?
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.

Not sure of any current Fidelity offers, but I did do the holiday $150 bonus back in Nov/Dec.
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Re: Marcus High-Yield Savings Account rate increases

Post by valve »

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/
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.
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Re: Marcus High-Yield Savings Account rate increases

Post by atdharris »

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

Post by Cheez-It Guy »

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.
This works, or has in previous years. Kind of a silly game, but then we don't make the rules.
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Re: Marcus High-Yield Savings Account rate increases

Post by Johnny Thinwallet »

Marcus now up to 3.75% as of this morning.
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Re: Marcus High-Yield Savings Account rate increases

Post by Johnny Thinwallet »

Marcus now up to 3.90% as of this morning.
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Re: Marcus High-Yield Savings Account rate increases

Post by anon_investor »

Johnny Thinwallet wrote: Fri Apr 14, 2023 9:15 am Marcus now up to 3.90% as of this morning.
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

Post by SmileyFace »

anon_investor wrote: Fri Apr 14, 2023 9:24 am
Johnny Thinwallet wrote: Fri Apr 14, 2023 9:15 am Marcus now up to 3.90% as of this morning.
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).
When I go to Ally.com the landing page states 3.75% for HYSAs - all tiers.
Marcus and Ally tend to stay close with eachother when not comparing Apples to Oranges. MM and HYSAs are different account types.
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