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Old 01-21-2023, 06:22 PM   #101
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Marcus Online Saving just has a special offer: $100 bonus for deposit of $10k (good for both new and existing account and keeping the new fund for 90 days).

Here are the details:

https://www.marcus.com/us/en/savings...cid=Learn_More
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Nice find, thanks!
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Old 01-21-2023, 08:06 PM   #102
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Originally Posted by xlf11 View Post
Marcus Online Saving just has a special offer: $100 bonus for deposit of $10k (good for both new and existing account and keeping the new fund for 90 days).

Here are the details:

https://www.marcus.com/us/en/savings...cid=Learn_More
If $100 for $10k gets you excited, then Fidelity's $100 for $50 should get you much more excited. It's good for new and existing customers who have not done it previously.

https://www.fidelity.com/go/special-offer
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Old 01-21-2023, 08:40 PM   #103
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You can call Fidelity's Customer Service line on a weekend and get a step by step on moving from 'core' to 'FDRXX' or whatever MM you choose.

Fido's 'core' is used to spread out your MM holdings into Bank accounts (maybe for $250K FDIC coverage ?). These are default Settlement accounts. To move money from core to FDRXX, I've done it a few times....but it's good to call CS on a weekend when you can get a tutorial.

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Old 01-22-2023, 10:43 AM   #104
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Originally Posted by xlf11 View Post
Marcus Online Saving just has a special offer: $100 bonus for deposit of $10k (good for both new and existing account and keeping the new fund for 90 days).

Here are the details:

https://www.marcus.com/us/en/savings...cid=Learn_More


+3
I didnít get the email and I donít see it when I login.
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Old 01-22-2023, 10:52 AM   #105
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+3
I didnít get the email and I donít see it when I login.
You should be able to enroll with the link with or without email. Marcus makes it easy to track the bonus offer by providing date specific info on the header of your account, so you know when to expect holding and payment dates.
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Old 01-22-2023, 11:33 AM   #106
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If $100 for $10k gets you excited, then Fidelity's $100 for $50 should get you much more excited. It's good for new and existing customers who have not done it previously.

https://www.fidelity.com/go/special-offer
I did this deal and opened a cash management account a year or so ago which works great for buying CD's and treasuries. I wish they'd let me use it again to open a Roth account, I have a ton of CD's maturing this year.
I'm pretty sure I've seen offers before where you can use it more than once so I'll wait and see, no rush.
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Old 01-22-2023, 02:24 PM   #107
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Originally Posted by xlf11 View Post
Marcus Online Saving just has a special offer: $100 bonus for deposit of $10k (good for both new and existing account and keeping the new fund for 90 days).

Here are the details:

https://www.marcus.com/us/en/savings...cid=Learn_More
I did the math. I recently took my account down to <$50 and put most of it in t-bills and FZDXX at Fido. With a $100 in 3 months on $10K that is an extra 4% over the 3.4% I was getting on the $50. So moving $10K made a lot of sense for the 90 days, getting a APR of 7.4%!

Since I ran of out of referrals to get the 1% bonus, I abandoned Marcus for Fido. Even if I had someone who wanted a referral, the MM FZDXX is paying the same, just not FDIC.
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Old 01-22-2023, 03:01 PM   #108
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I actually find it pretty reprehensible that a financial advisor would recommend a MYGA in an IRA. Maybe I've been brainwashed by bogleheads. When does fiduciary responsiblility kick in.
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Old 01-22-2023, 03:17 PM   #109
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Maybe I've been brainwashed by bogleheads. When does fiduciary responsibility kick in.
Stick with A++ companies and you will be golden.
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Old 01-23-2023, 07:39 AM   #110
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I actually find it pretty reprehensible that a financial advisor would recommend a MYGA in an IRA. Maybe I've been brainwashed by bogleheads. When does fiduciary responsiblility kick in.
My MYGA is in an IRA. Why is this bad? It's just part of my cash position within my IRA. No different than a CD, MM, Etc.
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Old 01-23-2023, 07:42 AM   #111
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My MYGA is in an IRA. Why is this bad? It's just part of my cash position within my IRA. No different than a CD, MM, Etc.
Not bad, only that a MYGA is already tax deferred in its own right. It would be more appropriate in a Taxable account, assuming one wanted or needed tax deferred income.
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Old 01-23-2023, 08:05 AM   #112
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My MYGA is in an IRA. Why is this bad? It's just part of my cash position within my IRA. No different than a CD, MM, Etc.
I rethink based on opinions here, my instinct is it's already tax deferred, but if the rates are better than CD's and there's confidence in the company, it does make sense.
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Old 01-23-2023, 08:05 AM   #113
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My MYGA is in an IRA. Why is this bad? It's just part of my cash position within my IRA. No different than a CD, MM, Etc.
Pay no attention. I get the same response when I buy tax free munis in my IRA. At the time, for the equivalent maturity, for the equivalent rating/risk, the tax free muni had a better yield/return than the alternatives - so why not?
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Old 01-23-2023, 08:17 AM   #114
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Generally putting a tax advantaged investment in an already tax advantaged account isn’t recommended - there are exceptions of course.
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Old 01-23-2023, 08:18 AM   #115
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Not bad, only that a MYGA is already tax deferred in its own right. It would be more appropriate in a Taxable account, assuming one wanted or needed tax deferred income.
Right. I really couldn't care less about tax deferral. While a MYGA might be better in a taxable account for tax deferred income, I don't think an advisor making that suggestion for an IRA is way out of line. Just one option of many and much better than selling some kind of indexed annuity.
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Old 01-23-2023, 08:25 AM   #116
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Right. I really couldn't care less about tax deferral. While a MYGA might be better in a taxable account for tax deferred income, I don't think an advisor making that suggestion for an IRA is way out of line. Just one option of many and much better than selling some kind of indexed annuity.
A tax advantaged investment already reflects its nature, usually providing a lower return because of its superior tax status. So putting it into a deferred account likely is giving you a below market return.
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Old 01-23-2023, 09:28 AM   #117
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Pay no attention. I get the same response when I buy tax free munis in my IRA. At the time, for the equivalent maturity, for the equivalent rating/risk, the tax free muni had a better yield/return than the alternatives - so why not?
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Generally putting a tax advantaged investment in an already tax advantaged account isnít recommended - there are exceptions of course.
+1 to both. Generally I don't like to put tax-deferred or tax-free investments in a tax-deferred or tax-free account, BUT if the yield is just as good or better all else being equal, then why not?

The fact that those situtions can occur sort out gives the notion of an efficient market a kick in the pants though.
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Old 01-23-2023, 09:31 AM   #118
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The fact that those situtions can occur sort out gives the notion of an efficient market a kick in the pants though.
Absolutely. See it all the time in varying scenarios.
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Old 01-23-2023, 11:43 AM   #119
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A tax advantaged investment already reflects its nature, usually providing a lower return because of its superior tax status. So putting it into a deferred account likely is giving you a below market return.
At the time I bought the MYGA it was much higher than equivalent CD's and MM were zero.
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Best CD, MM Rates &amp; Bank Special Deals Thread 2023 - Please post updates here
Old 01-23-2023, 06:59 PM   #120
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Best CD, MM Rates &amp; Bank Special Deals Thread 2023 - Please post updates here

Putting a tax deferred instrument in a tax deferred account is one of those generalities that just donít hold up in every situation. You have to do the math (Surprise!). Iím glad several have already pushed back on this. I know the MYGAs I purchased in my IRA were way higher than even brokered CDs when I bought them. Certainly not a reprehensible idea.

EDIT: An additional point is that an annuitant may choose NOT to defer taxes if they wish to take income from the MYGA (for most contracts.)
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