pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Yup. Sad that 1% seems pretty good. I suspect that it will be a while before we see 2% for liquid investments with no credit risk.
Thanks for posting that! I read some of the posts and I may just transfer some regular old money to them and see if it satisfies the requirement. I'm such a rule follower that if they say "payroll, Social Security, pension and govt benefits" I assume they mean it.
I just set it up to do a push from a DiscoverBank Checking account. I'll post a followup if it works.
Wow - just noticed that Synchrony Bank dropped their High Yield Savings rate from 1.05% to 0.75% on July 31st.
That's a huge move!
Wow - just noticed that Synchrony Bank dropped their High Yield Savings rate from 1.05% to 0.75% on July 31st.
That's a huge move!
I recently opened an account at Marcus. While reading around here, I thought the name was a joke, didn't know what you all were talking about.
Now with a few weeks under my belt, I'm happy with it.
I decided to park some cash here instead of any MM funds at Vanguard. Looking for some FDIC assurance.
FDIC protects you if the bank/trustee goes under or tries to steal your funds. It provides "government backing" of a product (CDs and savings accounts) which without it provides no such insurance/backing.
Money market funds at the major fund families/brokerages are protected by SIPC insurance should the broker/trustee go under or attempt to steal your funds. Money market funds, are predominantly comprised of government backed securities. So, in this case, the fact that the underlying product is backed by the government in itself provides a portion of what FDIC does.
There are reasons why one might choose a savings account or CDs over money market funds. However, FDIC insurance is not one which should carry much weight. Money market funds have as good (if not better) protections. SIPC limits are generally $500,000 per investor account, where FDIC tops out at $250,000. Additionally, the major brokerages carry excess insurance which provides coverage above SIPC limits, many times to $1 million or more.
Inquiring on one aspect of your statement.
Not currently as to yield but in the recent past, hasn't many of the higher yielding MM accounts at the brokerages invested in other securities at least partially such as Commercial Paper, etc?
Money market funds, are predominantly comprised of government backed securities.
Marcus currently offers hi yield savings bonus of 0.10% and special 8 mo no penalty CD @ 1.1 % for AARP members.
https://www.depositaccounts.com/banks/marcus-goldman-sachs/offers/
And Marcus dropped to .8% today. The .10% bonus lasts for 2 yrs.
Can you explain the GTE part? I have a GTE add on CD. Am I able to have the interest go into a GTE savings account and then transfer to Ally? Does it not need to stay in the CD account? Is it not compounding?Sheesh - saw the rate drop by Marcus and was just bragging to the gal yesterday about my keeping our accounts open with them in anticipation of future offers and talking up the new AARP rate bump and their 1.05% rate. Didn't move money though. On the good side, figured out that I could have the interest on our 3% GTE CD moved to a GTE savings account automatically each month, thence on to our linked Ally account paying decent interest.
where FDIC tops out at $250,000.
CDs usually offer the option to transfer interest to another account which accommodates those who wish income from their CDs. In this case, you’re right, there is no compounding.Can you explain the GTE part? I have a GTE add on CD. Am I able to have the interest go into a GTE savings account and then transfer to Ally? Does it not need to stay in the CD account? Is it not compounding?