Let us know the details. I thought that’s what this thread was for. There is another thread for treasuries. I looked for those 6%r’s but I guess my bracket is too low to get 6% TEW. I’m also giving up my strategy to hold out for >2 yr maturities.
Not to be too off topic, but it seems like this thread really lost traction when the CD rates dropped and there was a crossover in post-tax yield (caveats on realized yield aside). Those of us in high tax states can see yields in that range. The impact has been magnified a little bit for the post 65 crowd due to the excluded tax-free income can help those with a deduction threshold issue.
The fine print is critical in their offer; not only can you not touch the newly-deposited monies for 90 days, you cannot touch ANY monies that you have in ANY and ALL Marcus accounts also for the 90 days.
True, your total Marcus balance can't drop below the balance you have when you accept the offer. But since money is fungible and the offer is predicated on maintaining funds over a certain time period, it seems eminently reasonable to me. The part I didn't like is that you can't put the new funds in a CD, it must remain in savings. That's at 3.65% now, but can naturally change any time. I did the $100k offer anyway- the bonus gives an annualized simple rate of 6% before the savings account interest. Good enough for me.
Yes, I finally realized that I had to leave the funds in the high yield savings and couldn’t buy a no penalty CD which seemed unnecessarily restrictive.
I used to "rate-hop" a fair bit to get attractive rates that usually became uncompetitive over time. Marcus doesn't really seem to play that game, and they've kept their rates pretty competitive since their inception (around 10 years or so now, I think).
I had an account with the GE Savings bank (or whatever it was named) that was acquired by GS and renamed Marcus. I was very skeptical that an org like GS could maintain a customer friendly retail operation. I was wrong about that! Glad I stuck with them. They have very good services, competitive rates and easy website and app. Very fast ACH to my B&M accounts.
Marcus is a sub of Goldman Sachs. I don’t know anything about MINT or FLTR. Are they fintechs? Fintechs usually have some type of affiliation with a small bank to get FDIC coverage. I don’t trust fintechs anyway but there can be problems when you send funds to a fintech but they haven’t been credited by the FDIC bank. I think that happened with Synopsis. Keep in mind even with FDIC coverage funds could be unavailable for an extended period as the claims are processed. I always wonder why folks are attracted to these new unknown entities.
I noticed that yesterday. You beat me to the punch of informing our happy group. I picked up a 4% CD using funds from a 5% CD that was called over a year early.
. Win some, lose some.
Wouldn't that indicate they expect rates to drop over longer time period so they are matching that lower rate?
