Which is better savings account?
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AFAIK Ally doesn't let non-citizens create accounts. Scratch that. According to comment below, that's wrong.
That's wrong info
I've been using Marcus and it's been great. I like their UX and fast transfers. I'm in the US.
How fast your transfer with Marcus ? I am planning to switch from ally to Marcus.
I think Marcus doesn’t have an Android or iOS app.
Haven't tried Ally but I like marcus. Yup, no app but websites are mobile friendly. This is not your brokerage account... Nothing much is going to change from day to day 😂 Set up your regular transfers & then forget about it 😁
which has the higher rate?
Ally is currently at 2.20% APY, Marcus is at 2.25% for savings accounts. Marcus also offers no-penalty CD’s at 2.35%. (You can close at any time with no restrictions or penalties).
How does that work? People would use it like a savings account. That is, when savings rate goes up they'd transfer out right? That'd be bad for the bank I assume?
People often forget to transfer it out when rates go up. The bank takes gaming into account and have already factored that in. I personally have a number of no-penalty CD’s (you can open as many as you want with a minimum of $500) that I simply cash out back into my savings when I need to access the funds. It’s a no-brainer- just keep an eye on the rates.
Ally