Savings Account
I have $100K+ on a saving account with marcus at 2.10%. I also have $30K on CD with marcus from Goldman & Sachs at 2.30%. marcus announced today they reduced the yield to 1.90% almost like money market mutual funds. I want to changed from marcus to another SAFE place but still FDIC. This saving is a mix of emergency fund and cash to invest when the market is dropping. what are my options?
Orion credit union. 4% on up to $30k
Pay off your credit cards, save 15ish percent on interest. Then pay off the rest of your other debt (except mortgage). Put 3-6 mo expenses into money market mutual fund (just for emergencies), then invest in your 401k, then stocks
Good advice. I did all of that already. No debt. Except that I put the emergency fund in a FDIC Marcus account/CD. Money market mutual fund are not FDIC. Are you not concerned about non-FDIC?
Any reviews on Ally?
Their customer service is the best I've ever experienced. I have a checking, savings, and investment account with them. My savings apr is 1.9%
I have been with them for close to a decade..I like the free atm fees reimbursement and mobile check deposit. Yes, rate is 1.9%
Muni bond fund. Pre-tax your dividends? Something like vanguard <your state> long term tax exempt bonds fund still hold bonds from when they paid interest. Avg 3.25% tax exempt. 3x tax exempt in NYC.
Why do you have so much cash? Are you buying a house soon or just hate money?
Some of this cash is for emergency fund and I also sold my Charles Schwab intelligent portfolio which was not giving more than a CD since a year. I keep the cash until the recession is confirmed to reinvest either when the market is down or to invest in an house when the housing market is down too. I want to find something providing 2%+ in the meantime.
You cannot time the market and the fomc continues to lowe rates so anything still over 2% will soon be going to zero. Learn to invest so you stop losing money. A robo investment portfolio is a good option and you likely had your settings wrong given the market is on a tear. Should be seeing 15%+
Have used all the HYSA over the years and am also currently with GS Marcus for my e-fund and dry powder. I like the UI and simplicity. Not worth moving banks just for 0.10 or whatever basis points, that fluctuate all the time anyway. IMO. Just another 1099 to hassle with end of year for 10 or 20 bucks. My core money is hard at work on the VTSAX train earning me enough.
Have you considered Index Funds?
Safe is in all caps in the answer
Wealthfront is slightly higher at 2.07%. Beyond that look into MMAs, BMO offers 2.35% there.