Marcus or Ally

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Topic Author
2020 ButClassic
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Marcus or Ally

Post by 2020 ButClassic » Tue Mar 31, 2020 5:58 pm

I have Capital One for savings and CDs but would like to add another bank.

I don't need the highest yield or absolute best web app. A well balanced bank would work.

I hear names like Marcus and Ally often. I'd appreciate your thoughts on these or if you had good experience with other places.

SS Rambo
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Re: Marcus or Ally

Post by SS Rambo » Tue Mar 31, 2020 6:23 pm

What’s your objective, then? Sign up bonuses? Low fees? Tough to recommend anything without information.

02nz
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Re: Marcus or Ally

Post by 02nz » Tue Mar 31, 2020 6:27 pm

I've used both. Both have well-designed websites. Have more experience with Ally, including phone customer service, which is very good. They even have a handy estimate of hold times on the app and website. My more limited experience with Marcus has also been excellent. I really don't see much to distinguish between them besides rates, and there Marcus generally comes out ahead by a bit.

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gas_balloon
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Re: Marcus or Ally

Post by gas_balloon » Tue Mar 31, 2020 6:35 pm

02nz wrote:
Tue Mar 31, 2020 6:27 pm
I've used both. Both have well-designed websites. Have more experience with Ally, including phone customer service, which is very good. They even have a handy estimate of hold times on the app and website. My more limited experience with Marcus has also been excellent. I really don't see much to distinguish between them besides rates, and there Marcus generally comes out ahead by a bit.
+1. Few other differences:

* Ally has a slicker website and app. Marcus has a less slick yet functional website and no app (atleast none on Android).
* I find money transfers with Ally are faster - usually 1 business day. Marcus is usually 2 business days.
* Marcus only allows you to link 4 external accounts. Ally allows unlimited accounts to be linked.

Besides that, there is such minimal difference, I would go with Marcus for the rates, or Ally if you want a "all in one" place that includes checking and savings.
Last edited by gas_balloon on Tue Mar 31, 2020 6:55 pm, edited 4 times in total.

H-Town
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Re: Marcus or Ally

Post by H-Town » Tue Mar 31, 2020 6:37 pm

2020 ButClassic wrote:
Tue Mar 31, 2020 5:58 pm
I have Capital One for savings and CDs but would like to add another bank.

I don't need the highest yield or absolute best web app. A well balanced bank would work.

I hear names like Marcus and Ally often. I'd appreciate your thoughts on these or if you had good experience with other places.
I have both, and I prefer Marcus. IMO, Marcus is one class above all other online banks.

jb1
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Re: Marcus or Ally

Post by jb1 » Tue Mar 31, 2020 7:19 pm

I use Marcus, no complaints with it.

student
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Re: Marcus or Ally

Post by student » Tue Mar 31, 2020 7:30 pm

I have not used Ally. At one point, I heard that Ally does a credit check but I am not sure about its current practice. I use Marcus and I am satisfied with it.

DaftInvestor
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Re: Marcus or Ally

Post by DaftInvestor » Tue Mar 31, 2020 7:35 pm

walletless wrote:
Tue Mar 31, 2020 6:35 pm
02nz wrote:
Tue Mar 31, 2020 6:27 pm
I've used both. Both have well-designed websites. Have more experience with Ally, including phone customer service, which is very good. They even have a handy estimate of hold times on the app and website. My more limited experience with Marcus has also been excellent. I really don't see much to distinguish between them besides rates, and there Marcus generally comes out ahead by a bit.
+1. Few other differences:

* Ally has a slicker website and app. Marcus has a less slick yet functional website and no app (atleast none on Android).
* I find money transfers with Ally are faster - usually 1 business day. Marcus is usually 2 business days.
* Marcus only allows you to link 4 external accounts. Ally allows unlimited accounts to be linked.

Besides that, there is such minimal difference, I would go with Marcus for the rates, or Ally if you want a "all in one" place that includes checking and savings.

Funny - I have had the opposite experience with ACH transfers. ALWAYS 1 day way with Marcus - have had 3 days with Ally. Due to Ally's slow ACH transfers and always lower rates I have stuck with Marcus and moved out of Ally.

209south
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Re: Marcus or Ally

Post by 209south » Tue Mar 31, 2020 7:47 pm

I have been a happy Ally customer for years - have a few accounts and several CDs with them, and a couple with Capital One. With recent turmoil I've moved some money to Marcus to diversify for FDIC purposes. Very happy with the rates at Marcus, but disappointed with the SEVEN days 'til transferred funds are available - not that I NEED the money, I put it there for a reason, but that is off-market and not as good as Ally or Capital One.

BlackcatCA
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Re: Marcus or Ally

Post by BlackcatCA » Tue Mar 31, 2020 7:54 pm

I used to have Cap One, Ally and Marcus, but I canceled CapOne earlier this year.
Ally and Marcus both have great dashboards, and they often have promotions available for existing customers.
In my experience Marcus transfer is faster, usually 1 day. Ally transfer is more variable.

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indexfundfan
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Re: Marcus or Ally

Post by indexfundfan » Tue Mar 31, 2020 8:13 pm

Marcus's ACH system is faster. If you submit it early enough in the morning, you can even get same-day ACH (for $25k and below).

Ally can offer you next-day ACH, but it requires you to jump through some hoops and wait for two months when you link a new bank account.
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fwellimort
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Re: Marcus or Ally

Post by fwellimort » Tue Mar 31, 2020 8:19 pm

For online savings no penalty CD yields, Marcus for me.

1.70% (no penalty Marcus) vs 1.55% (no penalty Ally)
Marcus. Plus, the UI is nice and easy to use for Marcus. Very clean and fast.
And the ACH is fast too.

If you need a 'full' bank function from just 1 bank though, Ally does serve well.
It really depends what you need it for. But for straight online savings account, Marcus anyday of the week.
Better yield. Faster ACH. Easier UI. Why Ally?

Tiresias1
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Re: Marcus or Ally

Post by Tiresias1 » Tue Mar 31, 2020 9:09 pm

I have accounts at Ally, Synchrony, and PurePoint. Of the three, I like Ally the best - its rates are not always the best, but it is always competitive. I can also vouch for Ally's customer service.

Marcus does not support trust accounts, or I would probably bank there. You may wish to avoid it if you foresee a trust being part of your estate planning.

Lastrun
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Re: Marcus or Ally

Post by Lastrun » Tue Mar 31, 2020 9:21 pm

I have had nothing but super fast ACH times with Ally, typically I move more than $25k from a local bank late in the afternoon, and it is available around 4am the next morning, then outgoing to other accounts is next day, so I can move money between three banks in about 36 hours, albeit two midnight deadlines.

I have not used Marcus but have read very positive reviews on the forum. Also they do typically have higher online savings rates than Ally. CDs seem to go back and forth between the two depending on the type of product.

What turned me away from Marcus originally was they had no checking and awful early withdrawal penalties. I heard somewhere they are working on checking, The penalties are something to think about in bad times like the present and good times where CD rates are rising at a fast clip.

I have been happy with Ally.

Topic Author
2020 ButClassic
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Re: Marcus or Ally

Post by 2020 ButClassic » Tue Mar 31, 2020 9:34 pm

Thank you all with great and quick responses!

My primary purpose is to improve FDIC. I have done some maneuvering at Cap One such as having individual and joint accounts. I need to do more to be in the safe zone. And it feels better to diversify across banks. At least some money is available while the system tries to make people whole when FDIC help is needed.

Having higher interest is also a top priority although FDIC makes it mandatory to make a move.

Cap One dropped its best CD rate to 1% after the Fed rate cut. I noticed today it was raised to 1.50% so they must have noticed customers heading to the exit doors.

I recently tried eTrade's Premimum Savings since it offered a surprisingly decent rate. But they immediately dropped the rate to 0.2% so there is no point keeping money there.

One last thing about Cap One that I like is that you have the option of receiving CD interest in various frequencies, e.g., monthly payment to my Cap One savings. Yes, the APY takes a slight hit if you don't wait for maturity but it's good to have the option if you prefer a steady income stream

cashmoney
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Re: Marcus or Ally

Post by cashmoney » Tue Mar 31, 2020 10:11 pm

walletless wrote:
Tue Mar 31, 2020 6:35 pm
02nz wrote:
Tue Mar 31, 2020 6:27 pm
I've used both. Both have well-designed websites. Have more experience with Ally, including phone customer service, which is very good. They even have a handy estimate of hold times on the app and website. My more limited experience with Marcus has also been excellent. I really don't see much to distinguish between them besides rates, and there Marcus generally comes out ahead by a bit.
+1. Few other differences:

* Ally has a slicker website and app. Marcus has a less slick yet functional website and no app (atleast none on Android).
* I find money transfers with Ally are faster - usually 1 business day. Marcus is usually 2 business days.
* Marcus only allows you to link 4 external accounts. Ally allows unlimited accounts to be linked.

Besides that, there is such minimal difference, I would go with Marcus for the rates, or Ally if you want a "all in one" place that includes checking and savings.

Marcus has free outgoing wire transfers by phone but only to other accounts you own.Ally has a fee they but will wire money to any account.
Marcus credits interest to your account the same day you request to pull funds from outside account.
Marcus automatically increases interest rates on existing no penalty CDS if they increase rates.
Customer service is good at both but Ally is little better overall

02nz
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Re: Marcus or Ally

Post by 02nz » Tue Mar 31, 2020 10:14 pm

Adding to my earlier post: one nice thing with Marcus' CDs (aside from their rates, which are some of the highest, and better than Ally) is that you have a 30-day window to fund them. As long as you fund with at least $500 within 10 days, you'll get the highest rate in that time, AND you still have another 20 days to add more money (except for the no-penalty CD, I believe). At least that's my understanding - only just started CDs with them. A good way of hedging against falling interest rates.

BrownEyedGirl_27
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Re: Marcus or Ally

Post by BrownEyedGirl_27 » Tue Mar 31, 2020 10:46 pm

student wrote:
Tue Mar 31, 2020 7:30 pm
I have not used Ally. At one point, I heard that Ally does a credit check but I am not sure about its current practice. I use Marcus and I am satisfied with it.
I can confirm that they don't check your credit. Ally is pretty great with customer service. What do you like about Marcus?
"Your mind has a mind of its own. At the very moment when you are most convinced of your own rationality, you may be feeling rather than thinking your way toward a decision.” | Jason Zweig

BrownEyedGirl_27
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Re: Marcus or Ally

Post by BrownEyedGirl_27 » Tue Mar 31, 2020 10:49 pm

209south wrote:
Tue Mar 31, 2020 7:47 pm
I have been a happy Ally customer for years - have a few accounts and several CDs with them, and a couple with Capital One. With recent turmoil I've moved some money to Marcus to diversify for FDIC purposes. Very happy with the rates at Marcus, but disappointed with the SEVEN days 'til transferred funds are available - not that I NEED the money, I put it there for a reason, but that is off-market and not as good as Ally or Capital One.
That's a long transfer period. Really? Discover Bank takes 5 days not counting the day you initiate the transfer. I am churning Discover right now and I will just barely make the cutoff for the promo. I like the ACH transfers with my new Ally account, just did their bonus.
"Your mind has a mind of its own. At the very moment when you are most convinced of your own rationality, you may be feeling rather than thinking your way toward a decision.” | Jason Zweig

student
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Re: Marcus or Ally

Post by student » Wed Apr 01, 2020 6:26 am

BrownEyedGirl_27 wrote:
Tue Mar 31, 2020 10:46 pm
student wrote:
Tue Mar 31, 2020 7:30 pm
I have not used Ally. At one point, I heard that Ally does a credit check but I am not sure about its current practice. I use Marcus and I am satisfied with it.
I can confirm that they don't check your credit. Ally is pretty great with customer service. What do you like about Marcus?
When they give a bonus, they have a tracker telling you exactly the date you will meet the condition and the date the bonus will be deposited.

andypanda
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Re: Marcus or Ally

Post by andypanda » Wed Apr 01, 2020 6:43 am

After what Ally is putting my wife through I will never use them. :) And I know she won't and maybe you would want to think twice about it.

Her brother died 1/20. His will listed her for the executor so she opened probate. But his files listed a large Ally CD as having beneficiaries. After many phone calls, delays, paperwork sent and apparently misplaced, she heard nothing. She had sent the death certificate, her probate papers, copy of her ID, the CD number, a copy of the will, etc. Silence. She kept calling.

Eventually Ally decided the CD did not have a beneficiary listed, although her brother had 2 of the 3 sisters noted as beneficiaries on his list of assets. Ok, the will says everything in probate is split 3 ways. Send the check to the estate. No big deal.

She called Ally again on Monday 3/30 to see how things were progressing. How hard is it to cut a check for a couple hundred grand made out to the Estate of...

The nice person at Ally informed my wife that she needs to complete "the new packet they sent her on the 13th."
She told them she had not received anything except the monthly statement addressed to her brother. "Well you should have the packet in a few days. Just wait."

I don't know if it's pure incompetence or just delaying tactics of some sort. None of the other banks and credit unions she is dealing with have caused any headaches or been so useless.

MikeG62
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Re: Marcus or Ally

Post by MikeG62 » Wed Apr 01, 2020 7:51 am

walletless wrote:
Tue Mar 31, 2020 6:35 pm
02nz wrote:
Tue Mar 31, 2020 6:27 pm
I've used both. Both have well-designed websites. Have more experience with Ally, including phone customer service, which is very good. They even have a handy estimate of hold times on the app and website. My more limited experience with Marcus has also been excellent. I really don't see much to distinguish between them besides rates, and there Marcus generally comes out ahead by a bit.
+1. Few other differences:

* Ally has a slicker website and app. Marcus has a less slick yet functional website and no app (atleast none on Android).
* I find money transfers with Ally are faster - usually 1 business day. Marcus is usually 2 business days.
* Marcus only allows you to link 4 external accounts. Ally allows unlimited accounts to be linked.

Besides that, there is such minimal difference, I would go with Marcus for the rates, or Ally if you want a "all in one" place that includes checking and savings.
I have both as well. I find ACH transfers to be faster with Marcus. I'd add the following other points:

1. If you do a "pull" of funds into Marcus (initiated from the Marcus web site) you start earning interest on the day you initiate the transfer (they do not wait until the funds hit your account).

2. Marcus does not do consolidated statements. So if you have multiple accounts (I have a number of no penalty CD's with Marcus) you have to download each one individually (I use preview on my Mac to combine them). It's a pain that they could easily eliminate with consolidated statements (or at least the option for consolidated statements).

3. EWP on traditional CD's are higher with Marcus.

4. In my experience, customer service rep's at Marcus are clearly more knowledgable than those at Ally.
Real Knowledge Comes Only From Experience

BrownEyedGirl_27
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Re: Marcus or Ally

Post by BrownEyedGirl_27 » Wed Apr 01, 2020 10:43 am

student wrote:
Wed Apr 01, 2020 6:26 am
BrownEyedGirl_27 wrote:
Tue Mar 31, 2020 10:46 pm
student wrote:
Tue Mar 31, 2020 7:30 pm
I have not used Ally. At one point, I heard that Ally does a credit check but I am not sure about its current practice. I use Marcus and I am satisfied with it.
I can confirm that they don't check your credit. Ally is pretty great with customer service. What do you like about Marcus?
When they give a bonus, they have a tracker telling you exactly the date you will meet the condition and the date the bonus will be deposited.
OK, that's handy. I'll probably get around to Marcus someday but not likely anytime soon.
"Your mind has a mind of its own. At the very moment when you are most convinced of your own rationality, you may be feeling rather than thinking your way toward a decision.” | Jason Zweig

carolinaman
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Re: Marcus or Ally

Post by carolinaman » Wed Apr 01, 2020 10:58 am

student wrote:
Tue Mar 31, 2020 7:30 pm
I have not used Ally. At one point, I heard that Ally does a credit check but I am not sure about its current practice. I use Marcus and I am satisfied with it.
I just bought Ally CDs and am first time customer. I had to unfreeze credit so they could do a credit check

$questions
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Re: Marcus or Ally

Post by $questions » Wed Apr 01, 2020 10:58 am

I love Ally bank..very quick customer service and you can always see your accrued interest rather than waiting until the end of the month with Marcus.

Lastrun
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Re: Marcus or Ally

Post by Lastrun » Wed Apr 01, 2020 12:12 pm

carolinaman wrote:
Wed Apr 01, 2020 10:58 am
student wrote:
Tue Mar 31, 2020 7:30 pm
I have not used Ally. At one point, I heard that Ally does a credit check but I am not sure about its current practice. I use Marcus and I am satisfied with it.
I just bought Ally CDs and am first time customer. I had to unfreeze credit so they could do a credit check
Interesting, multiple accounts there, including checking, CDs and NPCDs over the past 2-3 years and no credit check. Same for young daughter. But lesson is yes, they may do it, so take that into consideration.

02nz
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Re: Marcus or Ally

Post by 02nz » Mon Apr 06, 2020 2:23 pm

walletless wrote:
Tue Mar 31, 2020 6:35 pm
* Ally has a slicker website and app. Marcus has a less slick yet functional website and no app (atleast none on Android).
They do have an app for Android, seems to be pretty new: https://play.google.com/store/apps/deta ... us.android

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gas_balloon
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Re: Marcus or Ally

Post by gas_balloon » Mon Apr 06, 2020 2:27 pm

02nz wrote:
Mon Apr 06, 2020 2:23 pm
walletless wrote:
Tue Mar 31, 2020 6:35 pm
* Ally has a slicker website and app. Marcus has a less slick yet functional website and no app (atleast none on Android).
They do have an app for Android, seems to be pretty new: https://play.google.com/store/apps/deta ... us.android
Thanks for the pointer, yes they seem to have just added it on 3/26 (10 days ago). I just installed and check it, it's a fairly good app with all the basic functionalities you would expect in a banking app. The only thing I wish they added was ability to deposit checks from the app, but otherwise it's a fairly good app.

aristotelian
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Re: Marcus or Ally

Post by aristotelian » Mon Apr 06, 2020 3:09 pm

I just opened an account at Capital One. Best of both worlds, 1.5% APY plus $100 bonus/$10K or $200/$20K. Holding period for the bonus is only 90 days. The rate is a little lower than Marcus but the bonus makes up for it.

02nz
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Re: Marcus or Ally

Post by 02nz » Mon Apr 06, 2020 3:22 pm

Capital One has a nasty habit of creating a new type of account and only giving good rates on the new accounts. Easy to move your money if you pay attention, but most people don't. The bonuses are also limited to customers that haven't had an account in 4 years or so. Ally, Marcus, etc. tend to make current customers eligible as long as they bring in new money.

ETA: Capital One also has an annoyingly glitchy website. About half the time when I want to change the date on a scheduled transfer or bill pay it will just error out for no apparent reason.
Last edited by 02nz on Mon Apr 06, 2020 10:50 pm, edited 1 time in total.

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anon_investor
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Re: Marcus or Ally

Post by anon_investor » Mon Apr 06, 2020 3:28 pm

I have Ally Bank. I like how they have checking too (ATM reimburses up to $10/mo in fees, also the ATM at the CVS near me is no fee), so I have checking, savings and no penalty CDs. It's nice to have checking+ATM access, so I can instantly transfer money from savings (or even break a no penalty CD) and have immediate access to it (cash up to ATM limit or write a check and not worry about it bouncing).

Polymorphic
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Re: Marcus or Ally

Post by Polymorphic » Mon Apr 06, 2020 3:48 pm

This is going to sound silly to some, but Marcus' signup process really annoyed me in a couple of ways:

(1) When trying to put my wife jointly on the account, there was no way to list her as "homemaker." The only option provided for her particular situation is "unemployed" with "gift/relatives" for income. :oops:

(2) When setting up funding sources, Marcus disables pasting from the clipboard into the routing and account number fields. This results in poor user experience, especially for those of us who keep financial account numbers in some kind of secure password manager.

Jim Baround
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Re: Marcus or Ally

Post by Jim Baround » Mon Apr 06, 2020 4:09 pm

I've had an Ally account with a few dollars in it for a while. In March they offered a 1% bonus on up to $25,000 move to Ally by 3/31. I went on and requested an ACH pull from another account I had on Friday morning 3/27. The money was pulled on Monday morning 3/30, but didn't show up in my Ally account until Wednesday, 4/1, thus costing me the bonus. To take about 5 full days to move money between accounts doesn't work for me, so I'll be closing my account shortly. I'll take a look at Marcus.

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indexfundfan
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Re: Marcus or Ally

Post by indexfundfan » Mon Apr 06, 2020 4:49 pm

Jim Baround wrote:
Mon Apr 06, 2020 4:09 pm
I've had an Ally account with a few dollars in it for a while. In March they offered a 1% bonus on up to $25,000 move to Ally by 3/31. I went on and requested an ACH pull from another account I had on Friday morning 3/27. The money was pulled on Monday morning 3/30, but didn't show up in my Ally account until Wednesday, 4/1, thus costing me the bonus. To take about 5 full days to move money between accounts doesn't work for me, so I'll be closing my account shortly. I'll take a look at Marcus.
Ally is one of the few online banks that does this customer unfriendly method of ACH transfer, whereby the money disappears into a black hole for a few days. You lose interest on your money when the money is in the black hole.

There is a way for you to qualify for next-day ACH transfers, but you will need to jump through some hoops and wait for 60 days for it to activate. Even then, the next-day ACH is only for a specific transfer direction with a specific bank.
My signature has been deleted.

andypanda
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Re: Marcus or Ally

Post by andypanda » Mon Apr 06, 2020 5:08 pm

"I don't know if it's pure incompetence or just delaying tactics of some sort. " - me, in an earlier post

My wife spent 2 hours on the phone today, counting waiting times, transfers, etc.
It turns out that the last two customer service reps she spoke to were totally wrong and no additional info is required and no forms have been mailed to her. IOW, they were clueless.

As it turns out, the check, made out to her brother's estate, will be here in 3 or 4 days. We will see.

I feel so much better knowing the check is in the mail. :oops:

02nz
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Re: Marcus or Ally

Post by 02nz » Mon Apr 06, 2020 5:36 pm

209south wrote:
Tue Mar 31, 2020 7:47 pm
I have been a happy Ally customer for years - have a few accounts and several CDs with them, and a couple with Capital One. With recent turmoil I've moved some money to Marcus to diversify for FDIC purposes. Very happy with the rates at Marcus, but disappointed with the SEVEN days 'til transferred funds are available - not that I NEED the money, I put it there for a reason, but that is off-market and not as good as Ally or Capital One.
That's pretty typical when you pull funds from another bank. They want to give themselves time to make sure the transaction has really gone through. Better to push from the other bank, then the receiving bank generally makes it immediately available.

InvisibleAerobar
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Re: Marcus or Ally

Post by InvisibleAerobar » Mon Apr 06, 2020 5:42 pm

It seems that all of the bonus offers have dried up, other than the one for Discover.

Anyone know if there's any other institution out there offering bonuses, since I seem not to be very good at sleuthing out such deals? While I was looking around in March, I most definitely didn't come across the 1% up to 25k offer from Ally, or else we'd have sprung for that.

menendeza
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Re: Marcus or Ally

Post by menendeza » Mon Apr 06, 2020 5:56 pm

I use Ally, Discover, JP Morgan and a local CU. So far, Ally is my favorite.

02nz
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Re: Marcus or Ally

Post by 02nz » Mon Apr 06, 2020 10:49 pm

InvisibleAerobar wrote:
Mon Apr 06, 2020 5:42 pm
It seems that all of the bonus offers have dried up, other than the one for Discover.

Anyone know if there's any other institution out there offering bonuses, since I seem not to be very good at sleuthing out such deals? While I was looking around in March, I most definitely didn't come across the 1% up to 25k offer from Ally, or else we'd have sprung for that.
The best bonus offers tend not to last long. Doctorofcredit is a good place to learn about these: https://www.doctorofcredit.com/best-ban ... t-bonuses/

March was a good month - I signed up for $400 with CIBC, $250 Ally, $300 CIT, $300 US Bank, $400 Wells Fargo, $400 Citi, and $500 from a local bank. I think of it as allowing the banks to thank me for bailing them out a decade ago. :moneybag

InvisibleAerobar
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Re: Marcus or Ally

Post by InvisibleAerobar » Tue Apr 07, 2020 7:02 pm

02nz wrote:
Mon Apr 06, 2020 10:49 pm
InvisibleAerobar wrote:
Mon Apr 06, 2020 5:42 pm
It seems that all of the bonus offers have dried up, other than the one for Discover.

Anyone know if there's any other institution out there offering bonuses, since I seem not to be very good at sleuthing out such deals? While I was looking around in March, I most definitely didn't come across the 1% up to 25k offer from Ally, or else we'd have sprung for that.
The best bonus offers tend not to last long. Doctorofcredit is a good place to learn about these: https://www.doctorofcredit.com/best-ban ... t-bonuses/

March was a good month - I signed up for $400 with CIBC, $250 Ally, $300 CIT, $300 US Bank, $400 Wells Fargo, $400 Citi, and $500 from a local bank. I think of it as allowing the banks to thank me for bailing them out a decade ago. :moneybag
Thank you. That was quite helpful :)

BUBear29
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Re: Marcus or Ally

Post by BUBear29 » Tue Apr 07, 2020 7:54 pm

Marcus does not allow trusts as beneficiary
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ronin
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Re: Marcus or Ally

Post by ronin » Tue Apr 07, 2020 8:36 pm

Do they allow trusts to own the account?

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gas_balloon
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Re: Marcus or Ally

Post by gas_balloon » Tue Apr 07, 2020 9:23 pm

ronin wrote:
Tue Apr 07, 2020 8:36 pm
Do they allow trusts to own the account?
Not from what I know. Neither account owner nor beneficiary can be trust account afaik.

carolinaman
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Re: Marcus or Ally

Post by carolinaman » Wed Apr 08, 2020 9:00 am

indexfundfan wrote:
Mon Apr 06, 2020 4:49 pm
Jim Baround wrote:
Mon Apr 06, 2020 4:09 pm
I've had an Ally account with a few dollars in it for a while. In March they offered a 1% bonus on up to $25,000 move to Ally by 3/31. I went on and requested an ACH pull from another account I had on Friday morning 3/27. The money was pulled on Monday morning 3/30, but didn't show up in my Ally account until Wednesday, 4/1, thus costing me the bonus. To take about 5 full days to move money between accounts doesn't work for me, so I'll be closing my account shortly. I'll take a look at Marcus.
Ally is one of the few online banks that does this customer unfriendly method of ACH transfer, whereby the money disappears into a black hole for a few days. You lose interest on your money when the money is in the black hole.

There is a way for you to qualify for next-day ACH transfers, but you will need to jump through some hoops and wait for 60 days for it to activate. Even then, the next-day ACH is only for a specific transfer direction with a specific bank.
I did wire transfer from local NC bank to Ally on 3/30 so that I could be assured of getting money in by bonus deadline. It cost $27 but I got the bonus.
I liked the 18 month 1.75% rate, so I did another CD with Ally and had them pull money from my bank. It took several days for that to happen. I am glad I did the wire transfer for the first CD

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indexfundfan
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Re: Marcus or Ally

Post by indexfundfan » Wed Apr 08, 2020 9:04 am

carolinaman wrote:
Wed Apr 08, 2020 9:00 am
I did wire transfer from local NC bank to Ally on 3/30 so that I could be assured of getting money in by bonus deadline. It cost $27 but I got the bonus.
I liked the 18 month 1.75% rate, so I did another CD with Ally and had them pull money from my bank. It took several days for that to happen. I am glad I did the wire transfer for the first CD
Another way to fund the CD is by depositing a check through their mobile app. I think the limit is $50k and the check is credited the same day. This avoids the wire fee or the long ACH transfer time.
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AllieTB1323
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Re: Marcus or Ally

Post by AllieTB1323 » Wed Apr 08, 2020 9:12 am

Have both Marcus and Amex and am happy with both. Marcus does offer a slightly higher interest rate than Amex.

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oneleaf
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Re: Marcus or Ally

Post by oneleaf » Sat Apr 11, 2020 11:29 am

I have an account at both.

In terms of user experience:
  • Ally is really top-notch. Extremely easy to open a new account. Especially with joint accounts, it lets you re-use registrations. Breaking CD's is super easy and transparent as to the fees.
  • Ally's website and app are fast to load and easy to use.
  • Marcus's website and app are pretty clunky so far. Opening new accounts is not too bad, but you gotta refill out all joint applicant info everytime, even if you already have a joint account with the registration you want. The experience is annoying because it makes you re-set up contact information and secret words, and you have no idea how it affects their global setting (because the joint has their own login and profile). I find this stuff clunky and annoying, but so far everything has worked OK.
Fund availability/transfer/interest:
  • Ally transfers take a few days, and the money leaves your external accounts and can be in limbo for another day or two before it arrives.
  • Marcus is awesome. They do same-day ACH's (if your external account accepts it), and it doesn't even matter, because you start earning interest on the day you submit the transfer.
  • Marcus rates are almost always just a tad higher than Ally across the board.
  • You can't add funds to an Ally CD after you open it. You can add funds to a Marcus CD (as long as it's not a No-Penalty CD) for up to 30 days after you open it. This is nice because you can jump on a good deal and take an extra few weeks to get funds there.
I am happy to keep accounts at the best yielding online banks (CapitalOne, Ally, and Marcus) and jump on any good deals they offer. I am seeing myself using Marcus more and more, but you never know when they might become less competitive. They plan to get into cash management/checking soon, so who knows what their business model will become.

123
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Re: Marcus or Ally

Post by 123 » Sat Apr 11, 2020 12:15 pm

We're long-time Ally Bank customers and really like their website, but we'd like to increase our FDIC coverage headroom. The thing that we like about Ally and their website is that once you get a joint savings account established you can open additional similar joint accounts without the need for any involvement of the secondary account owner. This works great for handling CD maturities as well other actions with accounts. From my recollection it is part of Ally's terms and conditions that additional accounts can be opened with the same ownership as the initial account.

Does Marcus or any other higher-paying internet bank provide a similar provision arrangement that doesn't require an action by a secondary owner with every new account?
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oneleaf
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Re: Marcus or Ally

Post by oneleaf » Sat Apr 11, 2020 3:12 pm

123 wrote:
Sat Apr 11, 2020 12:15 pm
We're long-time Ally Bank customers and really like their website, but we'd like to increase our FDIC coverage headroom. The thing that we like about Ally and their website is that once you get a joint savings account established you can open additional similar joint accounts without the need for any involvement of the secondary account owner. This works great for handling CD maturities as well other actions with accounts. From my recollection it is part of Ally's terms and conditions that additional accounts can be opened with the same ownership as the initial account.

Does Marcus or any other higher-paying internet bank provide a similar provision arrangement that doesn't require an action by a secondary owner with every new account?
See my post above yours. Essentially, Ally is the gold standard for opening additional joint accounts seamlessly (just re-use the same registration). Marcus makes you fill out the secondary owner just as you had to do the first time. It even makes us set up security questions again, which is annoying because we don't know how it affects the global profile. It's clunky and falls short of the Ally experience. However, once you fill it out, it should be approved automatically, but there is always a possibility it makes us call in to verify a few things. Ally makes me so confidant in the account opening experience because the joint registration is right there for us to choose and doesn't make us fill in any additional info. Unfortunately, Marcus always has better rates so I will likely use them more.

02nz
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Re: Marcus or Ally

Post by 02nz » Wed Apr 15, 2020 7:32 pm

Marcus dropped the APY on its Online Savings account to 1.55%, just above Ally's 1.50%. Marcus still has significantly better CD rates though.

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