Max [maxmyinterest.com]

Discussion of the Cash portion of the Permanent Portfolio

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pugchief
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Max [maxmyinterest.com]

Post by pugchief » Sun Jan 14, 2018 4:25 pm

Has anyone tried this service?

For 0.08% fee per year they will play the interest rate chasing game for you, moving your money from FDIC insured bank to bank to earn you the highest rates. They will also keep the balance in any one institution below $250,000 should you be so lucky to exceed that amount of cash so as not to exceed the FDIC limit.

It seems like a no-brainer, except for the additional counter-party risk, which from the way it is structured, doesn't seem like a big risk.

Thoughts?

https://www.maxmyinterest.com
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eufo
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Re: Max [maxmyinterest.com]

Post by eufo » Sun Jan 14, 2018 5:22 pm

Seems solid... I would always secretly question if they were doing it right and do the research anyway.
Don't agree with me too strongly or I'm going to change my mind
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ochotona
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Re: Max [maxmyinterest.com]

Post by ochotona » Sun Jan 14, 2018 8:53 pm

Thanks for the motivation. I just opened an account at marcus.com (Goldman Sachs' online consumer bank). 1.50% on the savings accounts. I'm with Ally now, get 1.25%. But I'm keeping my checking and some savings at Ally. Too much of a pain to uproot everything.

Marcus and Ally both have A+ bank safety ratings at BankRate.com. Not all online banks do. I want that A+.
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ochotona
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Re: Max [maxmyinterest.com]

Post by ochotona » Tue Jan 16, 2018 5:43 pm

The Marcus user interface is very spare. No online app. I don't think it's that good for a primary consumer checking / savings account. But it's fine as a high interest money bucket. I think that's all they intended it to be, a money magnet.
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pugchief
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Re: Max [maxmyinterest.com]

Post by pugchief » Tue Jan 16, 2018 6:01 pm

ochotona wrote:The Marcus user interface is very spare. No online app. I don't think it's that good for a primary consumer checking / savings account. But it's fine as a high interest money bucket. I think that's all they intended it to be, a money magnet.
Yep. They have been consistently in the top 5 or so for a long time. The new web interface is particularly annoying to me, as my primary browser [Opera] is not supported for some reason, so I have to open another browser just to log in. Ugh. That wasn't an issue with the old GSBank site.
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Xan
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Re: Max [maxmyinterest.com]

Post by Xan » Tue Jan 16, 2018 7:31 pm

ochotona wrote:The Marcus user interface is very spare. No online app. I don't think it's that good for a primary consumer checking / savings account. But it's fine as a high interest money bucket. I think that's all they intended it to be, a money magnet.
99% of the time, anything that can be done in a phone app is better done as a web site. Anybody who wants you to install an app in order to deliver a service that could be done over the web is trying to spy on you or otherwise take advantage.
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ochotona
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Re: Max [maxmyinterest.com]

Post by ochotona » Tue Jan 16, 2018 8:26 pm

Xan wrote:
ochotona wrote:The Marcus user interface is very spare. No online app. I don't think it's that good for a primary consumer checking / savings account. But it's fine as a high interest money bucket. I think that's all they intended it to be, a money magnet.
99% of the time, anything that can be done in a phone app is better done as a web site. Anybody who wants you to install an app in order to deliver a service that could be done over the web is trying to spy on you or otherwise take advantage.
So nice of Goldman to not want to take advantage of us!
whatchamacallit
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Re: Max [maxmyinterest.com]

Post by whatchamacallit » Wed Jan 17, 2018 8:12 am

Savings accounts need to catch up.

Best return and convenience right now really is the 1 year treasury @ 1.8%. Especially if you have to pay state income tax.

1 year cds might get you 2% with too much hassle.
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ochotona
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Re: Max [maxmyinterest.com]

Post by ochotona » Wed Jan 17, 2018 11:04 am

whatchamacallit wrote:Savings accounts need to catch up.

Best return and convenience right now really is the 1 year treasury @ 1.8%. Especially if you have to pay state income tax.

1 year cds might get you 2% with too much hassle.
What I really need to do is push this cash into my Roth IRA, totally max out my Roth 401k, trade my IRA gold ETFs for gold bars, and get rid of the excessive taxable bank cash. I'll do it when my littlest is out of college and my industry (oil) stops going into fibrillation every couple quarters. Anyone got a some spare Xanax?
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ochotona
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Re: Max [maxmyinterest.com]

Post by ochotona » Sun Feb 11, 2018 11:58 am

When I moved a big block of cash from Ally to Marcus, the interest rate difference was 0.25%. Now it's only 0.05%. Ally woke up and noticed, a little bit late. They probably bled out millions of dollars.
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ochotona
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Re: Max [maxmyinterest.com]

Post by ochotona » Sun Feb 18, 2018 7:41 am

Some user feedback postings at depositaccounts.com reminded me that Marcus uses your email address as your username, which isn't good. I then made a ridiculously secure password with 256 characters, saved it to an encrypted file, and will use it only for Marcus. Not convenient, but I don't look at Marcus but once a month to get my statement.
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ochotona
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Re: Max [maxmyinterest.com]

Post by ochotona » Sun Apr 15, 2018 10:38 am

Marcus online savings is now paying 1.60%
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