Hello everyone! If you're a parent, beginner in personal finance, who's working to get your finances in order and need help with your financial planning, so you can build your wealth, and achieve financial security, stability, and freedom, message me on IG @thealexisidro (I'm currently doing research and would love to know how I could help you/challenges you are dealing with, and in exchange for your input, I will answer any questions you have). instagram.com/thealexisidro/
I set up an account few weeks ago where I had to use linked bank I’m already with and can only transfer in and out of only one account can be linked in in UK
I understand you personally go with Marcus but anyone listening would probably lean wealthfront. The only feature with Marcus that sounds like an advantage is same day transfers.
When you get a Wealth Front account is this a savings account and checking? Do they send you a card. I'm thinking about getting it just to put money a side. I'm new to it not sure how it works.
You get one account called a Cash Account but you can create categories within that account for emergency savings, travel, etc. I don't think they send you a card automatically.
No, I've never experienced that. I've heard those comments too, it's unfortunate. I only share my perspective based on what I went through. They've always been super helpful and courteous.
@@alexisidro If they’re funds to save for future purchases or emergencies, it just makes sense to do a higher yielder. I can see how it also benefits those who want to invest. It’s also a perk that we get a debit card to physically withdraw the money if need be. And their phone app UI is not too bad either; it’s very informative! I had Amex because of their name or reputation but those reasons alone don’t give me back money I want for my savings. Marcus’s future is uncertain so why bank with one who you don’t know what their future holds?
Great question. Essentially, you'll get your money back through the new acquiring bank (if the bank that failed is bought by another one) or a check from the FDIC withing two business days of the failure. Here's what Bankrate suggests will happen: "In most bank failures, you don’t have to do anything to get your money back. You can use your account as you did previously, but it will be at a new bank. If you have direct deposits routed to your account, the FDIC will reroute them to the acquiring bank. You can also continue to use your existing checks for a short period of time, but the acquiring bank will contact you with information about new checks. What if the FDIC struggles in its matchmaking efforts and fails to find an acquiring bank? Then the FDIC gets out its checkbook. “If the FDIC was unable to find an acquirer for the failed bank’s deposits, the FDIC conducts a deposit payoff,” Williams-Young says. A deposit payoff means you’ll get paid directly via check by the FDIC, according to the total amount of deposits you had that were insured. How long will it take to get your money? While the FDIC says that each bank failure is a unique situation, it works to pay back depositors as soon as possible - typically within two business days of the failure."
Their investment department is now being run by Betterment. Their loans department was running into some issues as well. They were going to end some of their services, but HYSAs were not involved.
Do you have any recommendations for a joint HYSA? I want to start saving with my partner but haven’t found any good options SOFI was the only one I found but don’t want to do direct deposit for that offer
@@alexisidro Honestly just looking for a savings account. We both already have our own separate bank accounts we were just looking for a joint savings bank account
Gotcha. Other than SoFi and Marcus, look into CIT, Capital One 360, Discover, Ally. Those are safe options out there. They don't have the highest interest rates, but they're well established with reputable track records. There are others of course, but these are the ones that come to mind.
I have Marcus. However, here's what a Wealthfront client recently shared (you can also look through the comments. It's here in the comment section): "My Wealthfront experience: -Difficulty opening an account -No telephone number listed on website or app -Main contact is via email, which can take them 24hrs or longer to respond -Could not link to Vanguard account -Difficulty closing account (they cancelled my account closure attempts twice) -Answered phone each time I called, but employee sounded as if he was working from home. He also did not have professional communication skills -hands off approach due to low # of employees (under 300) -transfers can take days"
@@alexisidro a note on the transfers taking days, I've had WF for a week and my transfers earn interest the next day. However they do take a few days to become available.
@@alexisidro Marcus is FDIC insured up to $250K. So, I'm going to put the whole $250K in there, then put the rest in Wealthfront since it's FDIC insured up to $8M. I don't have anywhere near the amounts, but this is my plan.
Sorry, but you come across extremely biased. There was zero benefit to going with Markus. Wealthfront is by far the better product. Whether you’re using all its features or not, it is the better product. There would be absolutely zero reason to go with Markus .
Marcus has a better reputation because it was created by a long-standing bank. Wealth front is new (2008) and some people have been complaining about their funds being locked.
