Ferrous metal alloys including Fe, Co and optionally Ni with metalloids Si, B and P are provided that are substantially close to the peak in glass forming ability and have a combination of both good glass formability and good ferromagnetic properties. In particular, Fe/Co-based compositions wherein the Co content is between 15 and 30 atomic percent and the metalloid content is between 22 and 24 atomic percent at a well-defined metalloid moiety, have been shown to be capable of forming bulk glassy rods with diameters as large as 4 mm or larger. In addition, incorporating a small content of Ni under 10 atomic percent and additions of Mo, Cr, Nb, Ge, or C at an incidental impurity level of up to 2 atomic percent are not expected to impair the bulk-glass-forming ability of the present alloys.