Where to park ~$30k?

[RhondaHonda]

CIT Bank Savings account no strings 5%
Or WMT long term

This is the answer. 5.05% currently and I can move money to my credit union checking account in a day when needed. I keep 2 years of spending in there and while it doesn’t make a ton, it’s a nice amount and it’s safe.

 

[gathermewool]

Thanks again, everyone. I just stopped at the bank and moved $25k over into a 6mo CD at 5.25%. I'll probably stick the other $20k on a MM and keep $5-10k on hand just in case.

For reference: my CU was only offering 3% on their "Elite" MM account that carried a min. balance of $25k. No thanks!

You mean $5-10k in your liquid Apple savings (or similar) account?

 

[rekit]

Liqidity-From Fidelity MM to local bank, done online Sunday, in by Monday. Wired to Japan Tuesday arrived Thursday. Wow. Got in a college fund there for new grandbaby before deadline.

 

[dja4260]

My high yield saving account is at 5.26%. I withdraw and add as I please.

 

[Donald]

I know, I know: this isn't a financial advice website. That being said, I trust the input and advice of my fellow members MUCH more than some broker trying to sell me a service.

I'll keep it short and sweet: After paying off ALL my debts, I have about $50k left from the sale of my home. I would like to keep $20k on hand as an emergency fund, so I've got $30k to park somewhere and let sit. The only current expenses are normal day-to-day items and utilities, we have no mortgage/CC/auto debt. There are no major expenses coming up (we did just have to replace our dryer, found a brand new Maytag at the used appliance place for $330 delivered).

There is a piece of property just around the corner from us that's left over from a house fire last year. It's ready to go with well/sewer/electric, and I think I could pick it up for ~$20k. Property taxes on the land are maybe $600/yr.

Outside of that, I have no idea. I'll be contributing to my 401k at JD, they match 30% of contributions up to my first 7% of income so there's that. What would you do?

CD

 

[miden851]

a money market fund that pays +5% yield

also, i'd play opening some accounts in return for some promotional $$$, such as at Chase, City Bank, BoA and alike

 

[miden851]

VMFXX @ 5.28% yield currently, with zero risk and liquid

 

[Pablo]

To this day BofA business savings is around 0.2%. Closed all the accounts last month. Just as a silly aside.

 

[k1xv]

I would put the spare money in an exchange traded fund that invests in high grade corporate bonds.

I think interest rates will go down in the next two years. So, money invested in fixed rate bonds today should appreciate as interest rates fall. And in the meantime, you will be getting a fair interest rate. And because the fund is exchange traded, you can sell it at any time if you suddenly need the cash.

 

[99Saturn]

To this day BofA business savings is around 0.2%. Closed all the accounts last month. Just as a silly aside.

Chase savings account I opened for a promo deal is paying 0.01% - not a typo. It's crazy.

 

[miden851]

i'd look into promotions like this

15 Best Bank Promotions and Bonuses of April 2024 (up to $700) - NerdWallet

The best bank sign-up bonuses can earn you hundreds of dollars if you meet the requirements. We explain how to qualify for savings account bonuses and checking account bonuses.

www.nerdwallet.com

 

[Wolfshead]

Synchrony bank has some CDs paying over 5%.

 

[Pablo]

i'd look into promotions like this

15 Best Bank Promotions and Bonuses of April 2024 (up to $700) - NerdWallet

The best bank sign-up bonuses can earn you hundreds of dollars if you meet the requirements. We explain how to qualify for savings account bonuses and checking account bonuses.

www.nerdwallet.com

Those seems like kind of a rip off. Nerd Wallet? Meh.

 

[JHZR2]

My high yield saving account is at 5.26%. I withdraw and add as I please.

Which is this?

 

[JHZR2]

I would put the spare money in an exchange traded fund that invests in high grade corporate bonds.

I think interest rates will go down in the next two years. So, money invested in fixed rate bonds today should appreciate as interest rates fall. And in the meantime, you will be getting a fair interest rate. And because the fund is exchange traded, you can sell it at any time if you suddenly need the cash.

CIK has been one of my go-to.

 

[miden851]

Those seems like kind of a rip off. Nerd Wallet? Meh.

stil, one can find what fits him best and a few bonuses

 

[Pablo]

stil, one can find what fits him best and a few bonuses

Yeah a couple aren't terrible - The Discover one is $25K min, 1 month 4.3% and $200 "kicker". Others math them out, the interest is the high kicker. 5% simple interest on $30K is what...$125 mo/$1500/year??

 

[Dave Hess]

Good to see people now earning some decent interest on their cash that was collecting dust.

 

[dja4260]

Which is this?

Western Alliance Bank Here is an email that I copy and pasted: This is officially the best High-Yield Savings Account rate on Raisin! Western Alliance Bank has instituted a rate increase to 5.26% APY¹ for its High-Yield Savings Account — thats 12.23 times the national average for High-Yield Savings Accounts².

​ Western Alliance Bank High-Yield Savings Account APY 5.26%¹ 12.23 times the national average² Add funds​ Product Terms