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  1. #1

    68K in no interest savings accounts- need help 68K in no interest savings accounts

    The Ally 1-yr CD is looking good. I have not personally bit on that one yet but I may.

    If you want to wait to lock in a CD (expecting rates to go up even higher) there are several savings accounts at 1.40% or higher. I've been happy with Marcus (formerly GS Bank) and PurePoint Financial. Take a peek at the DepositAccounts.com web site for other options.

    I personally like I-Bonds and have a small amount, but have not added any for awhile because DH has a bias against them and I pick my battles (and this particular battle is not one I choose to pick). DepositAccounts has some good articles on I bonds. Do you already have a TreasuryDirect account set up? I've had mine for so long that I have forgotten all of the details, but I believe it has more requirements and takes longer than opening up a regular bank account. My personal experience has been that the Treasury end of year statements are slow to be issued, so if getting your taxes done super quick is important to you consider yourself warned.

  2. #2
    Do you have a purpose what this money will be used for? Is this your EF or college savings?

  3. #3
    If you want to keep it insured and very available with no penalty for withdrawal, I encourage you to look for interest bearing checking accounts and do some finagling to meet the requirements such as direct deposits / direct withdrawals, or debit card usage.

    Dividing up among four such accounts, my spouse and I have been able to find accounts earning 2% - 4% ever since the Great Recession. I have used a combination of paying attention to local advertising and bankrate.com to find good rates and terms. Bankrate can help you understand the health of the institution, too.

    "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

    "It is easier to build strong children than to repair broken men." --Frederick Douglass

  4. #4
    We'd call 45K of it EF, and the rest, not sure. My income is increasing in 2018 so we could start putting money into college savings (our plan is to pay off our house and be debt free before DD starts college in 7.5 years, but having some $ put aside would be great too).

    I think DH wants the 45K to be immediately accessible if needed.

  5. #5
    Tier 1: credit card
    Tier 2: $x at CapOne360*
    Tier 3: $y in taxable investment
    Tier 4: Roth IRA

    I don’t bother with CDs
    *account can cover maxing credit card three times.

    Having 45k readily available is extreme but it is your money. I would challenge you to come up with a tiered system so you can make your money work for you.

    Another challenge is to minimize your interest earned and utilize investing for dividends (qualified dividends) so you pay less in taxes and would also be able to do some tax loss harvesting.

    However, if your goal is to payoff the mortgage then maybe now is a good time to use the extra $23k towards that.



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