Any other places to park cash?

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jayboss
Posts: 20
Joined: Sat Nov 17, 2012 7:53 pm

Any other places to park cash?

Post by jayboss »

I have a capital one 360 and a Marcus by Goldman online savings account that I keep cash in, however with the very low interest rates now, are there any better places to park my cash? This is money I will be using within three years so do not want to invest in the market. Bonds? CD Ladder? Money Market?
J295
Posts: 2732
Joined: Sun Jan 01, 2012 11:40 pm

Re: Any other places to park cash?

Post by J295 »

I posted this morning that I'm not having any options at Fido. Personally I think the online savings accounts for cash are just fine.
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willthrill81
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Location: USA

Re: Any other places to park cash?

Post by willthrill81 »

A high yield savings account earning about .60% is about the best you can do if you just want to 'park' the cash. You can potentially improve that effective yield significantly by playing the 'sign-up bank bonus' game.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
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anon_investor
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Re: Any other places to park cash?

Post by anon_investor »

jayboss wrote: Mon Oct 05, 2020 10:33 am I have a capital one 360 and a Marcus by Goldman online savings account that I keep cash in, however with the very low interest rates now, are there any better places to park my cash? This is money I will be using within three years so do not want to invest in the market. Bonds? CD Ladder? Money Market?
Honestly, the only better safe yield you can get is a CD right now. Marcus 7 month no penalty CD is still currently 0.75%:
https://www.marcus.com/content/marcus/u ... enalty-cds
patrick
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Joined: Fri Sep 04, 2009 3:39 am
Location: Mega-City One

Re: Any other places to park cash?

Post by patrick »

You can get 1% on plain savings accounts from Affirm, Chime, and First Foundation.

You can get 3% with some restrictions. Porte Bank pays 3% on balances up to $15,000, requiring only a $1000 deposit and an ACH push from another of your own accounts seems to qualify. HMBradley pays 3% on balances up to $100,000, requiring direct deposit every month and saving at least 20% of total deposits, evaluated quarterly.
tashnewbie
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Joined: Thu Apr 23, 2020 12:44 pm

Re: Any other places to park cash?

Post by tashnewbie »

Check your local credit unions. One of mine offers 5% APY on balances up to $10k if you have a certain amount of direct deposits.

Otherwise, as @willthrill81 said above, you can try the bank bonus game.
ivgrivchuck
Posts: 319
Joined: Sun Sep 27, 2020 6:20 pm

Re: Any other places to park cash?

Post by ivgrivchuck »

I-bonds:
- $10k purchase limit per calendar year per person; current yield 1.06%
- You need to lock money for one year
- Lose 3 month interest when you cash them out (or hold for 20 years!)
44% VTI | 36% VXUS | 10% I-bonds | 10% EE-bonds
bradinsky
Posts: 267
Joined: Sat Jul 21, 2018 6:32 am

Re: Any other places to park cash?

Post by bradinsky »

Redneck Bank pays 1% on the first $10K in their “checkin” accounts. It’s a real online bank @ redneck.bank. LMAO!
MikeG62
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Location: New Jersey

Re: Any other places to park cash?

Post by MikeG62 »

jayboss wrote: Mon Oct 05, 2020 10:33 am I have a capital one 360 and a Marcus by Goldman online savings account that I keep cash in, however with the very low interest rates now, are there any better places to park my cash? This is money I will be using within three years so do not want to invest in the market. Bonds? CD Ladder? Money Market?
Check for CD's on Deposit Accounts. Screen for those in the area where you live. You might get lucky and find something attractive (well attractive in this market).

It is slim pickings. So dial back your expectations. Also, whether it is worth the effort depends on how much cash you are talking about.
Real Knowledge Comes Only From Experience
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