Choices for short term savings $300k +

[confused1]

All

Currently saving for some large expenditures we have coming up in 9+ months - Large remodel in VHCOL area. $600k +.

So over the next 9 months we will have $300k - $600k in liquid savings. Currently have this in Ally but only earning 1.25% APR.

Partner and I have high income (in CA) and have already covered all obvious bases
401k Maxed out
Backdoor and mega backdoor Roths
Minimal loans and paying down mortgage in next 8 years

Wondering if there are any better options for the $$ in the short term or best to leave in Ally?

Thanks in advance

[inverter]

Ally should be fine. Two comments:

1. Make sure the account is titled such that you are not above the FDIC limits.

2. If you are high income you could do something tax exempt, like VCTXX. You'll have to calculate whether it's worth it since it is currently lower yielding.

[J295]

Ally should be fine. Two comments:

1. Make sure the account is titled such that you are not above the FDIC limits.

2. If you are high income you could do something tax exempt, like VCTXX. You'll have to calculate whether it's worth it since it is currently lower yielding.

+1

A bit of a hassle, but you could get an extra thousand dollars with two capital one 360 account bonuses … They are paying an additional $500 per online savings account for accounts for $50,000 or more .... it is FDIC insured up to the FDIC limits. Current rate is 1.3% on the savings account.

[confused1]

Ally should be fine. Two comments:

1. Make sure the account is titled such that you are not above the FDIC limits.

2. If you are high income you could do something tax exempt, like VCTXX. You'll have to calculate whether it's worth it since it is currently lower yielding.

+1

A bit of a hassle, but you could get an extra thousand dollars with two capital one 360 account bonuses … They are paying an additional $500 per online savings account for accounts for $50,000 or more .... it is FDIC insured up to the FDIC limits. Current rate is 1.3% on the savings account.

Now there is an interesting idea, need to see if I we can open multiple accounts

[EnjoyIt]

Ally should be fine. Two comments:

1. Make sure the account is titled such that you are not above the FDIC limits.

2. If you are high income you could do something tax exempt, like VCTXX. You'll have to calculate whether it's worth it since it is currently lower yielding.

+1

A bit of a hassle, but you could get an extra thousand dollars with two capital one 360 account bonuses … They are paying an additional $500 per online savings account for accounts for $50,000 or more .... it is FDIC insured up to the FDIC limits. Current rate is 1.3% on the savings account.

Citi is offering $1500 for $200k. You can do $200k now and once you get another $100k do it for your partner.and get an extra $3k with minimal effort.

Otherwise, Ally is just fine.

[confused1]

Citi plus capital one looks like the best place - We have almost $300k saved today. Can split between one Citi and 2 capital one accounts

[psychoslowmatic]

Here’s a sorted list if you’re willing to chase bonuses:

https://www.doctorofcredit.com/best-ban ... t-bonuses/

And a guide:
https://www.doctorofcredit.com/a-beginn ... t-bonuses/

Enjoy!

[EnjoyIt]

Chase I believe has $2k for $250k as well

[anon_investor]

Look into no penalty CDs to lock in today's rates as rates keep dropping. Ally Bank and Marcus have no penalty CDs, so you can split ownership up between you and spouse to ensure full FDIC coverage.

[confused1]

Checking this evening and APR on the citi accounts are really bad, think 0.12%.

So currently earning ~~ $220 pm in ally
This would drop to almost zero for 90 days but offset with $1500 bonus. End result $900 that will be heavily taxed leaving $450 in our pocket. Good idea but question the ROI.