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I finally purchased a home and am now starting back on the savings track. I'd like to build up some liquid cash, but currently it is collecting dust in a Bank of America savings account, yielding no interest. Any advice? Money markets?
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Ally has good options, including a 11 month no cancellation fee CD earning 1.65% APY. -
One of our clients just put $25k in Metropolitan Bank's "Physician" account at 2%. Don't recommend you save a big wad of cash without a goal in mind. Even at 1.65% and 2%, $100k is not collecting a whole lot more than dust if you don't plan to use it for a few years. Plan then execute.My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clientsComment
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My best source for this information is the following blog:
http://www.mymoneyblog.com/best-interest-rates-cash-december-2017.html
It gets updated monthly (and the next monthly update will include the Ally 11-month CD 1.65%, no doubt).Comment
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Goal is to have an emergency slush fund. Are there better options?Comment
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Depends how much you need in your slush fund and what your plans are. If this is a true emergency fund, i.e. your first line of defense if you need quick cash, then, no, you're not going to do any better than the rates above.My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clientsComment
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Ally has good options, including a 11 month no cancellation fee CD earning 1.65% APY.
That's where my cash is parked. I don't normally hoard cash, but we plan to start building a cabin within the next year.Comment
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