Money markets?

[cozmopak]

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?

[ENT Doc]

Ally has good options, including a 11 month no cancellation fee CD earning 1.65% APY.

[jfoxcpacfp]

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.

[VagabondMD]

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).

[cozmopak]

Goal is to have an emergency slush fund.  Are there better options?

[jfoxcpacfp]

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.

[PhysicianOnFIRE]

ENT Doc wrote:

Ally has good options, including a 11 month no cancellation fee CD earning 1.65% APY.

Click to expand...

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.