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Interest Bearing
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Interest Bearing

  #1 (permalink)
Elite Member
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MWinfrey's Avatar
 
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Interest Bearing

I have some money that I need to park somewhere that will make a bit or interest/dividends while I decide what to do with it. I know savings accounts and CDs but the interest rates seem to top out about 1.15 %. Also I have IRAs and Roth accounts which I will contribute some of this money to. But, wondering if anyone has any other possibilities that I haven't thought of that might do better than what I've mentioned.

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  #2 (permalink)
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Robert Carrillo's Avatar
 
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This article in NY Times from last summer may interest you.


Quoting 
...consider playing a little game with Ally Bank’s five-year C.D., which pays 1.73 percent; it charges a penalty that amounts to 60 days’ worth of interest if you withdraw your money before the C.D. matures. This lets you take advantage of a relatively attractive rate with a minimal penalty should rates spike and you want to reinvest your money elsewhere, Mr. Korb said. He figures that plunking your money into Ally’s five-year certificate of deposit, as long as you can keep your money there for about six months, would be a better choice than its one-year C.D., which pays 1.01 percent.


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  #3 (permalink)
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Bear in mind the hidden tax - inflation.

Most G7 countries target ~2% inflation. USA is currently 1.8% TRADING ECONOMICS | 300.000 INDICATORS FROM 196 COUNTRIES

If your yield is say 1.75%, you've actually lost 0.05% at the end of the year.

They say the stock market looks good these days.

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I think I've decided to become a loan shark. My son in law is in the security business so he can do all the asset recovery when it becomes necessary. He has guns.

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MWinfrey View Post
I think I've decided to become a loan shark. My son in law is in the security business so he can do all the asset recovery when it becomes necessary. He has guns.



Ally is currently only 1.50% but this is a listing for all online banks 5-yr CD rates:

CD Rates by Bankrate.com

Sort by APY, and you'll see 6 banks offering rates over 1.50% and as high as 2.06%.

May be worth investigating the early withdrawal penalties for those paying higher than 1.50%.

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