What to do with chunk of cash for very short term?
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Anonymous
| We have a chunk of cash sitting in our checking account that we will need to access in about 6 months. Is there anything we can do to earn more than the 2% interest we're currently getting? It's about $35,000. |
Anonymous
| You could do a no-penalty CD, but I don't think it would be much more than you're already getting, and thus probably not worth the headache. I'm pretty content leaving money we need short-term in our money market account at 2%. |
Anonymous
|
https://www.bankrate.com/landing/cd-rates
You can look in more detail, but quick glance shows 2.2% for 6 month. If you are getting 2 percent, then an extra .2 percent for 6 months is 0.1 percent total gain, or about $35 on your $35,000. Doesn't seem worth it for the fuss and the lack of liquidity, but you could do it if you want. |
Anonymous
| Marcus by Goldman Sachs online savings is at 2.05% (I've had a good experience with them). CIT online is now at 2.15% No fees. Both FDIC insured and those rates should drift up if the Fed raises in the coming months. |