Anonymous
Post 05/15/2023 10:18     Subject: What to do with inheritance?
Anonymous wrote:It might make more sense to put it into a high interest savings account for now.


+1000

Do not pay off a 3% mortgage. Save the money at 4-5% CD or savings acct and keep it liquid.
Anonymous
Post 05/15/2023 09:40     Subject: What to do with inheritance?
How much is the inheritance? That $150k mortgage is so low if he inclined to just pay it off and put the rest in fdic insurers accounts at 5%
Anonymous
Post 05/15/2023 09:38     Subject: Re:What to do with inheritance?
Also here for CD rates. https://www.bankrate.com/banking/cds/cd-rates/

I have a fidelity account so bought some CDs there last week. 5% or more.
Anonymous
Post 05/15/2023 09:35     Subject: What to do with inheritance?
Anonymous wrote:
Anonymous wrote:You can find a 12 month CD rate of 5%.


Where? I have not found this to be true.


https://www.depositaccounts.com/cd/1-year-cd-rates.html

Also, Marcus (Goldman Sachs) has a 10 month CD at 5.05%

OP, it's hard to answer your question without knowing the specifics, but I wouldn't be paying off a 3% mortgage right now when you can easily get a higher rate
Anonymous
Post 05/15/2023 09:34     Subject: What to do with inheritance?
Anonymous wrote:
Anonymous wrote:You can find a 12 month CD rate of 5%.


Where? I have not found this to be true.


Google "12 month CD rates" and a bunch of 5+ options appear. It is true.
Anonymous
Post 05/15/2023 09:00     Subject: What to do with inheritance?
Anonymous wrote:You can find a 12 month CD rate of 5%.


Where? I have not found this to be true.
Anonymous
Post 05/15/2023 08:58     Subject: What to do with inheritance?
You can find a 12 month CD rate of 5%.
Anonymous
Post 05/15/2023 08:08     Subject: What to do with inheritance?
Anonymous wrote:Max out in the ibonds (10k for each family member), then put the rest in high interest savings account. Amex us what we use, but we are looking for higher rates, so there might be others.



Disagree with iBonds. Their moment is about to pass. Better to have the flexibility of a high yield money market.
Anonymous
Post 05/15/2023 07:37     Subject: What to do with inheritance?
Max out in the ibonds (10k for each family member), then put the rest in high interest savings account. Amex us what we use, but we are looking for higher rates, so there might be others.
Anonymous
Post 05/15/2023 07:33     Subject: Re:What to do with inheritance?
Anonymous wrote:Interest rate is 3%. It’s about 150k.


Buy a t-bill. They pay much more than 3% and are state tax free. Your interest rate is so low that most safe investments are paying more.
Anonymous
Post 05/15/2023 07:21     Subject: What to do with inheritance?
Anonymous wrote:It might make more sense to put it into a high interest savings account for now.
Klang?


Which one? Never had one
Anonymous
Post 05/15/2023 06:40     Subject: What to do with inheritance?
It might make more sense to put it into a high interest savings account for now.
Anonymous
Post 05/15/2023 05:38     Subject: Re:What to do with inheritance?
Interest rate is 3%. It’s about 150k.
Anonymous
Post 05/15/2023 04:54     Subject: What to do with inheritance?
What’s your mortgage interest rate? How much is the inheritance?
Anonymous
Post 05/15/2023 04:45     Subject: What to do with inheritance?
I am receiving an inheritance and am trying to figure out what to do with the money.

Does it make sense to pay off current mortgage? There is a possibility that I might move in 3-5 years, so if I save/invest, I’d need to have access to it quickly. What would you do?