Don’t put house money in the market. That’s not a conversation you want to have with your wife the week before you write an offer on a house and your high yield company of choice just pulled a GE or worse and tanked.

Most brokerage money markets are non FDIC insured but still super safe, are paying about 1.6 to 1.8or so.

Ally, Capital One, Marcus (Goldman Sachs) and various online banks FDIC insured are paying closer to 1.80-1.90. Your CU or some other bank may be paying a special right now up to some dollar limit. But if you can get near 2% with 100% safety for house money you need in a year that’s decent. I use my Schwab money fund and Ally bank depending on who is better for my cash, non stock market invested savings. Can transfer to my regular bank online in a (business) day and Ally gave me checks but I never use.

Short term rates are headed back down so it will get worse before it gets better for savers. Good if your a borrower.

quote:

Originally posted by ShouldBFishin:
Any others I should be looking at?

I just opened and transferred the vast majority of my savings from Chase Bank to Alliant Credit Union; I kept only enough in the Chase account to cover my HOA fees and car insurance, which are paid out of that account. I've tracked my Chase savings activity via Excel since 2006 and to say the interest rate is paltry is putting it mildly. I opened the ACU account 3-SEP of this year and by this month's Interest Credit on 30-NOV, I will have SURPASSED the ENTIRE interest credit I had accumulated from Chase Bank for the past 13 years! Yeah...it has been THAT "paltry".

Funny thing is that, as a looooooong-time Chase customer (probably spanning 30+ years now), I NEVER heard a peep from them SOB's. The SECOND I started transferring (what I would call) large sums of money out of my Chase Savings, guess what? My cell phone was BLOWING UP with calls from "Customer Service" letting me know they were there for me and wanted to work with me on new investments, savings plans, etc., etc. Yeah...I deleted the voicemails. Screw that place...

quote:

Originally posted by ElToro:
Don’t put house money in the market. That’s not a conversation you want to have with your wife the week before you write an offer on a house and your high yield company of choice just pulled a GE or worse and tanked.

Agreed - This is money marked for getting into a different house, I wouldn't put it into anything that would risk a loss.


I'm just sick of getting such a little return on it when I know there are other places that are 100% risk free that could do much better. Get $12 a year interest/$10K or $200. It's a no brainer, I just need to maximize that safely


Now, if we weren't going to be house hunting for the next 5+ years, I'd be asking a slightly different question.

quote:

Originally posted by erj_pilot:
I've tracked my Chase savings activity via Excel since 2006 and to say the interest rate is paltry is putting it mildly. I opened the ACU account 3-SEP of this year and by this month's Interest Credit on 30-NOV, I will have SURPASSED the ENTIRE interest credit I had accumulated from Chase Bank for the past 13 years! Yeah...it has been THAT "paltry".

Paltry is what I've been getting and while ~2% isn't stellar, it's a lot better than fractions of a percent.

quote:

'm just sick of getting such a little return on it when I know there are other places that are 100% risk free that could do much better. Get $12 a year interest/$10K or $200. It's a no brainer, I just need to maximize that safely

^^^^^^^^^^^
I hear you. It is supply and demand, economics, and risk tolerance. Cash is exposed to inflation risk. If you can afford a set dollar per month out of your paycheck say one hundred bucks a month buy a Vanguard No Load index fund and see how it does and how you FEEL. You probably spend more than that on ammo. Have it done automatically, in the meantime get the safe low interest to buy your house.

I like capital one 360 for my more liquid savings. Easy and decent return around 2%