Where to put savings...?

[VinylxScratches]

I currently have a savings account @ PNC and the interest is shit. I want to put my savings somewhere else but where? I want it to be liquid so I don't want to do anything long-term. It's about 25,000....

CapitalOne has a 1.25APR plus some bonus crap.... I was thinking that.

 

[rudeguy]

invest in hookers and blow?

 

[Lifted]

black.


no, red.

 

[God Mode]

Buy drugs. Bulk alternator sized portions and sell it back on the street in smaller amounts. I saw this process many times on shows and it's foolproof.

 

[manimal]

TVs Glenn Beck swears by goldline!!


make sure its the coins.

 

[x-alki]

you could always put it in rudeguys account. If I remember correctly he was robbed of a grand recently. Or you could put it in my account. Either one is acceptable.

 

[MotF Bane]

1) Pay down any outstanding loans/debts. The interest accruing on them probably is higher than what you would gain from a savings account.
2) I use ING Direct for savings. 1.1%, IIRC.

 

[Dr. Detroit]

http://www.ally.com/

 

[kranky]

Buy multiple $5,000 5-year CDs at Ally bank, which are paying 2.4%. If you need the money early, you don't have to suffer the early withdrawal penalty on all of it, just as much as you need in multiples of $5,000. And their penalty is only 2 months interest anyway.

If you held the CDs for just 6 months you'd be ahead even if you had to cash in all of them.

If rates go up, cash them in and re-invest.

 

[Imp]

So ya, this is what I found out a month ago once I started investing in stocks.

Interest (90% of savings in GICs, savings accounts for 5 years) = Capital Gains (60% of total savings in various U.S. and Canadian equities for 1.5 months)

There's a chance I could lose a big chunk if all my major, undervalued blue-chips somehow crash in the midts of a recession...

 

[Chaotic42]

Citibank, Apple, Google, some relatively stable stock.

 

[dullard]

Read the quick summary for checking, savings, and money market accounts.

Quick summary for CD rates.

Often if you want liquidity, you don't get much interest. But, there is another option. Talk to a banker at your bank, not a teller. Set up their highest rate CD (even if it is slightly long term) and get a free line of credit based on it. That way you can get maybe 2.5%-3% return now and access penalty free to that money through the line of credit if you need it later. $25k may be a bit low for this treatment, but if they want money they'll do it.

 

[MovingTarget]

Pay down any debt you have first. Then, go to a local bank and/or credit union and see what they have to offer. Banking is usually done best at B&M locations.

 

[postmortemIA]

I have additional advice. You have enough in cash, don't accumulate more. Max out your 401k, or invest in some other retirement fund.

My return on 401k YTD is over 10%, I am sure others managed even better. There's no way you'll do anything similar with CDs or savings.

 

[TheUnk]

I did CapitalOne Online Savings when I had some money saved.. I liked it. But like others said, and what I ended up doing, pay down any existing loans first.

 

[VinylxScratches]

The only debt I have is student loans and the interest is tax deductible.

 

[Jumpem]

1) Pay down any outstanding loans/debts. The interest accruing on them probably is higher than what you would gain from a savings account.

Only use your savings to pay down debt once you have a comfortable emrgency fund.

 

[ebaycj]

I currently have a savings account @ PNC and the interest is shit. I want to put my savings somewhere else but where? I want it to be liquid so I don't want to do anything long-term. It's about 25,000....

CapitalOne has a 1.25APR plus some bonus crap.... I was thinking that.

FNBO has done me right.

 

[rcpratt]

You can find enhanced checking accounts (requried direct deposits, debit transactions, etc.) that pay 2-3% if you can deal with the hassle.

You could also do something like GE Interest Plus (1.35%) or Ford Interest Advantage (1.55%, I use this one) or similar. No hassle, but lower rates and I don't believe the money is FDIC insured...but still pretty safe.