Joined Jan 2011
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Forum Thread
put my money into savings account or CD?
February 28, 2023 at
07:43 AM
Thread Details
My money has been sitting in a chase savings account earning 0.01%
Where should I put my money to try and keep up with inflation? Any suggested savings or CD accounts?
I have a 2.875% mortgage on one property, 3.125% mortgage on my investment property, 1.9% car loan, and about half of my savings in the stock market.
Where should I put my money to try and keep up with inflation? Any suggested savings or CD accounts?
I have a 2.875% mortgage on one property, 3.125% mortgage on my investment property, 1.9% car loan, and about half of my savings in the stock market.
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But things I've found
1. No savings or tips will beat inflation.
They'll only cut the loss of cash value as inflation increases this year.
2. You'll have to look at the latest rates at https://www.depositacco
https://www.nerdwallet.
, etc lists of best cd/savings.
Constantly changing, but typically 3.5-5% right now.
You'll want to look at features like Zelle and atm withdrawals should you want easier access - otherwise wait days for the ach / swift etc transfers. Also look at arbitrary transfer limits - you might need $50k in a day, but if they limit transfers to $3k, it's a pain.
3. TIPS is another longer term method 5+ years. You'll want to compare and gauge how long you can not touch the money you put in.
....
4. And, given the baby recession/war/inflation/etc, and the 3, 4 major market dips in the past 4 years (https://bigcharts.marke
Because honestly, buying into solid companies (E.g. McDonald's etc) especially dividend paying ones during the recent dips are one of the best ways to grow money long term.
......
Depends on your potential need for liquidity. The 4 week is paying about 4.7% The 8, about 4.75%. The 13, about 4.9% currently. The 17 is at about 5.05% and the 26 at about 5.15%. With the current rising interest rates, you can make an argument for the 13 as well imo (the 4 and 8 I think are not worth giving up the 0.3% for in most circumstances, but that is me). I currently would personally go for the 17 week and take the 5.05%. You can always split your money up and ladder them as well over a period.
their 11 month cd? do not touch those piles of shit.
only do short duration ones or if they can offer anything over 5% where it compounds daily and no penalty.
but treasuries are local and state tax free.
best current rates are 5% for 6 months beating 11 m cd without state taxes.
with state taxes like in ca you are far far far better off doing treasury direct than any cds.
tell banks to offer more based on state and also based on gov treasury yields most of the banks are banking on lazy people to ump on this
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their 11 month cd? do not touch those piles of shit.
only do short duration ones or if they can offer anything over 5% where it compounds daily and no penalty.
but treasuries are local and state tax free.
best current rates are 5% for 6 months beating 11 m cd without state taxes.
with state taxes like in ca you are far far far better off doing treasury direct than any cds.
tell banks to offer more based on state and also based on gov treasury yields most of the banks are banking on lazy people to ump on this
My 2 cents.
My 2 cents.
do not touch longer than 3-6 m cds definitely.
banks cannot compete for deposits right now keep the bare min and what you need only at banks
and the rest you can loan to the gov to fuk us more. but we have no choice anyway.
https://www.youtube.com/watch?v=luCA-a-FPX8