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I work in job that is "feast or famine" so to speak and pretty much make a full years salary in a few months out of the year. This means at certain times I have a large amount of cash on hand that I generally leave sitting in a checking account so that I can access it over time to pay bills. I have tried putting some in cd's in the past only to have to withdraw early and pay fees which meant I just wasted time setting up the CD. Besides a low interest cd or savings account are there any other options that have a nice interest rate and at the same time give me easy access to my money at any time. I generally have anywhere from 10k-50k sitting in my checking account.

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Reward checking a/c if you dont mind the monthly requirements. Else high-yield savings a/c. See the stickied thread for current deals.

Thanks UUTXS, you gave me some ideas and I decided to call my bank, BOA. I found out that since BOA just purchased my mortgage I now have many new options and just opened a money market savings account and my regular checking also now makes interest. And thanks to BOA's nice online setup I can transfer back and forth at anytime without a penalty which is exactly what I was needing. An interest rate of .3 is not great but for the options I get it is well worth it.

psyteet1 said:   Thanks UUTXS, you gave me some ideas and I decided to call my bank, BOA. I found out that since BOA just purchased my mortgage I now have many new options and just opened a money market savings account and my regular checking also now makes interest. And thanks to BOA's nice online setup I can transfer back and forth at anytime without a penalty which is exactly what I was needing. An interest rate of .3 is not great but for the options I get it is well worth it.
0.3 > 0 but 0.3 is not exactly great. You can do at least three times better with Alliant and Ally (just to name a couple); both have features that BoA does not offer. Ability to transfer between different a/c (at various US Banks) is one of the best features in Alliant and Ally (i.e., they are good ACH hubs).

Try corporate demand notes. Ally Financial offers 2.12% interest on its demand notes. You can access your money at any time - just write a check, or transfer online.

These are NOT FDIC insured.

Also, you're supposed to be connected in some way to GM or GMAC (stockholder, employee, dealer, etc) to buy them, though they don't really check.

Wouldn't nearly everyone with a 401K and large mutual funds be a stockholder?

Try CD laddering.

Say you get 40K at the start of the year and know you'll have to spend about 20K during the whole year. And assuming ALL CD rates > demand deposit rates.

Open a 5 year CD for 10K, put 5K in a 2 year CD, 5K in a 9 month CD,5K in a 6month CD, 5K in a 3 month CD and 5K in a 1 month CD, the rest in MMA or savings.

As your cds mature, or you obtain more money, open more CDs to play for a longer time period. Of course, if the savings rate is > short term CD rate, keep it in savings. Almost make sure you have a cushion of money. Unless beneficial to you, break up CDs into smaller chunks. If you want to open a 50K 3 year CD, open a 20K 3 year, another 20K 3 year a 7K and a 3K all for 3 years. If an emergency happens, you'll only have to break a smaller CD.

Rewards checking accounts are PERFECT for you.

Usually they're around 4% and it's not like you have to go out of your way to buy things to make the 10 transactions/month requirements or whatever.

What are the best rewards checking accounts out there right now?

Short term munis.

psyteet1 said:   What are the best rewards checking accounts out there right now?

Reward Checking Accounts



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