Best Place for Cash?

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  #1  
Old 04-02-2020, 10:51 AM
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champion6 champion6 is offline
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Default Best Place for Cash?

Looking for some suggestions based on your first-hand experience
Where have you put cash?
Why did you choose it?
What are you earning on it?
  #2  
Old 04-02-2020, 12:52 PM
Bjeanj Bjeanj is offline
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Mattress. Earning 0% interest, but a good night’s sleep. ;-)
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  #3  
Old 04-02-2020, 01:56 PM
tophcfa tophcfa is offline
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Quote:
Originally Posted by champion6 View Post
Looking for some suggestions based on your first-hand experience
Where have you put cash?
Why did you choose it?
What are you earning on it?
American Express High Yield savings account. It’s an on-line bank (doesn’t have to cover the expenses of a brick and mortar bank) that credits a higher rate than a typical bank account. It is currently crediting a 1.7% rate and is FDIC insured for up to $250,000. It only allows 6 withdrawals per year, but no limit on how much each withdrawal can be.
  #4  
Old 04-02-2020, 02:05 PM
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Marvic 1 Marvic 1 is offline
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Quote:
Originally Posted by Bjeanj View Post
Mattress. Earning 0% interest, but a good night’s sleep. ;-)
You are in my book the #1 Financial Advisor on this thread....
Excellent Advise!
  #5  
Old 04-02-2020, 02:58 PM
CoachKandSportsguy CoachKandSportsguy is offline
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Default True story

Quote:
Originally Posted by Bjeanj View Post
Mattress. Earning 0% interest, but a good night’s sleep. ;-)
When we in the villages in Dec 18, first time, we purchased our lot, and the required deposit was $10,000. We seriously and literally had $10,000 under our mattress in MA from a safe deposit box from my mother in law, and we hadn't been able to get to the bank. We had we two checking accounts with $25,000 in them combined, one with $20K and we could not make a transfer and one with$5K which we could make a transfer.

So, we didn't sleep well that night!

sportsguy
  #6  
Old 04-02-2020, 05:18 PM
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champion6 champion6 is offline
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Quote:
Originally Posted by tophcfa View Post
American Express High Yield savings account. It’s an on-line bank (doesn’t have to cover the expenses of a brick and mortar bank) that credits a higher rate than a typical bank account. It is currently crediting a 1.7% rate and is FDIC insured for up to $250,000. It only allows 6 withdrawals per year, but no limit on how much each withdrawal can be.
Good to know. Thanks! that's 0.2% better than I get at Capital One.

Besides this and mattresses, what else are investors doing with cash?
  #7  
Old 04-02-2020, 05:25 PM
stan the man stan the man is online now
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Thumbs up

Quote:
Originally Posted by Marvic 1 View Post
You are in my book the #1 Financial Advisor on this thread....
Excellent Advise!
Great
  #8  
Old 04-03-2020, 05:10 AM
egmcaninch egmcaninch is offline
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We use Marcus by Goldman Sachs for our emergency fund. It is earning 1.70% currently. Easy to set up and transfer funds. We use Citizens for everyday type savings.
  #9  
Old 04-03-2020, 05:32 AM
tossadow tossadow is offline
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Quote:
Originally Posted by tophcfa View Post
American Express High Yield savings account. It’s an on-line bank (doesn’t have to cover the expenses of a brick and mortar bank) that credits a higher rate than a typical bank account. It is currently crediting a 1.7% rate and is FDIC insured for up to $250,000. It only allows 6 withdrawals per year, but no limit on how much each withdrawal can be.
You probably meant to say "per month", but here it is from AmEx site: Personal Savings customers may make a maximum of six (6) Reg. D-covered transfers or withdrawals per statement cycle*. There is no limit on the number of deposits that can be made. *A statement cycle is the calendar period during which one banking statement is generated. A statement cycle usually begins on the day of the month the account is opened.
  #10  
Old 04-03-2020, 05:35 AM
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Challenger Challenger is offline
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Quote:
Originally Posted by Bjeanj View Post
Mattress. Earning 0% interest, but a good night’s sleep. ;-)
unless you have a fire
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  #11  
Old 04-03-2020, 05:48 AM
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Quote:
Originally Posted by champion6 View Post
Looking for some suggestions based on your first-hand experience
Where have you put cash?
Why did you choose it?
What are you earning on it?
Cookie jar
No one will look there
0% interest - just like the banks
  #12  
Old 04-03-2020, 06:00 AM
larcha larcha is offline
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Go to Bankrate.com (Bankrate: Master Life's Financial Journey). They have an excellent listing of option and rates for savings, MMAs, and CDs as well as other financial products.
  #13  
Old 04-03-2020, 06:09 AM
davem4616 davem4616 is offline
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I've jumped on some high dividend yield, blue chip stocks that were really depressed in industries that you know will come back over the past couple of weeks...but I've left the bulk of the idle cash on the side

We have some hefty CD's coming due, I'll most likely leave them on the side for awhile too

after we recovered from the 2008 crash we took a bag of money and put it into annuities so that we never had to worry if we had enough money coming in

ya get to our age and hit a bump in the market like this and ya may not have enough run way to recover

life is too short to have to drink cheap wine
  #14  
Old 04-03-2020, 06:44 AM
meriboo meriboo is offline
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In the freezer....”cold” cash
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  #15  
Old 04-03-2020, 07:07 AM
mydavid mydavid is offline
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I can't tell if some of these people a complaining or bragging.
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