Originally Posted by cardude
Also, the credit union current money market rates are 2.39% for 100k, or 2.69 for over 350K. Are these money market funds guranteed 100K as well? Why would you put 350K in their money market if it was not guaranteed?
I've got 670K total cash I need to do something with, and I want it safe.
Be careful here! You are only covered up to 250,000 (or $100,000 when the levels revert) per account -- so if you have deposit accounts at the credit union in your name, they only cover you for the total of accounts up to $100k or $250k currently. See the NCUA website for further details. www.ncua.gov
That means you need to split your investment among several institutions. The simplest way to do that is through your broker, that way as the CDs mature you can direct new investments. Through your credit union (or if you were to identify a few banks with reasonable rates that you wanted to do business with) you need to liquidate the investment during a grace period or they will rollover at the current rate.
See Bankrate.com for banks with current rates.