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Where to put cash ?
Old 07-17-2011, 01:17 PM   #1
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Where to put cash ?

This is for my parents they are 67 dad and 65 mom both get SS and still work part time try have money in a tax deferred account and will full retire in about a year they have $50000 in just a bank savings account where can they put it or part of it for something short term with some return?
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Old 07-17-2011, 11:13 PM   #2
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Cap One costco account: Personal Banking
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Old 07-18-2011, 04:35 PM   #3
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Some things never change. The answer is always the same:
What to do with your cash and this link in that link: Money Market Alternatives
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Old 07-19-2011, 10:28 PM   #4
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Quote:
Originally Posted by Snowx800 View Post
This is for my parents they are 67 dad and 65 mom both get SS and still work part time try have money in a tax deferred account and will full retire in about a year they have $50000 in just a bank savings account where can they put it or part of it for something short term with some return?
I mentioned this article Kiplinger.com in another thread (without the reference). I-bonds are limited to $5K each SS# (for paper but another $5K for plastic - oops, I mean through Treasury Direct). That would take up to $20K of the $50K. While not a perfect solution, this might help. Be certain to read the article carefully. It has several caveats to be aware of. I and DW picked up on this (all paper) as we had $10K to stash for a while. YMMV.
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Old 07-20-2011, 05:45 AM   #5
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Thanks I will find it
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Old 07-20-2011, 08:46 AM   #6
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Discover Bank is offering 1.15% on FDIC insured savings. Other online banks offer similar rates.
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Old 07-20-2011, 09:01 AM   #7
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Cap One costco account: Personal Banking
1.15%
and the 10% bonus (if balance>10K) makes it effectively 1.27% or so.
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Old 07-20-2011, 01:15 PM   #8
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Dollar Bank has a savings account that pays 2% on the first $20,000. You have to have a connected checking account with 6 transactions a month on the checking. You can do all the transactions online but you may have to be in a state where Dollar Bank has branches.

FreeMONEY Savings Account from Dollar Bank in Pittsburgh and Cleveland

Start an application to see if your your parents' location will work.

We got a promo ad in the mail about this that offered a Lowes gift card if you came into a branch. I went and checked it out and opened the accounts. The stickler is that we only pay 7 bills a month and I had to move 6 of them to Dollar Bank. But once I changed everything it all works flawlessly.
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Old 07-20-2011, 01:18 PM   #9
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Not in my state just looked thanks
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