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Idle Money, Short Term
Old 07-02-2013, 02:06 PM   #1
Confused about dryer sheets
Join Date: Jul 2013
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Idle Money, Short Term

Hello Everybody,

I have about 20K in my checking account that is just sitting there. Can you suggest what I should do with it? Please note that the money might need to be withdrawn within the next month -- though there is a possibility that the money will just sit there for another 6 months or so. The money will just sit there until a good opportunity arises.

A little about me, I'm in my early 30's, single, no children. I have a few property investment abroad, that's why the money needs to be quite liquid at all times.

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Old 07-02-2013, 06:13 PM   #2
Recycles dryer sheets
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Location: Marietta, GA
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You can get about 0.5% if you shop hard for saving account specials. That's about it for that short of a commitment for the money

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Old 07-02-2013, 07:20 PM   #3
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Online savings accounts allow immediate access to your money, FDIC insured and pay 0.7 - 1.0%
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
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Old 07-02-2013, 07:33 PM   #4
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Originally Posted by pb4uski View Post
Online savings accounts allow immediate access to your money, FDIC insured and pay 0.7 - 1.0%
Yep...........Ally Bank is paying .84% right now for their online savings acct.. Better than what you are getting in your regular checking acct., I'm sure.
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Old 07-02-2013, 08:31 PM   #5
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I got an offer from Chase that came in with my property tax bill. It gives you $100 if you add $10000 to a new or existing savings account and you keep it for 90 days. That is equivalent to 4% annual rate.
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Old 07-02-2013, 09:04 PM   #6
Dryer sheet aficionado
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Join Date: May 2013
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I have a Barclays Online Savings account paying 0.90%. You could try that...I also have money in Ally's Online Savings Account paying 0.84%. You can use the following website to compare rates for Online Savings Accounts and CDs as well:
Best Savings Account Rates
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Old 07-02-2013, 11:26 PM   #7
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Look for a high yield checking account at a credit union. We have one that pays 1.75% on up to 25K.

We have to do one bill pay or direct deposit and 10 debits a month. I do something like buy 10 protein bars or day old chocolate croissants for 84 cents each at a store with a self service check out once a month.

Or do a search for sign up bonuses for checking, savings or brokerage accounts. I just got one in email for $300 to open a Chase savings for 10K for 6 months. Some institutions will do a hard pull on your credit file, though, which may drop your FICO score a few points.

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