Money Market Advice Needed

[Shabby]

I use a Merrill Lynch account for all my investments, hooked up to my Bank of America account and I like it. I just found out that my Money Market account only makes .14% and I wanted to move it to something better. I found Vanguard Prime Money Market (VMMXX) but couldn't buy it on Merrill. Then I saw Vanguard Short-Term Corp Bond Index Admiral (VSCSX), but it is closed to new investors. Where do you put your emergency funds?

 

[Rianne]

Always used Vanguard. Excellent advice over the years and low fees.

 

[mickeyd]

I found Vanguard Prime Money Market (VMMXX) but couldn't buy it on Merrill.

Open a PMMF account @ VG and move your cash funds over there. It may take a few clicks on your computer to make it happen. Last time I checked PMMF was yielding 1.10%.

 

[kimcdougc]

I have mine at Capital One. 1.10% interest.

 

[Blue Collar Guy]

. Where do you put your emergency funds?

I have 5-10 Large in my house. I have the rest of the emergency in my check book getting probably zero %. I have seen/heard of people getting whacked or seriously hurt because they had an emergency and did not have the money readily available. Some people wont wait for the wire transfer on Monday to happen. Im sure most people in here dont find themselves in those kind of emergencies. I want to add hahaha , I dont find myself in these situations either. Its for people I know that have these type of emergencies.

 

[braumeister]

people I know that have these type of emergencies.

Did you ever get that G-note back?

 

[RE2Boys]

I have mine at Capital One. 1.10% interest.

There are a variety of online banks available that pay over 1%. Usually takes three business days to move money between accounts, ACH.
Capital One
Discover Bank
Synchrony Bank
Purepoint Financial
Ally Bank

to name a few.

I've also used Vanguard Investment Grade Short Term Bond Fund VSCSX or its ETF equivalent VCSH to park fund temporarily, paying around 2% with additional risks.

 

[Blue Collar Guy]

Did you ever get that G-note back?

Lol, I did, many weeks later than when I thought I would get it, I posted on that. Ill look for post. Yeah June 30th He called me to tell me July 11th Id get paid, The 11th came and went. The 19th Of July was payment in full. They took him for 14 Grand. ouch

 

[pb4uski]

Discover Bank 1.1%

 

[swakyaby]

Discover Bank 1.14%. Just looked it up.

 

[pb4uski]

Actually 1.15%... it was 1.1% last time I looked. They are pretty good about increasing it to retain deposits.

https://www.discover.com/online-ban...R=008&ef_id=WIEQ9QAABSHh6ztC:20170803211941:s

 

[euro]

Synchrony Bank. High yield savings account 1.2%