Where to put cash ?

[Snowx800]

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?

 

[calmloki]

Cap One costco account: Personal Banking
1.15%

 

[LOL!]

Some things never change. The answer is always the same:
http://www.early-retirement.org/forums/f28/what-to-do-with-your-cash-55039.html and this link in that link: http://www.early-retirement.org/forums/f28/money-market-alternatives-53734.html

 

[Koolau]

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.

 

[Snowx800]

Thanks I will find it

 

[pb4uski]

Discover Bank is offering 1.15% on FDIC insured savings. Other online banks offer similar rates.

 

[kaneohe]

Cap One costco account: Personal Banking
1.15%

and the 10% bonus (if balance>10K) makes it effectively 1.27% or so.

 

[Sue J]

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.

 

[Snowx800]

Not in my state just looked thanks