Where Do You Park Your Cash These Days?

[Koolau]

HMBradley just changed the rate and added more hoops to jump starting on 2/1/22. Here is the details: https://www.doctorofcredit.com/new-...s-rate-when-you-save-your-paycheck-hmbradley/

Yeah, I hate hoops. Sometimes I'll play the game 'cause it's the only one in town. Sometimes, I'll let them pound sand and just keep my money in a checking account. I suspect as interest rates (soon) begin to creep up, there will be a LOT more deals on cash. YMMV

 

[Koolau]

Here in CH, the SNB's (Swiss National Bank) policy rate is -0.75%; therefore my local bank charges me 0.75% on deposits above a certain threshold. So, our Swiss Franc cash here either pays no interest or attracts a negative interest rate. Truly frustrating.

-BB

^^^ If you're overdrawn is your return +0.75%?

I'm having a rush of déjà vu. Oh yeah. Now I know what it is. It's like California PAYING Arizona to use their excess electricity.

Returning you now...

 

[jazz4cash]

For many of the "parking cash" challenge solutions I'm reluctant to add more accounts to what we have. I guess it depends on one's stage of life.

This describes our situation also. It’s why I declined to open a second Treasury Direct account for DW and passed on the opportunity yo earn >7% for 6 months on whopping 20k over 2 calendar years. Not worth the effort and the stress DW would suffer as I try to describe the investment.

Likewise, moving modest IRA sums from the credit unions usually requires extra effort that’s just not worth it.

 

[Koolau]

Inflation can lead to a sense of helplessness. It is out of one's control. Dealing with it isn't always straightforward. It's not surprising that folks flail about trying to hold onto value that has been fought for over many years. The last major round of serious inflation, at least there were places to "earn back" as much as half the loss with simple things like high-yield CDs. Then there were Treasuries with ridiculous yields. Now, there is very little that actually resembles cash. I-bonds? Yeah, but only a few $grand worth. Nor do I see that the Fed is taking this seriously but YMMV.

 

[MichaelB]

<mod note> Let’s please keep this thread crypto free. Any thoughts on crypto assets can be posted in this thread https://www.early-retirement.org/forums/f44/the-cryptocurrency-thread-111531.html

<mod note> Since this post yesterday there have been numerous new posts on crypto. All have been removed. Not to be a grinch, but any more will lead to an appearance by Mr. Porky. That would be a shame, as this is a relevant thread.

There’s a dedicated thread for crypto-assets, please use it.