Texas_Signmaker
Very Active Signmaker
Are up to 4.5%. If you have cash laying around a savings account, move it to a money market account or high yield savings. Rates have been near 0% for a long time so I was surprised they went up so much.
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Money Markets...
- Thread starter Texas_Signmaker
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Christian @ 2CT Media
Active Member
There are some at near 6% depending on how much money you can place in them
Johnny Best
Active Member
They will go up higher, the Fed likes to fight inflation with raising rates.
Boudica
Back to "educational purposes"
Like how much, $30k? And is it liquid? And who is offering this? I would really be interested.
I want know as well
Johnny Best
Active Member
This is sexy pillow talk.
Texas_Signmaker
Very Active Signmaker
Sam bankman fried offered that rate to him
Christian @ 2CT Media
Active Member
There are a few out there, mostly large banks and credit unions. They are typically Sweep money markets in which you have to have over $500k or 1 million in your money market and half that in your checking. All your money sweeps overnight in to larger investments and then back before the open of business.
There is risk but they are fully liquid. We work with Merrill Lynch products and also our local credit union.
There is risk but they are fully liquid. We work with Merrill Lynch products and also our local credit union.
Texas_Signmaker
Very Active Signmaker
When you say "half of that in your checking". You are not earning the 6% on that $ right?
You said Merrill Lynch so I assume you're with BofA? They give you a rate bump if you are a preferred tier but you have to have a certain amount in checking.
bob
It's better to have two hands than one glove.
Checking? A money market account by its very nature is a checking account. At lease all of those that I've held have been.
Saturn
Aging Member
Ally bank is a nice large and popular online only bank that currently has a plain Jane savings account at 3.75% and 18 month CD's at 5%. No minimums. You can move your money back and forth from a "normal" bank quickly and easily. All the usual FDIC stuff is there, and they've got 24/7 customer service.
No risk, and I don't have a million dollars anyway, but compared to BofA or Wells Fargo it's a no brainier. Most local credit unions will have something similar at this point, if only some nice CD rates.
No risk, and I don't have a million dollars anyway, but compared to BofA or Wells Fargo it's a no brainier. Most local credit unions will have something similar at this point, if only some nice CD rates.
Christian @ 2CT Media
Active Member
You do, they transfer the money nightly back and forth
Texas_Signmaker
Very Active Signmaker
Can you provide fund names or anything that shows 6% or is this a "take it at your word" kind of thing? Typically money market is not getting above fed funds rate.
Christian @ 2CT Media
Active Member
You can call them, they build plans for everyone. Like I said we use Merrill Lynch for both personal and business. There other higher-risk options they offer too pushing returns in the teens.
Notarealsignguy
Arial - it's almost helvetica
How did we go from talking insured and secured investments to promoting some douchebag financial planner that swears he's smarter than everyone else and can get you 20%? Just give me your money, it will all be ok. No bank is paying 6%.
Not to speak for Tex but I think his whole point was that there are secure places to park a few bucks and earn a couple dollars on it. It's been a bit that the savers have had to wait. He didn't suggest signing off on some greenhorn finance grad retard at Merrill lynch who got hired at the local career fair to day trade your savings.
Not to speak for Tex but I think his whole point was that there are secure places to park a few bucks and earn a couple dollars on it. It's been a bit that the savers have had to wait. He didn't suggest signing off on some greenhorn finance grad retard at Merrill lynch who got hired at the local career fair to day trade your savings.
Johnny Best
Active Member
Just wait till one of the ‘genius’ people on here tell me to invest my
money in gold.
money in gold.
JBurton
Signtologist
And bury it!