Money Market Account

[Roosterstraw]

Any of you have money stashed away in a money market account or high yield savings account? If so, which bank are you using and what are your rates? I’ve been using CIT with 5% apy. The market is going strong, inflation is still high and now they’re pushing back lowering rates. It’s a good time to be in them with money you don’t want in the market.

 

[FrancoisStrawman]

I personally use a credit union, since they generally give the best rates, I also have money stashed away in vanguard.

 

[FrancoisStrawman]

If you haven't bought at least 6 months of living expenses in gold and silver (80% silver and 20% gold), as well as overstocked your pantry, I would suggest that be your investment strategy moving forward. The winning play right now would be commodities futures contracts, since we are in similar period to the 1970s-80s stagflation, but the government is manipulating commodities prices to keep inflation expectations down. As a result expect major shortages near the end of this year and leading into next year. With the real inflation rate being anywhere between 25-50%, its going to be a crazy year for the markets.

 

[Wheels]

Capital One has good rates for a simple savings account. 4.5%

 

[Wrench]

Local cu, Numerica has us at 4.75. I want to play for better returns, but that $ is sending me $100 a month without worries.

 

[WiscoHoundsman]

I have a small amount of money in fidelity’s sprxx fund. It is right around 5%. Used it to save for a down payment on a car and saving up now for some sort of real estate purchase in the next year or two. Sure beats the local bank savings account of .25% or what ever little amount it is

 

[Kimber7man]

Vanguard VMFXX is at 5.27%, nice place to stash funds...

 

[Trogon]

I use wealthfront. It’s about 5%. Very easy to get cash in and out.

 

[nobody]

Marcus High Yield Savings account (Goldman Sachs) for my brothers and I. Instantaneously liquid if I need it, but just far enough out of my immediate reach I don’t nickel and dime it away. Yeah yeah I know politically they suck, but their current rates are 4.4% APY. I’m currently making 5.4% because they offer 1% premiums for 3 months with referral bonuses and such. SOFI is another one I hear lots about, but the more I’ve dug in on them they have some pretty predatory business practices (debt consolidation schemes, taking advantage of people who are struggling with their finances, dishonestly high personal loan rates, etc), so I would rather not pay into that machine.

Either way, the smartest thing a guy can do is to get an emergency fund set up in a high yield account and out of their bank/credit union. Quarter percent APY on your savings account is criminally low, and anyone crazy enough to put up with that can’t do basic math.

 

[Pharmseller]

I have an account with Edward Jones, I’m getting 5.35% right now, but it varies.

Great place to park cash.




P

 

[HuntHarder]

4 week t bills are a better option if you have state income tax. Been averaging 5.4% for a year plus and no state income tax on earnings. Saves me 2.5% in Az.

I have 3 different 4 week t bills that reinvest every week or 2 staggered. Just another avenue to look at with today's current policies.

 

[CorbLand]

Capital One has a HYSA at 4.35.
Fidelity SPAXX is right around 5.

I have money in both.

 

[Doc Holliday]

Fidelity brokerage account and leave in cash (SPAXX)

 

[beachbunny]

Absolutely agree on tbills.
I can sleep at night,if only Powell would shut his trap

 

[Traveler]

I bills are a good option also

 

[Phaseolus]

I earned 47% in Fidelity Growth Company last year.

 

[FrancoisStrawman]

4 week t bills are a better option if you have state income tax. Been averaging 5.4% for a year plus and no state income tax on earnings. Saves me 2.5% in Az.

I have 3 different 4 week t bills that reinvest every week or 2 staggered. Just another avenue to look at with today's current policies.

I have to disagree here, while t-bills have been a stable performing asset and there is tax benefits, US debt is so over leveraged that the bond market could collapse at any time. Add to the decreased international demand for US bonds due to BRICs and I would consider the risk to be too great. Especially with credit unions performing at a rate of 6.7% or higher in many areas, taking the tax haircut is worth it.

The AI bubble is also purely investor hype as well making a crash likely, JP Morgan also sent out a memo to their high-level clients telling them to expect a market crash within the next few months.

Considering this the only real plays are either to get into the asian markets (while living in Asia), or purchase insurance in the form of gold, silver, production equipment and real-estate. And a credit union backed money market, for liquid assets. Specifically chose credit unions because the bank collapses are still ongoing and it is likely we will see a financials sector crash when the AI bubble is popped.

 

[rearnakedchoke]

Save for later! I need to do something with my money instead of accruing basically nothing

 

[HuntHarder]

I have to disagree here, while t-bills have been a stable performing asset and there is tax benefits, US debt is so over leveraged that the bond market could collapse at any time. Add to the decreased international demand for US bonds due to BRICs and I would consider the risk to be too great. Especially with credit unions performing at a rate of 6.7% or higher in many areas, taking the tax haircut is worth it.

The AI bubble is also purely investor hype as well making a crash likely, JP Morgan also sent out a memo to their high-level clients telling them to expect a market crash within the next few months.

Considering this the only real plays are either to get into the asian markets (while living in Asia), or purchase insurance in the form of gold, silver, production equipment and real-estate. And a credit union backed money market, for liquid assets. Specifically chose credit unions because the bank collapses are still ongoing and it is likely we will see a financials sector crash when the AI bubble is popped.

Could collapse and has collapsed are 2 different things. Over the last year, my T-bills have beat most MM accounts. In the event they collapse, worse case scenario is you are not gonna make as much interest on said 4 week bill. In 4 weeks, you can choose a different investment. Any time I can pay Uncle Sam less and make more, I will.

The market has been "going to crash" for over 5 years now. Many of us have waited for the "housing market crash" to happen or the "Vehicle market crash." It hasn't happened yet. Will it happen? Absolutely. When will it happen? who knows. So far about a billion " analysts " have been wrong. They are as accurate as weather people. When it happens, they will be like " I told you so." Even tho they have been telling us so for years now.

Timing the market is tough for us Average folks.... Taking advantage of unprecedented returns with little to no risk is a no brainer.

 

[CorbLand]

Could collapse and has collapsed are 2 different things. Over the last year, my T-bills have beat most MM accounts. In the event they collapse, worse case scenario is you are not gonna make as much interest on said 4 week bill. In 4 weeks, you can choose a different investment. Any time I can pay Uncle Sam less and make more, I will.

The market has been "going to crash" for over 5 years now. Many of us have waited for the "housing market crash" to happen or the "Vehicle market crash." It hasn't happened yet. Will it happen? Absolutely. When will it happen? who knows. So far about a billion " analysts " have been wrong. They are as accurate as weather people. When it happens, they will be like " I told you so." Even tho they have been telling us so for years now.

Timing the market is tough for us Average folks.... Taking advantage of unprecedented returns with little to no risk is a no brainer.

The thing optimists and pessimists have in common is that if you wait long enough, they will both be right.