The Rokslide Stock Traders Thread

[tony]

CD's interest has dropped
Opinions and recommendations on high interest savings accounts?

 

[MountainTracker]

Maybe I should put this in the Bitcoin thread. I have money in a simple IRA thru Edward Jones. I can transfer it to a traditional IRA. I don't need this money for retirement. I have other plans for retirement. Would it be possible to put it all in Bitcoin or something that follows Bitcoin. Because if I could make Bitcoin type returns off the amount in my IRA it would be a fairly large amount of money in 20yrs.

I will say. I do not understand Bitcoin at all. Seems like a Bitcoin is "nothing". But the numbers don't lie. It's been a CRAZY good money maker for people that buy and hold.

Some options would be any of the BTC ETFs, MSTR, or if allowed buy BTC put it on a cold wallet and hold. Which sounds like what you are wanting to do.

Read and learn about it as well.


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[CorbLand]

CD's interest has dropped
Opinions and recommendations on high interest savings accounts?

Capital One is 3.8 I believe.
Or
Set up a brokerage account and put it in SPAXX. Currently around 4.
Or
Short term TBills. Locks your money up for a period but you don’t pay State tax on the gains. You can find the 1 monthers around 4.1.

 

[cubdriver84d]

Capital One is 3.8 I believe.
Or
Set up a brokerage account and put it in SPAXX. Currently around 4.
Or
Short term TBills. Locks your money up for a period but you don’t pay State tax on the gains. You can find the 1 monthers around 4.1.

Brokerage/spaxx is what I’ve settled on. Bonus is your savings is readily available to make poor stock trading decisions with.

 

[tony]

Capital One is 3.8 I believe.
Or
Set up a brokerage account and put it in SPAXX. Currently around 4.
Or
Short term TBills. Locks your money up for a period but you don’t pay State tax on the gains. You can find the 1 monthers around 4.1.

I have heard of T Bills, this is where the gov. "auctions" off bills and you bid right?
Not similar with SPAXX or brokerage? Should I just google or can you all pint me to information.
I use Edward Jones, have some various stocks my granddad set up in my infancy. They have actually done well last few years.
Marcus high interest account is around 4% I think last time I looked.

 

[stevewes2004]

Brokerage/spaxx is what I’ve settled on. Bonus is your savings is readily available to make poor stock trading decisions with.

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[cnelk]

CD's interest has dropped
Opinions and recommendations on high interest savings accounts?

I use Betterment for high interest savings.
It’s at 4% now.

 

[CorbLand]

I have heard of T Bills, this is where the gov. "auctions" off bills and you bid right?
Not similar with SPAXX or brokerage? Should I just google or can you all pint me to information.
I use Edward Jones, have some various stocks my granddad set up in my infancy. They have actually done well last few years.
Marcus high interest account is around 4% I think last time I looked.

Treasury Bills — TreasuryDirect

treasurydirect.gov

I can buy TBills through Fidelity and it makes it really easy. Not sure about Edward Jones.

Brokerage account options

Explore a range of investment choices with flexibility in how you manage them.

www.edwardjones.com

Brokerage is basically a nonretirement investment account. On Fidelity, you put money into your brokerage and you can select what money market fund you want to hold it in. SPAXX is one of the options. Not sure about Edward Jones.

 

[Juan_ID]

I’ll start with the fact that I don’t know anything about anything, but if looking for high interest savings I’d call around locally. We have some in various banks/credit unions that are 6-24 month at 5-5.2%. The few that just matured defaulted to their standard 3.8%. I’ll be moving it elsewhere by the end of the week.

 

[CorbLand]

Brokerage/spaxx is what I’ve settled on. Bonus is your savings is readily available to make poor stock trading decisions with.

SPAXX is pretty easy and generally has one of the better returns.

It’s really easy to buy TBills through Fidelity and depending on your State taxes, it can save you a good chunk. I would bet this year it has saved me 150 to 200 in taxes which is pretty much the equivalent to one month of interest for my savings. Essentially, you get an extra month of interest for free.

 

[CorbLand]

I’ll start with the fact that I don’t know anything about anything, but if looking for high interest savings I’d call around locally. We have some in various banks/credit unions that are 6-24 month at 5-5.2%. The few that just matured defaulted to their standard 3.8%. I’ll be moving it elsewhere by the end of the week.

If there is a time period, those would be CDs not High Yield Savings Accounts (HYSA). HYSAs keep your money liquid in that you can put it in and take it out with no penalties.

You are correct that credit unions generally do have better rates and are worth looking at.

 

[Juan_ID]

If there is a time period, those would be CDs not High Yield Savings Accounts (HYSA). HYSAs keep your money liquid in that you can’t put it in and take it out with no penalties.

You are correct that credit unions generally do have better rates and are worth looking at.

There shows my lack of knowledge on the topic haha. So you’re saying with CD’s you can put in and take out as you’d like but HYSA’s you cannot? Or at least not without penalties?

 

[CorbLand]

There shows my lack of knowledge on the topic haha. So you’re saying with CD’s you can put in and take out as you’d like but HYSA’s you cannot? Or at least not without penalties?

Sorry, I put can’t and it should have been can.

The opposite of that. CD lock your money in for a period of time and you incur penalties to get it out early. Generally a couple months interest.

HYSA you can put your money in and take it out any time with no penalties.

Generally, CDs offer a higher interest, not by much, due to the time period.

 

[cnelk]

I bank at a CU. They do offer some advantages but not a lot.

Mine has an account called a Reverse Tier Savings Account. 5% interest but it only for the first $2000.

On another note, when I refinanced my house 3 -4 years ago, they had the best rate at the time at 2.25%

 

[Juan_ID]

Sorry, I put can’t and it should have been can.

The opposite of that. CD lock your money in for a period of time and you incur penalties to get it out early. Generally a couple months interest.

HYSA you can put your money in and take it out any time with no penalties.

Generally, CDs offer a higher interest, not by much, due to the time period.

What you meant is how I first read it then when I read it again it confused me as I thought you may have had mistyped something.
The accounts we opened are not called cd’s they call them growth certificates, maybe those terms are interchangeable. We have added to them without penalties but haven’t had a need to take any funds out of them. Though I am pretty sure if you had to withdraw funds they said you’d just lose out on the interest for the withdrawn funds which is obvious. I’ll have to ask when I go in to move the funds out. More so out of curiosity

 

[CorbLand]

What you meant is how I first read it then when I read it again it confused me as I thought you may have had mistyped something.
The accounts we opened are not called cd’s they call them growth certificates, maybe those terms are interchangeable. We have added to them without penalties but haven’t had a need to take any funds out of them. Though I am pretty sure if you had to withdraw funds they said you’d just lose out on the interest for the withdrawn funds which is obvious. I’ll have to ask when I go in to move the funds out. More so out of curiosity

Interesting. Let me know what you find out about them. Those are new to me.

 

[Trybendr]

Maybe I should put this in the Bitcoin thread. I have money in a simple IRA thru Edward Jones. I can transfer it to a traditional IRA. I don't need this money for retirement. I have other plans for retirement. Would it be possible to put it all in Bitcoin or something that follows Bitcoin. Because if I could make Bitcoin type returns off the amount in my IRA it would be a fairly large amount of money in 20yrs.

I will say. I do not understand Bitcoin at all. Seems like a Bitcoin is "nothing". But the numbers don't lie. It's been a CRAZY good money maker for people that buy and hold.

Check out unchained capital. You can transfer that IRA to a BTC IRA and have self custody of your BTC through a cold card / ledger / etc

 

[eddielasvegas]

I have heard of T Bills, this is where the gov. "auctions" off bills and you bid right?
Not similar with SPAXX or brokerage? Should I just google or can you all pint me to information.
I use Edward Jones, have some various stocks my granddad set up in my infancy. They have actually done well last few years.
Marcus high interest account is around 4% I think last time I looked.

Peruse THIS channel's vids. She covers buying Treasuries on the primary and secondary markes really well for the major brokers but not sure on EJ, but it should work like Fidelity, Schwab, etc.

I find buying on the secondary market (someone else owns the treasury and you're buying it from that bill/note/bond holder) a bit easier and you can buy them for a few days out to months or years.

And as another member mentioned, treasuries are not subject to sate or local income taxes whereas CD's, MMA, HYS, etc. are. Not a huge amount to be saved by most of us, but why give the gubment a penny more than legally necessary?

Good luck,

Eddie