Since I had pulled up financial accounts to see what the interest earned in 2014 was, I noticed that in my Capital One 360 accounts I have spilled over the $250,00 FDIC insured amount. Not wanting to have a portion of my ASSets hanging out there in the wind and not covered(see what I did there? lolz)I need to move some money into a new savings instrument/institution.
Neither of my local financial institution with brick & mortar locations have rates that would induce me to put more funds into them.
Not even close!
In fact, I swept the credit union savings account and made a large deposit into Cap One 360 last year, which is what put me over the insured limit.
So I am shopping for the best CD rate I can find to move some funds into. Funds numbering as much $ as I feel won't need to be accessed in the next year or two before Hubs retires. This isn't our nest egg by any measure. It's just extra money I've tucked away that last 5 years that needs to earn as much as it can without being gambled.
All of the college money needs to stay liquid in Cap One but all the rest is up for review on where it should be sitting and growing.
Cap One 360 gives me .75% with a lot of liquidity(2 day turn around) so the college money stays put. It's the best rate with almost total liquidity out there I've found. 8-)
But I'll like to find some place I can earn more on the $ that doesn't need to stay liquid-ish.
Bankrate is showing 1.15% for a 1 year rate through 2 banks & 1 credit union. Both banks are online entities(1 well known, 1 I've never come across before)and the nearest location of the credit union is in NJ(it also has an online presence which I could use).
I think Hubs can make some "catch-up" deposits into his retirement account as we didn't fully fund it early on when the kids were babies and money was tight.
I'll check into that this week and talk to Hubs to see if he wants to put some of this money there too.
Does anyone out there have any recommendations for what institution to put this money into?
I am not interested in putting this $ into the stock market, just a CD or something. Got enough $ in the market already, this pile is being kept in "safe" ventures since we are so close to retirement.