Wednesday, January 21, 2015

Looking at Making Some Financial Moves

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.




  1. BarclaysUS has a 1.00% APY with daily compounding for a savings account and a 2.25% APY for a 60month CD-also daily compounding.

  2. Rich and witty, you got it all! I got no idea what to do with that much money. Look online for the best rates and then go from there.

  3. Check this out at FDIC - if these are joint accounts the insurance is up to $250K each. On CD rates - shop the big bank sites directly -depending on the size of the CD - may get better rate from them. On the retirement accounts - your contribution cap is annually - if you don't max out the unused limit doesn't carry over. Unless the employer has a plan that allows the employee to buy an enhanced benefit. Good luck

  4. is where we keep DD's college funds.

  5. How much do you need to retire Midas? Are you planning on burning money or bumping off the husband so you and I can travel the world? In our matching swim suits of course.

  6. Were in the same boat. Our savings/emergency fund is in ING Direct/Capitol One 360 as well. We have been very happy with them since they earn so much more than any CD's and most other savings accounts we've seen out there. The Bankrate website is very helpful with investment info but I can't think of any other route! Maybe check out the website MrMoneyMustache?

  7. I don't have any advice, but I'm going to start reading your financial posts from start to finish! We started our homeownership with promises of my 45k savings not being touched. 6 years and down to 3k left I am rebuilding. I am so impressed with what you have done! I look forward to learning more of your saving measures.

  8. I wish I had a not-a-nestegg account that big. Of course, I might have if I had found a more lucrative career. LOL!

  9. Not sure if you've picked a place, but I like Ally so far. They offer (at least for reg savings) some of the highest rates.


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