What to do with my cash?

What to do with my cash?

Posted by zyncl19 on 5/6/2008 at 4:25 PM | 4 comments | 66 views

I plowed my savings into an EmigrantDirect account while interest rates were high. Now they're significantly lower, so what should I do with my extra money? Much of it is stuff that I don't want to risk - an emergency fund and part of a downpayment for a house.

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maybe pay off that small credit card and stash some in a higher yielding CD?

Posted by: cerzebet | 5/7/2008 4:43:39 AM

You have a good emergency fund. The EmigrantDirect rate is really low at 2%+.. Maybe shop around. There are some Money Markets that will give higher rate at 3% or 4% with the amount of cash you have. Check out bankrate.com they have some good MMA.

Overall, understand that its and emergency fund. Its for peace of mind not to get rich off. Easy access is best for this money. You can shop around if you like. But be glad that you have 18K in the bank for emergencies..That is like Visa says "Priceless"...lol

Peace
bass
see you at the top

Posted by: Bass | 5/7/2008 8:56:04 AM

I've found some "Reward Checking" accounts at local banks/CUs around that are giving really good interest if you can hit their minimums. For example, I'm getting 4.3% interest if I:
a. Direct Deposit
b. Get Electronic Statements
c. Use the debit card 10x a month

Every time I go to the grocery store I take one cheap item (e.g. a bunch of bananas) and run them on the debit card. I use the self-check-out so I don't have to explain it to the cashier, and it gets me half my 10 transactions.
My house's downpayment is in that account right now, it's worked pretty well.

Posted by: Stolid | 5/7/2008 9:14:37 PM

btw: might be better to post this in 'questions' rather than your journal :)

Posted by: Stolid | 5/7/2008 9:15:10 PM

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What to do with my cash?

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