Where do you park short term cash reserves?

Adobe / Eng beta
Jan 22, 2018 40 Comments

High yield savings accounts (e.g., Synchrony, CIT Bank, GS Bank, etc.) vs. tax-exempt money market fund (e.g., VCTXX)?
Or any other ideas where it is easily available yet not depreciating?

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TOP 40 Comments
  • New / Eng Millions
    Discover savings account.
    Jan 22, 2018 9
    • Facebook Poswcoiner
      Thanks for the info gonna look into it more. Hard to find rates like that
      Jan 22, 2018
    • New / Eng Millions
      You are welcome!
      Jan 22, 2018
    • LinkedIn zwKL72
      Capital one 360 is same rate at the moment.
      Jan 22, 2018
    • Facebook Poswcoiner
      Oh is there a limit? Or can I drop in $100k?
      Jan 22, 2018
    • LinkedIn zwKL72
      Upper or lower limit? There’s an fdic insurance limit on any of these accounts of $250k I believe. You can put in more but it won’t be insured. Some have lower limits of like $10k.
      Jan 22, 2018
  • New / Ops WQJa25
    1.6% high yield savings at dollarsavingsdirect.com.
    Jan 23, 2018 3
    • Beware, that's an Emigrant Bank division. They have several. They pump one for awhile until it gets lots of capital and then start cutting the rate hoping it doesn't move. Then they jack up the rate at as different division and just rotate be their scheme between them. They only remain competitive for a year or two then suddenly it's a low rate.

      EmigrantDirect and MySavingsDirect are two others they operate. You need to keep an eye on your rate and be prepared to move when it slides.
      Jan 23, 2018
    • New / Ops WQJa25
      Correct, i have accounts at all three and regularly move funds between them as they do this. I just finished emptying the mysavingsdirect fund.
      Jan 23, 2018
    • Connexity / Ops WQJa25
      1 year follow up: now reversing direction of cash for those sweet MySavingsDirect 2.4% returns
      Jan 26
  • eBay FutI38
    Capital one 360 savings account
    Jan 22, 2018 3
    • Adobe / Eng beta
      OP
      APY?
      Jan 22, 2018
    • Facebook wBqs37
      1.3
      Jan 22, 2018
    • LinkedIn zwKL72
      Their mm is 1.4% last I checked
      Jan 22, 2018
  • LinkedIn zwKL72
    You can compare at bankrate.com
    Jan 22, 2018 0
  • Salesforce / Eng
    ☀️☀️☀️☀️☀️

    Salesforce Eng

    PRE
    Google
    ☀️☀️☀️☀️☀️more
    I think a lot of people here do Ally.
    Jan 22, 2018 0
  • Oracle BBkx33
    What about non-citizens.. most of these require you to be a citizen
    Jan 22, 2018 4
    • Adobe / Eng beta
      OP
      I’ve not seen such a clause except on 1 that I don’t remember the name of.
      Jan 22, 2018
    • GS Marcus account does not. I don't know what they would do if you left the US though.

      I also have an Ally.com saving account, not using it currently since GS has as higher rate but I did confirm with Ally that if I left the US and became non resident that I would be able to keep that account.
      Jan 22, 2018
    • Microsoft rYiy31
      Discover needs you to have a green card
      Jan 23, 2018
    • Untrue, discover only needs you to have a SSN
      Jan 23, 2018
  • Twitter shdjskpqpn
    For truly short term reserves: a mixture of checking and currency (USD, EUR, GBP). Every money worth investing is invested properly
    Jan 23, 2018 2
    • eBay CEbi00
      How exactly we invest in currency?
      Jul 14, 2018
    • Twitter shdjskpqpn
      Short term cash reserves are not an investment so you keeping different currencies just means exchanging your $ for € etc. But to be honest, since the trade wars, I’ve only kept $ in cash reserves.
      Jul 26, 2018
  • I have one month expenses in a Goldman Sachs Marcus account and another eight months expenses in a Vanguard short term bond fund.

    I can get the GS money in a couple of business days and the Vanguard money in about a week.
    Jan 22, 2018 2
    • Adobe / Eng beta
      OP
      What’s the APY on the Marcus account? And does it still make sense to buy bonds when fed’s planning on at least 4 rate hikes this year?
      Jan 22, 2018
    • eBay / Eng
      #yolo

      eBay Eng

      PRE
      Microsoft
      #yolomore
      1.5%
      Jan 22, 2018
  • New UHtz31
    allybank
    Jan 25, 2018 1
  • Microsoft calendar
    I have a glass jar for change next to my dresser.
    Jan 23, 2018 1
    • I use the center arm rest storage in my car. I always mean to buy coffee with it but I never do so I have a small fortune there now.
      Jan 23, 2018
  • Amazon Kloo73
    Anyone here using American express high yield savings account?
    Jan 26 0
  • Amazon Kloo73
    American express offers 2.10% APY..
    Jan 26 0
  • Intel / Eng Litecoin
    Strip
    Club
    Jan 23, 2018 0
  • LinkedIn lurkr
    Alliant Credit Union
    Jan 23, 2018 0
  • Facebook public
    +1 Marcus
    Jan 22, 2018 0