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Updated over 2 years ago on . Most recent reply

User Stats

236
Posts
140
Votes
Alex Forest
  • Rental Property Investor
  • Henrico, Va
140
Votes |
236
Posts

Savings Account Recommendation: Interest for cash reserves

Alex Forest
  • Rental Property Investor
  • Henrico, Va
Posted
Where do folks keep their cash reserves, any recommendations on banks or savings accounts, CDs, etc that offer at least some interest? Perhaps an online bank (only) that offers at least some return?

Of course, for a long time, interest on bank savings accounts have been extremely low, but I am wondering if there are some out there that offer at least some interest (2, 3, 4%).  Or perhaps even a CD, seems you could always pull it out and forego the return if the money was actually needed.  I have some cash reserves that I try to maintain for rentals (several months) but am looking for better alternatives to just letting it sit in account at 0.05% while at the same time having it readily available if needed. 
thanks for any recommendations.

Most Popular Reply

User Stats

189
Posts
117
Votes
Paul Vail
  • The Triangle, NC
117
Votes |
189
Posts
Paul Vail
  • The Triangle, NC
Replied
Oh, and if you want a different cash parking place, check out i-bonds from TreasuryDirect.   These are 30 yr savings bonds that can be cashed early (you must hold them for 12 months, and if you cash out between one and five years, you'll surrender 3 months of interest as a fee).  Note the very attractive interest rates associated with Series I bonds.   https://treasurydirect.gov/

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