Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We will be needing that money in about a year. No debts to speak of, no mortgage. We are 69 and 76 and retired so not willing to lose any of it. Our credit union offers 1% but there has to be a better rate than that.
"Umpqua Bank" offers 2% interest on 5-year CDs, but there is 3% penalty on withdrawals, be it partial or complete.
The interest is free to be withdrawn every month.
They are located in California, Oregon and Washington states only. FDIC insured up to 250 K per person.
Look at bond funds (especially short term bond funds) offered by Vanguard and Fidelity, and 1year CDs offered by online banks like Ally Bank. They should offer a better rate than your local brick and mortar bank is able to offer. Still, don't expect too much.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,080 posts, read 7,523,914 times
Reputation: 9814
We have a too have a bunch in cash. Moved out of the Market. I am fine in holding cash, although I want to buy back in on selected stocks. I have placed a 2016 rule that: "I will be out by May and hold to see what is to be told in Nov. The funds are discretionary. I don't want to be delusional to have the need for extra fun if the fun is bad or gain is to be had a pain."
66/69. may buy a house later and sell current home. We'll see in Oct-Dec.
YMMV.
We will be needing that money in about a year. No debts to speak of, no mortgage. We are 69 and 76 and retired so not willing to lose any of it. Our credit union offers 1% but there has to be a better rate than that.
Thank you.
Nice that Generation X is funding your lifestyle and your SS payments.
Incredible.
Sorry - but I'm returning to work today after 4 days off, and not looking forward to work.
Stock market. Trade high and you can double or triple your money in no time. 500K can become $1 million in 5 to 10 years.
The OP specifically said the money would be needed in about a year, and no risk to the principle is acceptable. That completely rules the stock market out.
Not a whole lot of good options for only 1 year. CD or bond is probably best. Discover Bank has 12 month CDs for 1.15%. It's all online, so you just transfer the money into their account. After a year, transfer the money back to your account. Currently Discover Bank has 0.95% interest for their savings account, I'd also recommend using that. For 12 months or less, I know of nothing better or safer.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
