Where should I put $300K for a few months?

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Submitted by Oxford on June 15, 2009 - 8:38pm

After settling up with my X-wife, selling the house and paying off all sorts of things... I have about $300K which I dumped into a general checking account at my local bank (had to stick it somewhere since my life was in a spin).

I plan to buy a home in the fall and want to keep this money liquid or perhaps tied up for a few months as I plan to use alot of it for the home purchase.

I was about to start my journey into CD rates and Money Market Certificates etc... but thought I'd check into the Piggington Brain Trust first.

So, where would you folks recommend I invest the money for a good safe return for a few months.

Thanks for your suggestions.

OX
...looks good on paper at the moment

‹ Homeland Security Windfall for CA BUY AMERICAN (avoid that made in China) ›
Break it up in to smaller
Submitted by peterb on June 15, 2009 - 9:03pm.

Break it up in to smaller FDIC insurable chunks and put them in institutions that are relatively safe rated.

Liquid Cd from First Republic
Submitted by LarryTheRenter on June 15, 2009 - 9:09pm.

Liquid Cd from First Republic bank....They have a 11 month liquid CD that gets around 2.08%...You can pull money out anytime providing you leave a min of 10K in it.....They also have a Passbook savings account that will yield 2% if you have a 250K minimum....Maybe spread it around between the 2 for safety...

My bank account? I'll give it
Submitted by barnaby33 on June 15, 2009 - 9:11pm.

My bank account? I'll give it back, I promise.

I have about the same liquid
Submitted by GoUSC on June 15, 2009 - 9:22pm.

I have about the same liquid and have a third of it at Union Bank in high interest money market, a third at HSBC and a third and ING.

Jan 2010 puts on the S&P 500.
Submitted by jimg111 on June 15, 2009 - 9:28pm.

Jan 2010 puts on the S&P 500. Short the US Dollar. Either will do......:) (BTW neither are a "safe" play.)

If you plan on using this in
Submitted by flu on June 15, 2009 - 10:01pm.

If you plan on using this in the near future to buy a home, I wouldn't gamble it on anything with (markets/commodities,etc)...Keep it in cash, partly liquid, partly semi liquid short term cd imho. Just make sure you keep it under the insurance limits.

You need at least two banks.
Submitted by UCGal on June 16, 2009 - 5:59am.

You need at least two banks. FDIC covers up to $250k. Just having 2 accounts at one bank won't do it - you need two different banks.

Schwab has pretty good rates on the interest bearing checking.

UCGal wrote:You need at least
Submitted by flu on June 16, 2009 - 6:08am.

UCGal wrote:
You need at least two banks. FDIC covers up to $250k. Just having 2 accounts at one bank won't do it - you need two different banks.

Schwab has pretty good rates on the interest bearing checking.

The limits go up under different circumstances.. For instance you have a trust (living trust), the limit goes up, roughly per beneficiary... Why someone would take a gamble on one bank though, is another question:)

Agree on the schwab thing.

And the winner
Submitted by Oxford on June 16, 2009 - 4:55pm.

And the winner is...

http://www.ally.com/certificate-of-depos...

I can put in more than the FDIC covered $250K by adding my two sons as beneficiaries which pushes the coverage to $500K

2.30% with NO early withdrawal penalty rocks!

ox
...has a new Ally

banks. yes. personally id
Submitted by scaredycat on June 16, 2009 - 5:05pm.

banks. yes. personally id spread it out over 4-5 banks. but im paranoid.

LarryTheRenter wrote:Liquid
Submitted by engineer in sd on June 16, 2009 - 5:11pm.

LarryTheRenter wrote:
Liquid Cd from First Republic bank....They have a 11 month liquid CD that gets around 2.08%...You can pull money out anytime providing you leave a min of 10K in it.....They also have a Passbook savings account that will yield 2% if you have a 250K minimum....Maybe spread it around between the 2 for safety...

I have a 7 month liquid CD from United Commercial Bank that has a 2.25% interest rate compounded daily. I'm pretty sure that's the best rate available if you want to go the CD route.

MONEX CREDIT COMPANY which is
Submitted by NeetaT on June 16, 2009 - 7:03pm.

MONEX CREDIT COMPANY which is 10x stronger than a bank because it is backed by lots of gold and cash offers a savings account which yields about 2.25-2.50 and has no fees and is liquid as in "give me my money now." I've had money in the account for over 15 years. Plus if you ever were to want to buy gold, the money is there. FDIC is way over rated and bureaucratic.

http://www.thunderblaze.com/
Submitted by NeetaT on June 16, 2009 - 7:06pm.

http://www.thunderblaze.com/

Just kidding!