Ready Cash: Where to Park It?

[don]

My cash-on-hand is parked in B of A, not that I'm a fan of the bank but felt a TBTF was as safe as anywhere else. I will have need of this dough sometime in the next 6 months. With all the B of A splitting in two, going bankrupt, etc. rumors where should I move this ready $$$ in the meantime? Any suggestions?

[swgprop]

Re: Ready Cash: Where to Park It?

My cash-on-hand is parked in B of A, not that I'm a fan of the bank but felt a TBTF was as safe as anywhere else. I will have need of this dough sometime in the next 6 months. With all the B of A splitting in two, going bankrupt, etc. rumors where should I move this ready $$$ in the meantime? Any suggestions?

I moved my primary accounts from Wells Fargo to a nice, sleepy local regional bank which has never even had a single REO on their balance sheet. This was a philosophical move - not because I felt that my money was at risk but because I don't want to give any of the TBTF's my business. Also, if necessary, spread deposits among multiple institutions to ensure the 250K FDIC cap is not exceeded.

I still keep a small balance at WF so I can utilize some of their services that my local bank doesn't offer such as ubiquitous ATM''s and foreign currency exchange.

[don]

Re: Ready Cash: Where to Park It?

I moved my primary accounts from Wells Fargo to a nice, sleepy local regional bank which has never even had a single REO on their balance sheet. This was a philosophical move - not because I felt that my money was at risk but because I don't want to give any of the TBTF's my business. Also, if necessary, spread deposits among multiple institutions to ensure the 250K FDIC cap is not exceeded.

I still keep a small balance at WF so I can utilize some of their services that my local bank doesn't offer such as ubiquitous ATM''s and foreign currency exchange.

I have a checking account at First Northern, a regional that goes back a 100 years. Sounds like a transfer candidate.

[LargoWinch]

Re: Ready Cash: Where to Park It?

I have a checking account at First Northern, a regional that goes back a 100 years. Sounds like a transfer candidate.

don, ...or you could buy stocks and no longer have to worry about "switching account"!

[shiny!]

Re: Ready Cash: Where to Park It?

Send it to me. I'll take good care of it for you ;-)

[FondoFinder]

Re: Ready Cash: Where to Park It?

Possibly consider one of TX, MT, PKX, X. Off between 40 and 60% since the start of the year.

TX is now trading at less than 75% of book value, 7x earnings.

[don]

Re: Ready Cash: Where to Park It?

and give up the free toaster

[cjppjc]

Re: Ready Cash: Where to Park It?

I can't believe it.

[aaron]

Re: Ready Cash: Where to Park It?

I got a free deposit slip from B of A last week. Where does one get these free toasters?

[don]

Re: Ready Cash: Where to Park It?

I got a free deposit slip from B of A last week. Where does one get these free toasters?

I swore to keep the details to myself but I did get my tip from "We Are Toast" here on the 'tulip.

[lektrode]

Re: Ready Cash: Where to Park It?

and give up the free toaster

GASP!
no toasters, but http://www.ally.com/bank/online-savings-account/? is paying the bonanza rate of 1%
and they havent been in the headlines lately?

[Sutter Cane]

Re: Ready Cash: Where to Park It?

This Bank of America news has been displaced as the riots took center stage, but this is still a question I'm pondering.

I closed my main accounts at BofA (which I'd had since the local bank I originally opened them in got bought out in the 90's) out of pure indignation back in 2008 and moved to a local credit union. I kept a small amount of savings (not my main savings acct.) in the BofA account partially out of laziness, and partially for the reasons you describe ("not that I'm a fan of the bank but felt a TBTF was as safe as anywhere else").

With ZIRP 'til 2013 I feel that I am losing money by keeping it in a savings account anyway, whatever my fears about the institution. Given the dearth of alternatives (is it worth moving for 1%?), I've actually been considering making some sort of b.s. consumer purchase with a portion, just to have something to show for my money rather than diminishing returns. At least I could derive temporary enjoyment from the $$$ if nothing else, and for liquidity: the local pawnshop.

So, should my rims be of the spinning variety, then?

[don]

Re: Ready Cash: Where to Park It?

This Bank of America news has been displaced as the riots took center stage, but this is still a question I'm pondering.

I closed my main accounts at BofA (which I'd had since the local bank I originally opened them in got bought out in the 90's) out of pure indignation back in 2008 and moved to a local credit union. I kept a small amount of savings (not my main savings acct.) in the BofA account partially out of laziness, and partially for the reasons you describe ("not that I'm a fan of the bank but felt a TBTF was as safe as anywhere else").

With ZIRP 'til 2013 I feel that I am losing money by keeping it in a savings account anyway, whatever my fears about the institution. Given the dearth of alternatives (is it worth moving for 1%?), I've actually been considering making some sort of b.s. consumer purchase with a portion, just to have something to show for my money rather than diminishing returns. At least I could derive temporary enjoyment from the $$$ if nothing else, and for liquidity: the local pawnshop.

So, should my rims be of the spinning variety, then?

We appear to be closing in on making RE offers on a place to live. The conditions in our situation, hardly everyone's, is high affordability - not much risk to future, and acknowledged, further equity loss, prices are that low - the desire to minimize personal overhead while pleasing the Big Boss - and get something tangible for my ZIRP treasure chest. As a saver I've been screwed for so long . . . well, you know the feeling. (On the wheels, consider what, if any, advantage lies in identifying your means of transport with any near-future rioting )

[ST]

Re: Ready Cash: Where to Park It?

All deposits will be guaranteed by the gov't, just as Japan did. BofA is probably your safest bet in that regard, but for diversity piece of mind HSBC has an online "high interest" savings account, too.