So we are in the middle of selling our old house and buying a new house. We will buy the new house cash, so no financing issues. Here is the issue: we need to park a good amount of money (way over the $250k) for about 4-6 weeks and I am worried about keeping it all on a regular bank account because of Silicon Valley bank, etc.
In the past I did CDARS where my bank would distribute the money over several different banks in tranches of $250k each and therefore it would all be FDIC insured. However this process isn’t practical for a month or so since it takes about a week for it to be deposited and the shortest time period is about one month.
So I currently have two ideas:
- open an account with Chase (too big to fail) and just keep the cash there Or
- Put it into my Schwab or Interactive Brokers account and buy a super short term fund or something like that with a AAA risk.
Does anyone know any good money market type funds that are super short ans therefore have very limited interest rate risk?
Or any other ideas?
Thanks!!
Submitted April 29, 2023 at 06:33AM by Used-Potential-8428 https://ift.tt/LwP0H5x
