Looking to move cash from a traditional savings paying 0.Nothing to either a HYSA, Money Market, or either CD or build a CD ladder. Not looking to do anything too risky or invest the money; it is our main savings/Emergency fund
HYSA - Banks in area offering rates in mid-upper 4's; our current bank doesn't offer HYSA so a bit of time/setting up new account somewhere
Money Market - Already have cash sitting in SPAXX at Fidelity at approx 4.8% yield currently and can increase this amount; easy transfer into Fidelity.
CD or CD Ladder - Would not move all cash to this option; but am getting interested in the idea of building out a ladder with some of the cash into 1 month, 3 month, 9 month, and 1 year maturing CD's all in the 5.1-5.5% yield range. Perhaps stagged 10-15K into each bucket.
To my mind, using SPAXX at Fidelity is the simplest method; I have been using the money market fund as my cash holding position for several months. I haven't owned a CD since I bought one when I was 18 thinking I was making a great choice (probably wasn't a bad choice) but just didn't know anything at the time. While my money would be tied up; I would not be tying ALL of it up, and I do like the idea of staggering back returns locked in over 5% on cash.
What would you do in the situation?
Submitted July 29, 2023 at 01:08AM by SnowShoe86 https://ift.tt/CAxUzQm
