should I put my money into savings account or CD? which one?

Submitted by paradigmGT t3_11ec4hy in personalfinance

My money has been sitting in a chase savings account earning 0.01%

Where should I put my money to try and keep up with inflation? Any suggested savings or CD accounts? BMO, Capital One, etC?

I have a 2.875% mortgage on one property, 3.125% mortgage on my investment property, 1.9% car loan, and about half of my savings in the stock market.

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CAicefishing t1_jad4qcr wrote

How much money are we talking?

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paradigmGT OP t1_jad6x2d wrote

I would say around $100-120k.

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CAicefishing t1_jad7rfy wrote

With that kind of bank roll I’d consider treasuries. You can get 5.2% on treasuries maturing 1/31/24 and there’s no state income tax (if that applies to you).

Edit: if you’re willing to do some work. Citi is offering some pretty aggressive bonuses for funding new accounts. If you do the math on the $ bonus and time it takes to earn it, the return is over 6% and guaranteed.

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paradigmGT OP t1_jado4dd wrote

Thanks Are these citi savings accounts?

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CAicefishing t1_jadwzf7 wrote

I think they have bonuses on checking and savings right now.

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k032 t1_jad52v7 wrote

Kind of depends on what it is for.

If it's an emergency fund, then HYSA, you can find savings accounts with much better interest (especially right now) than 0.01%. If it's money you're saving up for something, a CD could make sense and can earn a little more than HYSA over a period of time guaranteed.

I assume it's not long-term like retirement savings? Given you said you have other investment accounts.

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paradigmGT OP t1_jad71t2 wrote

It is not long term. I would like to keep it relatively liquid for upcoming house renovations, or possibly getting into another real estate investment.

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Trentsy_1975 t1_jad5s91 wrote

Capital One has an 11 month CD paying 5%

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teejay44 t1_jad6r3y wrote

My Marcus by Goldman Sachs HYSA is currently getting 3.75% APY. It isn't 100% liquid, but it only takes a day or two to transfer it back to my checking account should I need it.

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