Current Events > i have $12k sitting in a shitty wells fargo savings account

(+) Yeah! (+)

what better ways are there to store the money while still having relatively easy/liquid access to it?
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Convert it to gold bullion
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is gold really a good investment?

and i imagine that there'd be conversion fees and other bs to convert the stuff back to actual currency, too, once i'd need it?
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Buy $12K of bitcoin!111
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Open up a Jumbo Savings Account with 2-3% monthly compounding interest. Make your money grow, at least, if it's going to sit there.

Ally savings accounts are at 1.8% right now I think. Robinhood is rolling out 2.05% but it's not generally available yet.
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I just opened up a Citi online high yield savings account. Gives like 2.1% interest. Haven't transferred money there yet. Kinda nervous about sending them money..
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AlephZero posted...

Ally savings accounts are at 1.8% right now I think. Robinhood is rolling out 2.05% but it's not generally available yet.

The MINT EFT tracks pretty decently against money market accounts. I keep short-term cash in here and collect the monthly dividend it pays out, which has historically been 2-3%.

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Error1355 posted...

Buy $12K of bitcoin!111

This is the only right answer.
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is it easy to access your money once they're in high-yield savings accounts?

like, these things have to come with some kind of a catch(es), right?

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though admittedly, the $12k is really just safety net/emergency money

i won't need constant access to it, but would obviously like to be able to take from it easily and immediately if something came up
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boomp
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sounds like this money is causing you some stress. I'll be glad to take this burden off of your shoulders.

>_>
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put it one of those savings is probably the best bet. get that interest
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buy a rolex or something. That should be worth more in a few years.

or gold, gold is always a good idea.

Or wait till the brexit and the pound to crash and buy tons of those.
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xsouljah posted...

Convert it to gold bullion

Depends why you want to convert to gold. There's plenty of other ways to get the speculative gains/losses on commodity price movements without owning physical. It's considered a flight to safety type of asset, popular during times of economic uncertainty/turmoil.

That being said, I actually used to trade in both physical and derivatives. Physical is actually much more expensive to do but I also used leverage. For derivatives, you can just buy instruments which mimic the global price of gold (which is sortof backed by physical gold) without having to go through the hassle of carrying/holding costs, going through a commodity trading desk, etc.

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Send it over to me, fam.

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Faygo account.
Woop woop

XXmiznatorXX posted...

Open up a Jumbo Savings Account with 2-3% monthly compounding interest. Make your money grow, at least, if it's going to sit there.

anyone know any good canadian banks that offer these accounts? I know Tangerine offers like 2.40% for $50k minimum deposit

Do you have an emergency fund of 3 to 6 months of expenses? If not, use that to start one. If so, pay off any high interest debt.

If no debt, I'd get VTSAX.

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pls posted...

Do you have an emergency fund of 3 to 6 months of expenses? If not, use that to start one. If so, pay off any high interest debt.

If no debt, I'd get VTSAX.

This exactly. I'd also suggest contributing to your 401 if you have one or open an IRA.
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Is there a catch to these high yield savings accounts? Why are they able to offer so much higher than a regular account?
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theAteam posted...

Is there a catch to these high yield savings accounts? Why are they able to offer so much higher than a regular account?

the one I have requires you to keep the funds at a certain level for a certain amount of time.

I think when I opened it the time was 5 years at 10k or 12k
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