Insured Money Market Account - looking for advice.. | TigerDroppings.com
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SlidellBammer
Alabama Fan
Member since Oct 2008
2379 posts

Insured Money Market Account - looking for advice..

I have about $5,500 in a Citibank insured money market account. The money was formerly a 401k but ended up getting dumped into this money market when I left my previous company. I just got my 2012 statement and apparently it earned .35% last year ($17 or so)…lol..

What are some decent options for moving this money into an account that yields a better return? Any advice is appreciated..



LSUTigers00884
LA-Lafayette Fan
Lafayette
Member since Oct 2011
804 posts

re: Insured Money Market Account - looking for advice..
A conservative mutual fund.


gatorsimz
Florida Fan
cafe risque
Member since Feb 2009
5522 posts

re: Insured Money Market Account - looking for advice..
There are online savings accounts that you can get close to 1% on. You could look into an intermediate or short term bond fund also.


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SlidellBammer
Alabama Fan
Member since Oct 2008
2379 posts

re: Insured Money Market Account - looking for advice..
quote:

A conservative mutual fund.


As far as i know, i've paid no taxes on this or early withdrawal penalties.. would moving it to a mutual fund require me to do so?


TheDiesel
LSU Fan
Houston via Baton Rouge
Member since Feb 2010
2505 posts

re: Insured Money Market Account - looking for advice..
Open an IRA or pay taxes on that amount and open a Roth


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gatorsimz
Florida Fan
cafe risque
Member since Feb 2009
5522 posts

re: Insured Money Market Account - looking for advice..
Did you roll your money into a Traditional IRA from your 401k?


SlidellBammer
Alabama Fan
Member since Oct 2008
2379 posts

re: Insured Money Market Account - looking for advice..
quote:

Did you roll your money into a Traditional IRA from your 401k?


pardon my ignorance, but i do believe so.. i received a "rollover IRA statement" and it lists the money as an insured money market account in the summary of current balances.


gatorsimz
Florida Fan
cafe risque
Member since Feb 2009
5522 posts

re: Insured Money Market Account - looking for advice..
quote:

i received a "rollover IRA statement" and it lists the money as an insured money market account in the summary of current balances.


well you can transfer your IRA to another company like Vanguard if you're looking into mutual funds. i'd definitely move it out of that MM account


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geaux strong
LSU Fan
BR
Member since Aug 2011
10 posts

re: Insured Money Market Account - looking for advice..
depends on you age and risk tolerance


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