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Message
Where to store money for short term to potentially long term
Posted on 8/13/12 at 1:17 pm
Posted on 8/13/12 at 1:17 pm
My wife recently passed. There was a drive to raise money for my kids and I need some advice.
In the short term I need the best place to store a little over 100k. I will need access to it to
pay certain types of bills and what not. In the long term, I plan on getting a financial advisor involved later once insurance and settlements come in.
Would an ING Direct transactional account work for this? It has a pretty high yield and since it's transactional, I'd have a debit card to go with it. It seems their top tier is .90 % which better than anything I can find. Most savings / MM i'm looking at are .6 or .8.
In the short term I need the best place to store a little over 100k. I will need access to it to
pay certain types of bills and what not. In the long term, I plan on getting a financial advisor involved later once insurance and settlements come in.
Would an ING Direct transactional account work for this? It has a pretty high yield and since it's transactional, I'd have a debit card to go with it. It seems their top tier is .90 % which better than anything I can find. Most savings / MM i'm looking at are .6 or .8.
4
Posted on 8/13/12 at 1:24 pm to LSUStjames
Damn man, so sorry to hear that.
Posted on 8/13/12 at 2:44 pm to LSUStjames
Prayers sent, buddy. Just make sure there isn't fine print from ING regarding withdrawals, deposits, etc. The rate seems pretty darn competitive. The bank card feature is nice as well. Good luck.
Posted on 8/13/12 at 2:45 pm to LSUStjames
Sorry to hear the news.
I would say that you are right in keeping it in a savings account until you talk to a financial advisor.
Right now ING has the best rates, but I would watch them, as they were recently acquired by capital one, and at some points their online rates are going to converge.
As far as financial advisors go, I would think that getting a flat fee only financial advisor would be your best bet in your current scenario.
I would say that you are right in keeping it in a savings account until you talk to a financial advisor.
Right now ING has the best rates, but I would watch them, as they were recently acquired by capital one, and at some points their online rates are going to converge.
As far as financial advisors go, I would think that getting a flat fee only financial advisor would be your best bet in your current scenario.
Posted on 8/13/12 at 3:04 pm to LSUStjames
TIAA Direct Savings account.
1.24% and you get an ATM card with it. LINK
You can transfer money out to another account as well, but it takes a few days for it to go through.
Really sorry to hear about your loss.
1.24% and you get an ATM card with it. LINK
You can transfer money out to another account as well, but it takes a few days for it to go through.
Really sorry to hear about your loss.
Posted on 8/13/12 at 10:44 pm to iggle
quote:
TIAA Direct Savings account.
Best option for short term.
Easy set up and transfers
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