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Started By
Message
Banking question
Posted on 5/21/25 at 10:18 pm
Posted on 5/21/25 at 10:18 pm
Daughter graduated high school. Was given a good chunk of $$$ for college. Would like it go collect the highest APY as possible while still having access to the $$ twice a year for tuition.
Local bank recommends a money market. 3.5% APY. What do you recommend?
Appreciate it
Local bank recommends a money market. 3.5% APY. What do you recommend?
Appreciate it
12
Posted on 5/21/25 at 10:34 pm to Salty Spec
I am interested in this as well. Tired of earning .01% on my shite!
Posted on 5/21/25 at 10:36 pm to Salty Spec
If you don't already, fund 529 for the state tax deduction in LA. Or, fund a Roth IRA if she has income (retirement accounts dont count against student for FAFSA aid). Money market within those would be safest but minimal return. Or just find the best HYSA rate you can. Found 5.3% checking with FITNESS Bank the other day but you have to average 10k steps a day to get the incentive rate. Posted link in another thread. Assets in student's name count against them at higher rate on FAFSA so be cautious putting it in an account in her name.
Posted on 5/21/25 at 10:37 pm to Salty Spec
My vanguard money market (VMFXX) is currently at 4.21% APY and is always competitive with rates, no teaser rate BS.
You could do better or worse, but I use vanguard due to already having many of my investments there and they are consistently competitive on APY.
You could do better or worse, but I use vanguard due to already having many of my investments there and they are consistently competitive on APY.
Posted on 5/22/25 at 12:03 am to TorchtheFlyingTiger
quote:
Or, fund a Roth IRA if she has income (retirement accounts dont count against student for FAFSA aid).
Can she withdraw from the Roth twice a year to pay tuition, as the OP says is going to be necessary, if the account has not been op ed for five years? I thought there were significant penalties for withdrawals to pay for education if you do not meet the five year rule. Please tell me I am wrong. Thanks in advance if you do show me I am wrong!
Posted on 5/22/25 at 6:07 am to TigerToGeaux
quote:
My vanguard money market (VMFXX) is currently at 4.21% APY
how often do you check the rate on this? Moderately higher than my HYSA. Don't have a good reason but have been hesitant to move to this
Posted on 5/22/25 at 6:42 am to TigerToGeaux
I agree with VMFXX. I use it for the settlement fund in my brokerage accounts. Good rates plus free bank transfers plus free checkwriting if you want it.
Posted on 5/22/25 at 6:45 am to Salty Spec
If you want no risk check out online savings such as Am x currently 3.6%
Posted on 5/22/25 at 6:53 am to Flick007
Roth contributions can be withdrawn at any time tax and penalty free. Just have to leave the gains which would be minimal.
Posted on 5/22/25 at 8:33 am to Salty Spec
SoFi savings acct is 3.8%
Posted on 5/22/25 at 10:16 am to Salty Spec
Capital One savings account is 3.6%. Again, can be withdrawn at any time without penalty.
Posted on 5/22/25 at 10:28 am to Salty Spec
You currently get 4% on your cash sitting in Robinhood. Easy to transfer out at any time. I got an offer from them for 4.5% if I deposit $23,000 more.
Posted on 5/22/25 at 10:35 am to Salty Spec
Just throw it into whatever MM your brokerage uses. I use Schwab and their MM is around 4.2% I believe. Can get access to your money within one business day.
Posted on 5/22/25 at 11:11 am to Salty Spec
Could do 3-month CDs and if you can make payments throughout the semester you can make it a ladder. They can mature a week before each payment.
Posted on 5/22/25 at 1:11 pm to Salty Spec
quote:
fund a Roth IRA
Don't overlook this. When she retires 40 years from now, $1k put in there now will pay a shitload more dividends than a similar amount of tuition will.
Posted on 5/22/25 at 3:48 pm to Salty Spec
Find a High-yield cash accounts with FDIC backing. Example Barclays
Posted on 5/22/25 at 5:03 pm to Salty Spec
SGOV or USFR. Or roll the dice a little more, go with STRK which pays 8% and contains an indefinite call option on MSTR (bitcoin) and very possibly retire 25 years earlier. Sort of kidding.
This post was edited on 5/22/25 at 5:04 pm
Posted on 5/22/25 at 7:34 pm to Stateguy
I check it every few months. This is the lowest it has been over the last year.
Posted on 5/23/25 at 5:20 pm to Drizzt
quote:fidelty does the same i believe. as said any brokerages money market will be about the same.
You currently get 4% on your cash sitting in Robinhood
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