Where is everyone parking their cash these days?

CFA General
#1

I’m thinking about pulling out of my Internet bank (Emigrant Direct – “American Dream” account) as their credit ratings (for what that’s worth) don’t impress me and there seems to be a lack of news coming from them on their financial shape, but I don’t want to go to BAC or C or JPM as their savings rate is pathetic. If I recall an article I read recently correctly, European banks are competing aggressively to attract deposits and are paying relatively high rates. Here in the States we’re moving toward a monopoly on deposits (NYT saying today that BAC, C and JPM now control 30% of deposits) and it’s in the banks’ interest to collude to keep the rates down. Does anyone have any suggestions on where to park my cash where it’s safe and the rate is decent.

#2

The money market?

#3

hard assets… new skis, boots, and associated gear.

#4

gold bars. If you are scared of banks, then put it into the top banks JPMorgan, Well Fargo, Banc of America and etc.

#5

Just remember to keep all balances below $100k in the US to maximize chance of FDIC insurance. There is some concern that FDIC might not be there when you need it, but for sure you don’t want money lost because it is over the 100k limit.

#6

i m still invested All in China

#7

What about Russia? RSX is down 10% today.

#8

I got some sweet MBS that I can let go at $0.60 on the dollar :wink:

#9

We’ll all be buying your sweet MBS for $.75!

#10

My Serta

#11

anyone else use ING?? how do we feel about that hahah

#12

I use ING. Its FDIC Insured…And no its not going to collapse. Money Market funds are now even insured. So if you have more than 100k thats where you want to be.

#13

I use Countrywide Bank’s online savings acct (3.4%, virtually no holding period). It’s one of the better deals out there today, esp. after BAC acquired them.

#14

ZeroBonus Wrote: ------------------------------------------------------- > i m still invested > > All in China Zero Bonus, that’s great. What do you think about China’s Mark to Market accounting rules (or lack of) HAHA.

#15

The car I bought 6 months ago has been my most successful “investment” since. Hooray for depreciating assets!

#16

stuffing all my cash under my mattress.

#17

Then your house burns down…

#18

adalfu Wrote: ------------------------------------------------------- > stuffing all my cash under my mattress. I thought about that too… unfortunately, we’re going to need inflatable mattresses.

#19

I converted all my money into actual barrels of oil. They are stored at my house. Mmmm, the sweet smell of hydrocarbons.

#20

Oil may drop faster than the Dow if this crisis continues