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August 09, 2006
Best places to park cash
My dad asked me where to park some cash. I told him I'd hang onto it for him, but that didn't fly. I get this kind of question a lot and I end up looking at a few websites (bankrate.com, MSN, etc.) and compiling a list for people.
Well, this time I thought, 'Someone must've already done this type of list already'. So I used this new-fangled thing called a 'search engine' I heard about called "Google", and found the lists. Ain't the internet cool?
This forum topic keeps track of the best interest rates for checking, savings, and money markets. It's continuously updated many times a day by people scouring the internet and newspapers, looking for the highest interest rates.
You'll find over 1000 posts, but the best deals are summarized in the first page. For example, I quickly found that MBNA is offering 5.33% APY on a MMA (through AAA).
If you're after a CD, a similar topic keeps track of CD rates (3 mo/6 mo/.../up to 5 yr). Again, you have a ton of people out there looking for deals and continuously updating the list.
You can do a little better than 5.33% in CDs, but for maximum flexibility and liquidity, I'm sticking with money market accounts for now.
Posted by brian at August 9, 2006 08:06 PM