Inheritance investment
I have recently inherited two houses
I sold them and opened two 100 k cds
The first one was for 5 per cent for six months, the second at 4.4. They both matured and I missed the time to make changes. Luckily the first rolled over at 4.8. Unfortunately the second at .0048. They are now maturing again and rate is currently still at the . 0048 rate. I am 78 and do not want to tie up my money at such a low rate. I am considering cashing both out and stashing the money in a simple savings account so that I can have access to the funds in case of need or until and/or if the rates go up. What alternatives can you suggest.
Terry Says
Wait, the second one paid less than 1%? That can’t be right! Please respond to the email you receive saying that your question was answered. Actually, I can’t answer without more detail.
So send me the bank that is paying the low rate. With that kind of money, you could put half in a 6 month CD and get the highest rates, now likely about 4.25%, since rates have dropped a bit — And ask the bank what they are paying on a Money Market Deposit account, where you can have immediate access to any and all of the money by simply writing a check on that account. You should be earning at least 3.5% on a money market deposit account.
But I DO want to know what bank you are using! So I hope to hear from you.
