Interest bearing account for insurance settlement
I have 20,000.00 I don’t know where to put it because it has to be put in an interest bearing account. Money was settlement from an injury and is to be used if I ever have an issue with the injury in the future before money would come from Medicare.
Terry Says
Open a Money Market Deposit Account at a nearby bank — Fifth Third, Chase, etc. You won’t earn much interest, but you can get at it if needed. And be sure to ask your attorney whether this settlement was taxable? And if it was, do YOU pay taxes on the ENTIRE amount (including any fees you paid the lawyer out of the settlement).
