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As I suggested in this article, the best move is to buy CDs like mad below the FDIC insurance limit. While online CDs listed on the BestCashCow.com rate tables offer a significant yield pickup, even brokered CDs make sense here. Your money market choices these days are terrible. It is either 2.50% in a risk instrument - as shown by the Flex Fund markdown - or earn 1% in a treasury or muni fund (As some have noted on this site, government or muni money market funds are not entirely safe).

I also wanted to share my experiences. WaMu and IndyMac are very, very easy to open. Amtrust and Discover also worked very well. Corus Bank required a check, a copy of my drivers' license and a signature, but mailed me a return envelope so the process was smooth. Imperial Capital Bank had a lengthy delay in approval and required a money transfer. State Bank of India had a ridiculous application online so I have resisted the temptation of their rates, even if it is FDIC insured.

 

Submitted: Sep 17, 2008    Views: 622    Comments: 0    Likes: 1   


View Article: http://www.bestcashcow.com/savings_-_checking_-_cds/article/jrodger...


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