7 Best Short Term Investments | Places to Park Your Cash

Tools & Resources

0:00 Best Short-Term Investments
2:20 Chime
3:41 Axos Savings
4:20 Axos Rewards Checking
5:30 OnJuno
7:40 Varo
8:46 BlueVine
9:35 Fitness Bank
11:20 Tool Time--Worthy Bonds

#investing #cash #savings

In this episode, I'm going to answer a viewers question. And it has to do with the best places to save cash. For whatever reason, it could be an emergency fund you're saving to buy a home or as you'll see in a moment, from the viewers question, you're trying to time the market. Yikes. In any event, what can you do with your cash, I'm going to give you seven very specific options to consider.

ABOUT ME

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase and/or subscribe. However, I only recommend products or services that (1) I believe in and (2) would recommend to my own mom.

[mavissmith]

Hey! I’m blown away and humbled that this question at 0:58 is from me! Thank you so much for answering it! Another great video, as always.

[davidmason]

Hard to beat I-bonds if you know you absolutely don't need the money for at least 12mo. Could ladder them like CD's. Up to 30k a year if married.

[stevenreichertart]

People, NEVER pay a monthly fee for any account.

[neuroron]

I have held and increased investment in Worthy Bonds for over a year. No problems. Only things is, they are approved for $50M worth at a time. It has been many moths since they sold out the last batch. The SEC has been way behind in approvals. They have three batches under approval now. I was putting in $300 per week - this time I will just buy a really big batch. The other slight negative is that for large sums it can take up to 30 days to get your money so a tad less liquid than savings accounts etc

[kevinrehberg]

Todays CD market has been getting more and more friendly to the beginning investor by offering extremely low early withdrawal penalties.. I have one institution that only charges 90 day interest EWP on 5 year CDs earning 1.30%.. but what if you've had the CD for say two years???.. You have given up 1/8th of the interest benefit to capture a good deal your EF or investment stash was intended for..There is also a CU that offers 3% 1 year CDs with the add-on option but it too required direct deposit so I transferred one of my pension to them and I also met the other qualifying standards

[charlescoyle]

Hello, could you do another video of places to park cash for short term to get decent interest rates. It’s November 2022, and with Fed raising rates, I’m thinking there could be opportunities

[The_Bronze_Spoon_Investor]

Always gotta find a place to park cash. As I’ve been saying on my channel, “CASH IS TRASH” great video. Thanks Rob 👍

[warrenr.johnson]

Your short term investment video raises a question for me. Will any of these allow internet accessibility from outside the US? I know that Axos will not. Any suggestions? Thanks!

[tingliu]

Thanks Rob. Love your videos. For someone from AU, I have to say what US products have to offer, I personally can’t say AU has the same……

[marklydon]

What's wrong with sticking it under the mattress. My Nan put hers in the oven, forgot and roasted it all. Luckily some on the numbers were still visible and the bank honoured them for her.

[JohnDAlmonte]

What are your thoughts on Municipal Bond Funds for the state that you live in? Are they too risky for an Emergency Fund?

[JohnCarrFitness]

Why is Chime your favorite? Thats the same interest rate return as almost all other banks? I dont get what the benefit is? Marcus has been the best for me

[edjyjohnson]

I'm tinkering with crypto. I'm getting 9% APY in a BlockFi Interest Account after converting some USD to BUSD. Great channel and content, thank you Rob!

[randychestnut]

Rob, I would be very interested in your thoughts on how to invest your bond position at this time. Thank you.

[pineapplepizza]

What about putting it into stable coins like Tether or USD coin? They have much better APY rates than banks, although I'm sure it is not without risks.

[sanekabc]

What do you think about lifetime annuities that pay a fixed amount for life? Seems pretty good for a senior.

[avernvrey]

Worthy's - allowance for loan losses - is very high. Looks like a lot of the small businesses they lent to were hit very hard due to covid. Also, management has attached a going concern note to the most recent financials, indicating they may not last the next 12 months. When the audited financials come out it may be even worse.

[greengeaux]

Could you do a review of Bask bank 5% interest on savings account

[johnsmith-dmtq]

I hear the same advice all the time and it seems to contradict it's self. Realestate people will tell you, you make your money on the buy and you have to buy right. Than they say just invest now, otherwise your timing the market! Lololol we are at all time highs and have no inventory/ no choices.

[spomytkin]

For most cases of "timing the market" savings accounts not relevant since not applicable for IRA\401K investment options. I was expecting something like con\pro for different bond ETFs or something like it