Talk to your financial advisors about CDs and if they are a good fit for you. You can get them at / through your banks. Interest rates vary depending on how much money you commit and the length of time you let the bank hold your money, but generally they are of a different magnitude than straight savings accounts. The accounts are FDIC insured up to 250K. You can pay an early withdrawal penalty to access the money if an emergency happens and you have to access the capital.All of you share some great information!
I have been retired starting my fourth year now and so far I have not had to touch any of my financial accounts such as 401s, cash, etc. I do keep a bit more cash in 3 accounts than I should, but I want to make sure I have cash money readily available should something happen to me or my wife and we need additional funds. Wife and I simply think we should be making something halfway decent instead of the lame banking style interest.
The problem is checking, normal savings, etc., don't pay jack on the money. I have been looking into accounts like SPAXX and others, but at my age I do want something insured even if it pays a little less. I notice that SPAXX is insured with SDIC (?) and I was wondering if anyone has some longer term experience with those type of accounts and be willing to share more about their experiences? Are these type of accounts with minimal risk? At my age, I prefer less risk.