Barbra
Lv 6
Barbra asked in Business & FinanceCredit · 10 years ago

I received an inheritance check; I don't know exactly what to do with the money...?

I was going to buy a couple of CD's; but the interest is just about zero. I want to be able to get my hands on it if something comes up unexpectedly. Any suggestions?

I'd like to cash it and keep it in my home safe.

Update:

I took the advice of one of the below answers. Today, I opened two accounts at different places and divided it in half. I feel better that it is out of my hands. My family will get it when I am gone.

Inheritance sounds like big money...but by the time it was divided eight ways before it got to me; it wasn't that much.

The bank said the same thing as one of my answers; "it's not good to keep money at home".

Thanks for all of the advice. I did pay attention. The main reason that I wanted to keep it at home was; if the banks closed up and wouldn't let people have their money; like it happened a lot of years ago.

The bank said that is why each account is insured under the FDIC for a certain amount of money.

I will sleep in peace now.

7 Answers

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  • R T
    Lv 7
    10 years ago
    Favorite Answer

    Discover Bank. These are the same people as Discover Card. It's all federally insured and they pay more than brick and mortar banks because they are online. I have some emergency cash there and Ameriprise Financial uses them for brokerage sweep accounts.

    http://fb.discoverbank.com/campaign/multi/a/osrate...

    Source(s): ///
  • 10 years ago

    Both Ally and ING will give you 1%. Not the best but better than nothing, plus insured, where your safe is not.

    Another thing to consider is GNMA bond funds. Vanguard and Schwab both offer them. Vanguard has slightly lower expenses but requires a $3k minimum investment, while Schwab requires only $100. They are getting around 5% right now. They are slightly risky but still considered lower risk. They invest in government backed mortgages. It's something you should do your own research on and decide how comfortable you are. To me it sounds scary with the big housing crisis, but they have held pretty steady through all of it. I put a small portion of my emergency fund there and the rest in federally insured places like savings accounts.

  • Anonymous
    10 years ago

    Just put it in a savings account and take the funds you need when you need it. The money is insured by FDIC

    Source(s): Retired bill collector 35 years
  • 10 years ago

    Actually dear one, this is not something to be discussing on the net or yahoo....Talk with investors or the manager of you banking firm or an executive with the bank...They're held to a higher level of trust...You can bet there are people here who are already searching for a way to find your name/location as we speak....and it's not as difficult as you may think....

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  • 10 years ago

    Use some of it to pay off some bills, maybe splurge on something small and then invest your money at a FEE ONLY financial planner and invest in low or no-load funds and ETF's.

  • MadMan
    Lv 7
    10 years ago

    De-posit it in a savings account if you do not want to invest it. And keeping the cash in your home is never "safe".

  • ?
    Lv 6
    10 years ago

    Keeping cash in your home is really unwise. Put it in the bank while you are deciding how to invest it.

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