What are my options for savings?

Posted by Kromey at 2:43pm May 24 '13
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The title's maybe a bit misleading -- I'm looking for savings and/or short-term investment options. (I also have a long-term retirement account -- actually two -- that I need to get back on top of and start making contributions to again, but that's a story for another time.)

Basically, for the first time in a very long time, I actually have a reasonable balance in my savings account. Nothing huge, but enough to start thinking about where it would best be kept.

My credit union's savings account earns 0.11% APY. Nothing too special there, it amounts to a few cents to maybe a few dollars a year (well, has in the past, with more money obviously comes more interest earnings).

I've looked at other options my CU offers as well. CDs obviously earn more, although that money's locked away for the term of the CD. (Don't know how common it is, but my CU allows penalty-free withdrawals of the dividends, which are paid monthly, although of course that means subsequent earnings are less because there's less to earn from.) There's also money market savings accounts, which have a lower APY than CDs but also keeps my assets easily-accessible should I need them.

(My CU also offers something called "Choice Checking", which offers a 1.24% APY on balances up to $10k and no fees or minimum balance -- a rate their CDs can't even match until you get up to 4-year terms! Looking seriously at whether I qualify for that, that one seems a no-brainer to me.)

Anyway, I'm looking for what other options are out there that people know about. And what do people recommend? Again, I'm looking for something between a typical savings account and a long-term retirement account, and ideally something safe (as opposed to the risk of the stock market -- something I may play later on when I can afford to lose in that game).

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