Best Place To Put Your Cash Right Now
HTML-код
- Опубликовано: 5 май 2023
- Clark offers a savings strategy free of bank worries, that is both secure and can yield more interest on your parked cash. Plus a NEVER EVER Rule on buying CDs.
MORE CLARK.COM CONTENT YOU MAY LIKE:
► clark.com/save-money/i-bonds/
► clark.com/travel/how-to-get-rid-of-a-timeshare/
► clark.com/save-money/mark-cuban-cost-plus-drug-company/
Clark.com: Advice You Can Trust:
SUBSCRIBE ► / clark
NEWSLETTER ► clark.com/newsletters/
Follow Us for More Money Tips:
Website ► clark.com/
Podcast ► clark.com/podcasts/
Twitter ► / clarkhoward
Clark Howard Instagram ► / theclarkdotcom
Clark Howard Facebook ► / clarkhoward
Clark Deals Facebook ► / clarkdeals
Clark Deals Instagram ► / clarkdeals
For the very best deals and money-saving shopping tips ► www.clarkdeals.com
Need Consumer Advice?
Need advice? The Consumer Action Center is a free community resource for advice on money and consumer issues. Call 636-49C-LARK (636-492-5275) and a member of Team Clark will assist you as soon as possible. The Consumer Action Center is available Monday-Friday from 10 a.m. to 4 p.m. ET.
If you found this video valuable, give it a like.
If you know someone who needs to see it, share it.
Leave a comment below with your thoughts.
Add it to a playlist if you want to watch it later.
Our Promise to You:
At Clark.com and ClarkDeals.com, we do not get paid for endorsements or reviews of any product or service, nor do we allow advertisers to place paid content on our sites.
► clark.com/ad-disclosure/
Wow, this is so helpful to know about CD rates from banks vs brokers! I like my credit union but their CD rates aren't the best. Thank you for this!
I just purchased a 12 month CD at 5.15% via Vanguard’s brokered CD process.
Was only 3.20% when I bought mine in August 22👍
Vanguard pays more in their money market account, VFMXX
Have you Researched V ?
You are SO right!
Hi Clark, listening from Mexico,and concluding that c.ds are certified deposits that pay you more when you leave your money there, seems similar to what we know here in Mexico as cetes, certificados de tesorería.
Clark I’m from Southern California and moved to Naples when I got here you had a radio show, and I thought you moved here too? I appreciated your advice at KTLA and I coculdnt believe you moved too. But then your radio show I couldn’t find, but now I got your pod cast! Thanks buddy for the advice over all those years
Utah Jeff ….this is so true !
Thanks so much for a helpful video🙏💜
Just opened a Goldman Sachs CD - 10 months, 5.05%
I don't believe any inflation numbers. I go to the store and wow, everything is so expensive.
I would suggest looking for the best savings rates online and moving money where appropriate. There are also no penalty CD’s available at good rates. You just have to let your fingers do the walking. I’m not parking my money with any of the Vanguard, Blackrock, or State Street people who own all the military industrial complex. There are plenty of other options.
And yeah, it's crazy how much Chase and similar banks play their customers. Just this morning I was reading a post on r/personalfinance where someone found out they were paying a $25/month maintenance fee because they had Chase "premier" savings, but had fallen below the minimum balance. What rate would you guess this "premier" savings account paid? 0.02%! That's only premier relative to Chase's own 0.01% on regular savings accounts.
0.02% that would give $ 200 out of 1 million stuck for one year. What were they teaching in school as math was concerned?. To equal 5% deposit rate you will have to wait two and a haft centuries. Now banks greed has shown its' acumen to that of credit card companies.
Thank you Much
My thought is that interest rates are indeed possibly at a peak - and if I could find a 6 or 7 or 10 year CD at 3.8% or higher I’d jump on that, too. Nice that I have a 1-year CD paying 5.1% BUT when it matures early 2024- what will CD interest rates be then? Maybe 2.5%! So I’m building a CD Ladder and focusing on 4 and 5 year CD’s. Sure wish I could find 6-8 year CD’s but don’t see any. (As I write this, I’m listening and I see you are saying basically what I just wrote…) OK I won’t delete this comment I’ll keep it in as I think it just reinforces what you’re saying - Very nice presentation!! (And if you know of 6+ year CD’s - love to hear about them!) Stephen on 13 May 2023
Great Information Clark! Please do an update for Oct 2023. Thank You
Hi Clark what about a CD from a credit union?
Hello Clark!!! I miss you on the radio!!!
Thanks for the tips on CD"s
It is my experience that is almost impossible to forecast interest rates with any degree of accuracy.
PenFed is at 4.6% at 12 months 4.7% at 18 months.
On a recent episode on Proms.. Clark mentioned that if you're not eligible for a Roth IRA, then a backdoor IRA (non-deductible IRA converted to Roth IRA) is the best. But no details on the steps involved!
Also, I've heard that interest and taxes will be higher in the future, so deferring paying taxes now (401K) is not a good idea.
However, our company recently started offering a Roth 401k. Since I don't have much in the way of write-offs, the 401K was a no brainer.. but now I'm not so sure. Is there a calculator that can estimate if I should stick with the 401K or start putting it into the Roth 401K?
Clark, I know you've been saying what a rip off Chase Bank is. I've been a customer of theirs for at least 30 years. It's like partying with an old friend. But this old friend is screwing me. Hard to close ALL my accounts with them, but I'm not putting up with this anymore.
Do it I did and feel liberated and richer. Don’t delay just do it.
I have moved a substantial amount of cash to a vanguard money market account.
The only risk is if the government defaults. But that’s unlikely to happen.
@Sue I'm doing the same as you, but with Fidelity (Pretty much the same). I've got to part ways with Chase Bank.
@@hkk3656 I have left too much money in chase too long. I need their checking accounts etc. But i recently moved what is a lot of money for me, $70,000 to a vanguard money market. I’m not sure what I want to do with it. So for now I’ll just hold it there.
I have moved 30k to Vanguard Cash plus. It gives only 4.25%,
and 240k in a Capital One 5% CD.
@@JohnSmith-ps7hf that’s a lot to sit in cash even if it’s a cd. I hold cash because I thought I’d buy another home.
What about getting cd in a credit union??
Banks should have a sign in front saying to people "Entering this establishment could be hazardous to your financial wealth" warnings just like they put on cigarette packs.
Good one.👍
Cigarette packs don't have that warning but people know they are hazardous to their financial wealth, and yet the poorer you are, the more likely you smoke.
What happens when SHTF and we lose it all at the bank?
....Brokerage Money Market Vanguard ....slooooowly becoming my BANK
Tbills is paying similar to high CD without paying local tax…
I got my Charles Schwab at 5% at 1yr and 5.15% 6mos..
Clark, as it gets closer, could you speak to the debt limit crisis? Should people sell stock funds, etc? Thanks.
The US will never default on their debt in our lifetimes. Threats to default are just politicians playing chicken with each other. Has and will never happen. That day would be the end of the US as a superpower and their economy as we know it lol, China or Russia are probably next in line to take over. But every super power must end, so it will happen eventually. Just no time soon lol.
i sold a small brokerage out ( about 7,500 dollrs and now will buy CD ($ 1000) each , every 2 months; and keep rolling it over ,IF the rate's are still higher then everybody else. I might buy bigger ones on the other "every other month". LOL i use Schwab for CD's 1 to 1,6 months they pay 5.41 I believe , it may be more or less today. now i should have one rolling over every two months ( after their 1 year is up).
I just opened a Savings account with E-Trade and the rate is 3.85%
Check your local credit union for CDs. Many times their interest rates are better than the big banks.
And what are the tax implications?
I bought a CD thru Edward Jones for a year. Unfortunately it was at Silvergate Bank. Now I'm stuck until November with it when it matures because the bank failed
4 week treasury bill. 5.3%
Sounds good to me. 👍
What about reporting the profits on your taxes. Is it worth it? The more you make, the more the feds take. What’s the true profit if any?
That depends on income.
💰 " The more you make ‐ the more they take ." 😩💸"'
What’s to stop banks from offering very high cd rates to accumulate cash. Then if they fail, they don’t care because the FDIC has it covered?
Wouldn't the apple savings account thing that just opened up be more competitive? atleast in the sense that you don't have to lock up the money?
No
Hello Clark - Can you please speak to investing in T-Bills right now in view of the debt ceiling deadline. I see that 3-6 mo T-Bills are at 5% and free from state income tax.
Is there a risk or danger of the Fed defaulting on repayment of T-Bills if there is no resolution of the debt ceiling?
I realize that this happened in 1979.
Thank you
You mention that inflation is way down... Prices of everything certainly are not.
How can you explain ludicrous amont paid by one bank ?, 0.050 %. One year will pay $ 500 for 1 million deposit, wheras the CD at 5% will pay you $ 50 000 for one year in another bank. So the first example will pay you the same amount of the second example if you wait a hundred years. This explains the most shorted bank in the world as of today.
What's the purpose of a CD is yo only make about $40 on it after a year? You can just add that to your own savings each month and make that or more. So why get CD. Just asking?
A CD or T-bill is a place to park cash short term with less volatility. Cash you might need in 2-3 mo to a year for a house or investment, or are waiting to see what’s happening with the market. You can park it longer if you’d like. The banks pay little to nothing can’t even keep up with inflation.
How do i go about getting a CD through Fidelity? Do i work with one of their Representatives, setting up an account with them, and then that Rep buys the CD on my behalf, or what? Im not at all familiar with this process. Never bought a CD before. Thanks for the help - in advance!
do it yourself, set up brokerage account and away you go,.... make sure not callable..... just did one for 5.1% for one year.... got one for my IRA & regular brokerage account...
@@dogsarefun2 Thank you! Pardon my ignorance, but what is "callable"?
@@NancyW726 CD can be called in by the bank, example: you get a one year callable cd, bank has an out before the year is up..... do a youtube search for golden nest egg, she is fantastic about explaining CD's, etc and will show you how to buy them....
@@dogsarefun2 Thanks so much!
@@dogsarefun2 I think you mean diamond nest egg! I follow her as well. Very easy to understand.
I took a CD at %4.7 for 18 months at my credit union. no risk of loss. My local bank told me they would try to match this rate so you can price match.
right, but if you ladder CD's, do you want to have your money in four different institutions?
@@acornsucks2111 I shopped around for the best rate. You can ladder any way want.
@@acornsucks2111 with the bank collapse it might be a good idea.
No risk? LOL You'll lose it all. Wait and see.
@@ka-peach7945 I don’t think there is any risk on a cd! Do you agree? Or know something I don’t?
Are money market accounts safe?
NO
Where does one list a beneficiary with a brokerage account ? Thanks
What’s up with headset ? Landing a plane after this video?
Clark, can you give us examples of discount brokers??
Vanguard and Fidelity are probably the best ones
Worst one for me was DA Davidson. I lost a lot of money. Horrible!!!
The problem I saw with brokered CDs is the ones that pay the highest rate usually have a call date prior to maturity. If interest rates go down there's a sure thing that they will call it. Just like a callable bond.
@Barry Cusano you can buy a brokerage CDs WITHOUT the callable. Really important to know the difference. I'd never buy a callable CD, but I do buy the fixed ones.
@@hkk3656 I agree. But as I said the highest interest rates are usually callable. And a major of them seem to be callable.
My I say, depending on your age going with 1 year CD's is a much safer investment.
Coffee cans in the backyard
But don't the fees a discount broker charge make it not much better than getting the cd at the bank? Are credit unions the same?
Broker charges me nothing to buy a cd. Fidelity and td ameritrade
There are no fees
I do not know where to find a brokered CD
Fidelity is great. Vanguard is kinda dumpy. I have both. Recommend Fidelity
I'm an amateur in the financial world.
But for me Fidelity is easy to use and easy to understand.
But Clark, my Apple Card, get me 2% on many purchases, like eBay, which I frequent, and aito deposits that amount into my Goldman Sacks and Pillages savings which promotes saving?!
If CD rate is low, stock market is doing better. So you are wrong. Buy a 1 year CD then buy ETF next year.
And banks have CD market. You can choose which bank is better and you can buy from market. 🙄
Anyone thinking in terms of "cycles" right now is going to have a bad few years. This is the end of a financial and economic paradigm. No one alive has ever seen anything like this before. With this will come the demise of the western nations. I would suggest thinking in terms of food, water, shelter and protection.
Man, I bet you are a blast at dinner parties!
Wow....somebody understand money & reality and tells the normie's the truth.
@@gilldavidmour4199 I’ve spent the past 14 years training my mind to see the world the way it actually is instead of the way I wish it was. Unfortunate byproduct is the grimness of the matter.
@@scooterrockets7815 I can understand.
Inflation has been significantly lower..hhaa…yeah while a loaf of bread costs $6.99 wow what a bargain.
I recently got 5.25%, on an 18 month CD through a broker.. (Wells Fargo CD, BTW)
@V p is it a callable CD? Hopefully, it isn't.
@@hkk3656 what is a callable CD, never heard that term before
@@one4blondes
Callable CDs can be redeemed (called away) early by the issuing bank prior to their stated maturity, usually within a given time frame and at a preset call price. This is most often done when interest rates move lower, allowing the issuing bank to stop paying CD holders higher than the prevailing rates😉
...✌️💖🥂
@@one4blondes Also, Check into a "NO Penalty CD" todays rate at 4.92% 12 months. If rates go down your good for 12 months, If rates go up or you just need the cash, you can close it out with no penalty and reinvest at the higher rate.
The thing about CD's for me is, I would rather put my money in stocks that value higher returns. I don't see value in trying to split up my savings and rainy day fund as I would need it immediately not in those time periods.
CDs are safer for those of us who are scared of risk. 😮
@@KAT00035 I try to do some of both. Try to hedge my bets.
I lost 40 percent of my 401K in 2008. I retired 4 years later in 2012. Hence, I do not “trust” the stock market or the people that control/run/manipulate this casino.
QQQ is at the same level right now that it was at the end of August 2020. It just depends when you get in.
Fine. But that puts your money at risk. Not the same thing as a guaranteed rate from a cd.
Precious metals "might" be a "decent idea" fyi.
Taxed on C.D.'s 👎
Vanguard CD rules mentions something about possible call which could result in lower rate over time. Need a lawyer to understand the Vanguard rules on this. Help! Can't tell for sure if the "call" applies or does not on how rules are stated. Understand the concept of call and how the cd may not make it to maturity and thus provide expected interest payment expected.
So I can make $600 in a year from a $10,000 investment if I buy a cd..wow what great returns!
How much tax is ,the IRS getting on that 600.00?
Ive got $500k in an investment firm with an advisor I never hear from. I have a substantial dividend monthly and am getting approx. 5% return on my investments; however, it is mutual funds. No one is talking about if the mutual fund sector is going to lose a lot of value. Is this the best place to be or not?
You definitely want to get away from any "advisor"
You will soon own nothing and you will be very unhappy. Brought to you by the WEF
You would be much better off to invest in the safest, most conservative gold major or gold ETF if you want to maintain your purchasing power, especially over the next 5+ years. If you invest only in physical gold (even safer) your average annual return over the next 5+ years may not be more than 5-10%.
Sadly, this is the kind of advice that very few of the financial experts will not tell you about. Gold outperformed the stock market from 2000-2020. If you had bought in the early 2000’s when gold was in the $275-$400 range, you would have 5x your money. If you sold in 2011, you would have 5x your money in 10 years. Then if you bought back in late 2015, you would have doubled your money in 5 years. The safest Gold major equities would have magnified your returns. This is the kind of education very, very few Americans receive and it’s an injustice.
I would not have expected that.
You really think inflation is going down! Lol how do you think the government is going to pay the debt. Inflation
Loose the head set
Biden 2024, right? Helllooooo…. Why do I hear my echo? Lol
Trump 2024 always in court 🤡
@@itsgreat7150 Biden supporters cut their nose off to spite their face.
Biden in a landslide 2024
@Cecilio Soto They both will die of old age. Wonder if both sides could find a youngster around 65 😂
@@itsgreat7150 Anybody can sue anybody for any reason. Doesn't mean they are right or even honest.
Soon your cash won’t be worth anything: Digital currency = control: Revelation 13:17
nwt bible, or kjv.
@@mrk1075 Soon...? It's already worthless. : Davidmour 5:10
Terrible advice…cash is losing value by the day because they are printing so much. We will be Venezuela soon
in ur pocket
VMFXX is at 4.89% without tying up your money, just saying.
BUY. SOLAR. NOW.