How to get best return on HOA reserve fund? Any CDs for HOA ? Archived From: Finance |
Want to know how the HOA reserve fund can get best return. Our current HOA reserve fund gets pathetic 0.5% interest rate from bank.
Are there any CDs for HOA which are FDIC insured?
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Just talk to different banks and see what they offer for small businesses, because that's likely how your HOA will be treated. We have ours (about $20k) in a money market earning about 4%. It's likely that any CD or Money Market at an established bank is going to be FDIC insured. If you go with CD's I would recommend laddering different amounts for different lengths of time. In other words, get some 3 month, 6 month, 12 month, etc. You don't want to lose all your interest when your boiler breaks and you need to get money out of a CD to buy a new one.
Zon said:Just talk to different banks and see what they offer for small businesses, because that's likely how your HOA will be treated. We have ours (about $20k) in a money market earning about 4%. It's likely that any CD or Money Market at an established bank is going to be FDIC insured. If you go with CD's I would recommend laddering different amounts for different lengths of time. In other words, get some 3 month, 6 month, 12 month, etc. You don't want to lose all your interest when your boiler breaks and you need to get money out of a CD to buy a new one.
What money market earns 4%?
fasttimes said:What money market earns 4%?
We use Corus Bank which is local to us in Chicago. They are at 3.85% (I said about 4%).
some people don't want to make money on their investments.
I could probably hold a gun to my mother's head and tell her if she didn't transfer her money to Vanguard I would put her down like a horse and she would still refuse to jump ship from her 0.8% money market.
Sounds just like my Mom! 
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