Where should I store a windfall for a few months until I decide how to invest?

L asks: I will soon have anywhere from $25 to $75k that I need to store, because I’m not sure how I want to invest it yet—I may buy real estate in next six months, donate some of it in the next two months, or put some into a 401(k). How do I quickly find the bank, online or in person, where I can keep the money liquid but earn the best interest rate? I already have a BOA checking and savings account, a Schwab checking and savings account (1.05%), and two Bank of America risk-free CDS (2.50%) that will soon mature.

If your only requirement is to keep this money safe while you determine how you want to invest it, then any FDIC-insured savings product is the way to go. With today’s interest rates, you shouldn’t expect to earn much on this cash in the short-term. If you want to keep the money liquid so you can access it at any time, a high-yield online savings account is your best bet. (You’ll be able to beat Schwab’s 1.05% rate, although not by a whole lot).

If you know you won’t touch the money for six months or longer, you might find a slightly better rate in a traditional six-month CD. Here are a few sites that let you search for top rates:

• Bankaholic CD Rates
• Bankrate CD Rates
• Money Rates CD Rates

Good Luck!

David @MoneyUnder30