I want to transfer retirement to money market account at a bank. How do I find the bank with the best rates?
Wednesday, February 10th, 2010 at
12:00 pm
gingin asked:
I also want to be sure the bank is stable and that my money will be FDA insured. I think this is called a custodial transfer because it is all retirement savings.
Thanks!
I also want to be sure the bank is stable and that my money will be FDA insured. I think this is called a custodial transfer because it is all retirement savings.
Thanks!
Tagged with: Fda • Money Market Account • Transfer Money
Filed under: Retirement
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Is this a 401(k) or similar plan? Just find the bank of your choice that offers IRAs with FDIC-insured (not FDA) deposits. Do a direct custodian-to-custodian transfer.
BankRate.com
Or, just go online and look around using the focus of your search as search words.
Since savings rates change daily, you may not have the same rate available online as when you go to transfer the money so BankRate.com may be your most accurate since they update rates automatically while web pages don’t change very often.
Banks are FDA Insured to protect the depositor from market fluctuations and other conditions that can negatively affect a banks performance and hurt your solvency.
John
The Food and Drug Administration (FDA) has nothhig to do with banking – are you talking about moving money from an IRA or 401k to a NON-IRA or 401k account (that will trigger taxes and possibly early withdrawal penalties if you are under59-1/2
and money market accounts are paying maybe 0.3% if you are lucky – makes no sense