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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: iggyl who wrote (375845)10/7/2008 8:19:10 PM
From: NucTrader  Read Replies (1) of 436258
 
My trading account is at Schwab and has been there since the 90s. In these times I wouldn't trust any money market which isn't FDIC insured, including those at Schwab. Now I do have a small amount of $$ in a Schwab money market but it is in Treasury money market, which is 100% Treasuries. The NAV on that isn't guaranteed either, BTW. What I'd recommend is buying a 1 month T-bill through Bond Trading. which is effectively an FDIC insured money market. No yield to speak of, of course, but safe and liquid as it settles the next day if you sell any or all of it. I actually bought a 1month T-bill last week, wanted to free up some funds to buy some knives this week, and sold the T-bill yesterday at a loss of $36 over what I paid. Or if you prefer a 1 month bank CD which is FDIC insured you can buy that through Bond Trading as well...if the bank goes under you may not have instant access to those $$, but can get your money in 2-3 weeks. The actual depositors of the bank who own the same CD can get their money the next day.
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