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Motley Fool has a summary and comparison of the best parking spots for your money. These would be the situations when you're planning to need the money in less than a few years. The products compared include high-yield bank accounts, money market mutual funds, CDs and bond mutual funds. With the 6% savings account deals that we had at HSBC and now at FNBO Direct, it's getting hard this year to beat the high yield savings accounts.

Bank Problems

The Pittsburgh Tribune-Review has a follow-up article on the Pennsylvania bank that was taken over by the FDIC a few months ago. I reported on this in a February post. The FDIC has information on this here. The FBI is starting to investigate, but many of the problems reported so far seem to due with sloppy management at the bank.

Coast Bank in Florida, which had recently offered some high yield CDs, is having worsening problems. This HeraldTribune article describes the financial problems this bank is having and possible regulatory action that may soon take place.

These cases show the importance of keeping good records and of keeping under the FDIC/NCUA limits. For more info, please see my post about the FDIC and NCUA.

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