If you're like me, the current uncertainty in the markets means you might have moved a lot of money into cash in your brokerage account, and unless you are a high net worth individual privy to higher rates. Well, ShareBuilder.com who until this point was giving you a massive .01% rate on your account sent me an email letting me know there is a new FDIC-insured option that will pay you .50%. That's not a lot, but it is a 50x improvement over the other option. It's a no-brainer to make the switch.
- Sign in at ShareBuilder.com, then click the Accounts tab
- Select Profile & Settings from the Overview menu
- Click Account Settings and scroll down to Cash Balance Preference
- Click the blue Edit link, then choose FDIC Insured Cash Balance and click Save Changes
If you are not already a ShareBuilder.com account holder, you can get a $50 sign-up bonus through any of the links in this post.
NOTE: If you're account is margin enabled, then you are not eligible for the FDIC-insured account option.