No. of Recommendations: 1
This is exactly right. I have a fair amount of investable cash, as well as emergency savings, in an account with my credit union earning almost 2.6%. I think this means that if I ever see a spike in interest rates that causes "fixed" bond yields to rise sharply -- tax-deferred -- then it might be time for a shifting of assets. But not until then.

Have you considered a 5 year CD while you wait? The 6 month CD at my CU is 2.75% and the 5 year CD is 4.75%. The penalty for early redemption is 3 months interest. I calculated that I need to hold the 5 year CD for 7 months to earn a greater return with the penalty than the 6 month CD.

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