JeffG3 (California)
Posts: 1
Posts: 1
Posted:
I am new to the site and serve on a board in southern CA. We have reserves of nearly $250k, partially due to regular assessment increases due to a recent $22k special assessment (140+ units) for long overdue repairs that were neglected for 20 years.
We are contirbuting approx. $18,500 monthly to build our reserves to take the preventitive measures needed to avoid such a signficiant hit to HOs in the future. With this sum in our account and that amount being adding monthly, I as treasurer am having dificulty in finding FDIC insured investment vehicles that can maximize our returns without tying up our funds for too long.
Our current money market accts yield 5.25%, 4.75% and 0.25%, with the last one held at our local bank to facilitate transfers to our operating account as needed. I would prefer not to open another money market, but we are above the $100k FDIC insurance threshhold on both and it makes me nervous to exceed that too signficantly.
We have also had a hard time finding banks that offer such high yields to HOAs - Capital One took us all through the account opening process and then told us that they do not allow HOA accounts.
As such, we are looking for an HOA friendly bank, credit union or thrift that offers competitive rates and is willing to work with HOAs. CD ladders are alos an option, though we are reticent to tie up the funds too long and I have been unable to find short term (less than 9 mos CDs) that can beat our money market rates.)
Any assistance would be appreciated.
We are contirbuting approx. $18,500 monthly to build our reserves to take the preventitive measures needed to avoid such a signficiant hit to HOs in the future. With this sum in our account and that amount being adding monthly, I as treasurer am having dificulty in finding FDIC insured investment vehicles that can maximize our returns without tying up our funds for too long.
Our current money market accts yield 5.25%, 4.75% and 0.25%, with the last one held at our local bank to facilitate transfers to our operating account as needed. I would prefer not to open another money market, but we are above the $100k FDIC insurance threshhold on both and it makes me nervous to exceed that too signficantly.
We have also had a hard time finding banks that offer such high yields to HOAs - Capital One took us all through the account opening process and then told us that they do not allow HOA accounts.
As such, we are looking for an HOA friendly bank, credit union or thrift that offers competitive rates and is willing to work with HOAs. CD ladders are alos an option, though we are reticent to tie up the funds too long and I have been unable to find short term (less than 9 mos CDs) that can beat our money market rates.)
Any assistance would be appreciated.