Contributed by fg | May 4, 2005 11:24 AM PST
There are a number of tax exempt money market funds out there. Vanguard, for example, offers a number of state specific ones (PA, CA, OH, etc) that are exempt from State and Federal taxes, as well as a generic tax exempt money market that is just exempt from Federal taxes. Here's why these might be a better bet than INGDirect or EmigrantDirect. Vanguard's generic tax exempt money market fund is yielding 2.68% right now (this is actually higher than their taxable money market yields).
If someone is in the 25% Federal tax bracket this 2.68% is like a taxable 3.57% (if I did my math right).
This is way better than either ING or EmigrantDirect, and it rivals some 1 yr CDs.
Free money. Cool.
-fg
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However, Vanguard does not guarantee the money market yield. Minimals also apply to some funds. Sure - yields can fluctuate. But for now it's a nice deal for someone in a high tax bracket.
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