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Reserve fund bank account type


Lately I see several banks offering higher interest savings accounts. My building manager is hesitant to move our reserve fund though the higher interest would result in a few thousand dollars annually going into our account. What is the general practice for a small. 12 unit condo building?

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FL Condo here.  We've put ~2/3 of our reserves in short term (12-18 month) bank CDs.  We stagger the due dates.  The 2.25% interest is far better than the .7% (or nothing) we were getting.  Some CDs have no interest penalty after 6 months (but lower interest rate).  We could put into longer-term CD and get a higher rate but were cautious to start.  Our Condo management company fought this effort - they often forget they work FOR us. 

04 Apr 2019