For those who don't want to shop CD rates regularly, Chamberlain points clients to the Vanguard Prime Money Market Fund. "It historically has provided above average yields and Vanguard is easy to work with," he said.
Vanguard Prime Money Market Fund featured a yield of 2.6 percent Monday.
Jeff Eschman, a financial planner with Brazos Financial Advisors in Houston, advises savers to look at Countrywide Bank's SavingsLink account. It is an online-only, FDIC-insured account paying 3.97 percent on accounts with $10,000 or more.
For those who lost money in the Schwab Yield Plus Fund, Eschman suggests "turning lemons into lemonade" by using the loss to offset capital gains in other taxable investment accounts and "move into something that's better suited as a true cash haven."
This work is the opinion of the columnist and in no way reflects the opinion of ABC News.
David McPherson is founder and principal of Four Ponds Financial Planning (www.fourpondsfinancial.com) in Falmouth, Mass. He previously worked as a financial writer and editor for The Providence Journal in Rhode Island. He is a member of the Garrett Planning Network, whose members provide financial advice to clients on an hourly, as-needed basis. Contact McPherson at david@fourpondsfinancial.com
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