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You have $1M...BUT you need it for business expenses

Hi,

Assuming you have $1M lets say per year of profits. But if dark days come, you need it within a month for urgent business expenses.

Where would you keep it?

10 banks...or 100 emis...or 1 bank?

Is there investments like bonds / etf that can be easily converted into cash without huge fees?
For eligible balances held in Wise accounts in August 2023, Wise paid an annualised cashback rate of:
  • 1.89% for any EUR
  • 3.12% for any GBP
  • 3.85% for any USD
Similar rates are offered by some brokerages like IBKR, so you earn something even if money is just sitting in the account.

In my opinion, this can be better than bonds as you are free from the risk of central bank interest rate fluctuations, which can affect the price of the bonds.
 
Hi,

Assuming you have $1M lets say per year of profits. But if dark days come, you need it within a month for urgent business expenses.

Where would you keep it?

10 banks...or 100 emis...or 1 bank?

Is there investments like bonds / etf that can be easily converted into cash without huge fees?
I would open an account with a reputable Crypto friendly Swiss bank that would also allow me to trade.
The majority of the EMIs want transactions and not money sitting in the account for months.
 
For eligible balances held in Wise accounts in August 2023, Wise paid an annualised cashback rate
Interesting, didn't know that. Would it reduce the risk of getting account suddenly closed? Just that Wise is known for it.
I would open an account with a reputable Crypto friendly Swiss bank that would also allow me to trade.
What reputable bank in Switzerland would agree for $1M ?
 
You should travel there and speak with the bank directly. Depending on your attitude., your documents and a few other things they will open an account for you.
 
Similar rates are offered by some brokerages like IBKR, so you earn something even if money is just sitting in the account.
A broker account is one of the most liquid solutions out there. If you also understand trading or investing then you can earn a reasonable ROI on the 1M for the duration.

If you don't know trading or investing then a broker account is still a solid option. Look into protection on those accounts. It varies per broker.