Earning Interest With Ready Access to Funds

Q. My daughter lives in Colorado, I live in Oregon. my daugher is mentally unstable due to health conditions. I have power of attorney. she has refinanced her house for fifty thousand dollars. she wants to have the money wired to my account and I would make her morgage payments and pay her bills. as she does not handle money well. Is there any way I could invest her money so that she would earn more and still take out money for her monthy bills?

A. Yes there is. First, I'm trying to understand the reason for the refinance? Is it because she will need that money to live off of?

If so then it will be important that the money is easy to access while earning a little bit of interest. There are money market accounts that allow you free access to the money via check or ACH (electronic transfer). Typically, the rates at your local bank aren't anything to write home about, but there are some national providers that pay rates comparable to CDs. Two that come to mind are ING (they call it their Orange account I think) and the other is Emmigrant Bank out of New York.

Recently, Emmigrant had the highest rate in the country. You can find both of these (and others) available on the internet.

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