What to do with $10,000

Low interest rates and the recent stock market surge make this a challenging time to find the best places for your extra cash.

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Maximize your cash stash
Believe it or not, you can get a rate as high as 6% from a high-interest reward checking account. Offered by many small banks and credit unions (find one at highyieldcheckingdeals.com), it usually pays those rates on balances up to $25,000 only. The catch: You must sign up for online statements, set up direct deposit, and use your debit card at least 10 times a month. So unless you deposit a big chunk of change, it may not be worth the hassle.

A simpler (but lower-yielding) alternative: Put half in a high-yield savings account and the rest in a low-risk short-term bond fund such as Vanguard Short-Term Bond Index .

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Last updated November 18 2009: 5:47 PM ET
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