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Short term parking of a large inheritance?
The person who told you "no-load funds" had the right idea.  Since you are risk-averse, you tend to want a "value" fund; that is, it's not likely to grow in value (that would be a "growth" fund), but it isn't like to fall either. To pick an example more-or-less at random, Fidelity Blue Chip Value Fund "usually" returns around 8% a year, which in your case would have meant about $20,000 every year -- but it's lost 4.35% in the last year. I like Fidelity, as a brokerage as well as a fund-manager.  Their brokers are salaried, so they have no incentive to push load funds or other things that make them, but not you, money.  For intermediate investors like you and me, they seem like a good choice. Be careful of "short term".  Most funds have some small penalty if you sell within 90 days.  Carve off whatever amount you think you might need and keep that in your cash account. And a piece of personal advice: don't be too risk-averse.  You don't need this money.  For you, the cost of losing it completely is exactly equal as the benefit of doubling it.  You can afford to be aggressive. Think of it this way: the expected return of a no-load fund is around 5%-7%.  For a savings account, the return is within rounding error of zero.  Do you spend that much, $15,000, on anything in your life right now?  Any recreation or hobby or activity.  Maybe your rent or your tuition.  Why spend it for a vague sense of "safety", when you are in no danger of losing anything that you need?