Is what you propose much better than simply buying SRS for 7.25 and then put your stop loss at 6.86? You'll have a risk of 39 cents as well but unlimited profit possibilty. Plus you are more flexible in changing your position along the way. Of course with the Collar you can simply sit a heavy pullback out and wait for a recovery.
Well, when I look at the numbers again this morning after the market opened, it's not quite as good as it was when I ran it last night...Max risk = $0.65, Max Gain = $1.86. BE at expiration a bit over SRS=$8. Certainly you could use the stop loss approach and that saves on commissions and also gives you maximum upside. However, with the collar, your max risk is fixed, regardless of market events (assuming you hold to expiration). If your goal is to manage it as a trade, then the stoploss is a better way...if your goal is to dump your money somewhere and give it a chance for a semi-decent return and still get a chance to get most of it back if something goes wrong, the collar is the way to go. Since your thread title used the words "safely" and "park", I thought of the collar. My $0.02.
i use viewpointbank in texas gives me 4% APY on my 50K deposit makes me use a visa chck card 15 times a month.. but thats fine . http://www.viewpointbank.com/home/fiFiles/static/documents/absolute_splash_052008.html
I understand TOS means ThinkOrSwim. They must offer a decent rate on the positive account balance. It's likely to be better than what any bank offers on 1-year deposits. I'd suggest to stick with the cash rate unless your out-of-market period is years as opposed to months... or you have a very clear market view like shorting gold.