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re: I've been given $100K from an estate - Pay down mortgage, get new car, other?
Posted on 5/4/16 at 10:48 am to Hawkeye95
Posted on 5/4/16 at 10:48 am to Hawkeye95
quote:
b) establish a 6 month safety net if you don't have one
What type of account would you use to put this $ in? I'd want to earn decent interest but not pay a hefty penalty if I need to use it.
3
Posted on 5/4/16 at 10:54 am to Green Grass Miracle
quote:
b) establish a 6 month safety net if you don't have one
What type of account would you use to put this $ in? I'd want to earn decent interest but not pay a hefty penalty if I need to use it.
Any savings account that draws 1% interest.
Posted on 5/4/16 at 11:26 am to Green Grass Miracle
Some people use a roth for it. But I don't;like the concept of having your retirement savings being your safety net, and dipping into retirement except in the direst of emergencies.
I would go with some sort of money market account. check with your bank, and then compare to the internet.
I would go with some sort of money market account. check with your bank, and then compare to the internet.
Posted on 5/4/16 at 1:50 pm to Green Grass Miracle
quote:
What type of account would you use to put this $ in? I'd want to earn decent interest but not pay a hefty penalty if I need to use it
I'm not sure if this is still going on, but Red River Bank was running a promotion called the dream builder account and it was a 3.3% interest rate for a savings account. You are allowed to withdraw cash for free twice a year.
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