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Started By
Message
Best place to put down payment for a house
Posted on 4/4/17 at 11:13 am
Posted on 4/4/17 at 11:13 am
Working on a down payment to build a home. Would like about 15-20% down before I start building. What kind of account would be suggested to build a 50-60k without being able to really transfer funds or withdraw from. Desired time frame is about 1.5 years to acquire this amount.
6
Posted on 4/4/17 at 11:16 am to Whiskey Richard
quote:
without being able to really transfer funds or withdraw from.
why would you want this?
Posted on 4/4/17 at 11:23 am to SouthOfSouth
I have a frivolous SO and do not want immediate access to the money until it's time to make the down payment.
Posted on 4/4/17 at 11:27 am to Whiskey Richard
quote:
1.5 years
Savings account?
Posted on 4/4/17 at 11:32 am to HailToTheChiz
Ok so there is nothing that would be more beneficial in such a short term scenario then. And I guess just having it in my name is the only way to make it inaccessible to the SO?
Posted on 4/4/17 at 11:56 am to Whiskey Richard
Not even trolling, but if you can't trust your SO to not tap into your savings for a house, maybe you should reconsider such a big investment with her in the first place at this time.
If you know you won't need it for 18 months, maybe you could put it in a 18 month CD.
If you know you won't need it for 18 months, maybe you could put it in a 18 month CD.
This post was edited on 4/4/17 at 11:57 am
Posted on 4/4/17 at 12:02 pm to Whiskey Richard
Just put it in a savings account in your name and tell her that the funds can't be touched until the made up maturity date.
Posted on 4/4/17 at 12:10 pm to Retrograde
quote:
maturity date.
Hers or the money's?
Thanks for the input guys. And thanks for the marital advice, guy hover this post.
Posted on 4/4/17 at 12:18 pm to Whiskey Richard
Good luck with the 10K custom drapes baw.
Posted on 4/4/17 at 12:39 pm to Whiskey Richard
CDs don't pay very much, but they can lock the money up and you just immediately roll them right back over. That may satisfy what you want. You can also buy a money market account and take advantage (and risk) of securities - you retain a lot of liquidity, BUT you don't have to tell her that.
Posted on 4/5/17 at 10:34 am to Whiskey Richard
Barclay's dream account will be as good or better than most CDs right now.
This post was edited on 4/5/17 at 10:36 am
Posted on 4/5/17 at 11:19 am to Whiskey Richard
quote:
Desired time frame is about 1.5 years to acquire this amount.
Anything with that short of duration you should just throw in a MM or 1 year treasury if you really want to lock it up. You should be trying to make much on this money and it appears to be far more important you meet your future liability of a down payment for a house.
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