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Started By
Message
Down Payment on first home
Posted on 1/5/21 at 1:52 pm
Posted on 1/5/21 at 1:52 pm
Long story short, I am saving a significant portion (for me) of money to buy my first home at the end of my year lease.
Is the best place to park this money for roughly 12 months a high yield online savings account or are there better options?
Is the best place to park this money for roughly 12 months a high yield online savings account or are there better options?
This post was edited on 1/5/21 at 4:24 pm
5
Posted on 1/5/21 at 1:54 pm to tlsu15
those accounts are generating less than 1% right now so you will barely notice anything from it
Posted on 1/5/21 at 1:55 pm to tlsu15
My bank (NFCU) has CDs going around 3% for 12 months. Check the rates at your bank.
Posted on 1/5/21 at 2:00 pm to tlsu15
quote:rural development.
first home
Posted on 1/5/21 at 2:26 pm to bayoubengals88
quote:
rural development
Not looking for advice on where to buy or what mortgage to get as much as where to put the savings.
This post was edited on 1/5/21 at 6:46 pm
Posted on 1/5/21 at 2:56 pm to tlsu15
You don’t have to be a jerk about this.
Posted on 1/5/21 at 3:10 pm to tlsu15
quote:
Is the best place to park this money for roughly 12 months a high yield online savings account or are there better options?
Yes, an insured savings account is what you should go with. All you need to do is keep it safe. Chasing returns with money that you’ll NEED within a certain timeframe would be foolish.
Good luck with the house.
Posted on 1/5/21 at 3:35 pm to Paul Allen
quote:
You don’t have to be a jerk about this.
Wow!
Posted on 1/5/21 at 4:08 pm to Displaced
quote:
My bank (NFCU) has CDs going around 3% for 12 months. Check the rates at your bank
Just googled this and it appears the maximum deposit is $3,000.
That right?
Posted on 1/5/21 at 4:25 pm to Jag_Warrior
quote:
Yes, an insured savings account is what you should go with. All you need to do is keep it safe. Chasing returns with money that you’ll NEED within a certain timeframe would be foolish.
Ok, this was my thinking as well.
quote:
Good luck with the house
Thanks
Posted on 1/5/21 at 6:12 pm to bayoubengals88
quote:
rural development.
As someone who went this route.... Nah. You have jack shite in equity for the first 5 years.
Posted on 1/6/21 at 7:56 am to Teddy Ruxpin
Yeah, but it's per account. We have an account for every person in a family of 4. Nice safe place to park 12k @3.5%
Posted on 1/6/21 at 8:01 am to tlsu15
hate to say it, but over the course of a year??? Prolly bitcoin.
Not the safest, but it will still be up over the current peak in a year.
Not the safest, but it will still be up over the current peak in a year.
Posted on 9/29/21 at 7:18 am to lsu777
Just wanted to come back and say I closed on the house yesterday. Thanks for the advice and keeping me from doing something stupid 
Posted on 9/30/21 at 12:22 am to tlsu15
Congrats!
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