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Where do you park your money that you are saving to put towards a down payment on a house
Posted on 1/26/18 at 9:40 am
Posted on 1/26/18 at 9:40 am
I have been saving up for a house and right now have it all sitting in a savings account. Where did you keep your cash while you were saving up for the down payment? I feel like I need to move it to some sort of low risk mutual fund.
8
Posted on 1/26/18 at 9:47 am to Mootsman
Ally Online Savings accounts are paying 1.35% now.
Posted on 1/26/18 at 9:54 am to Mootsman
High Yield Savings account.
There are a number of them available with differing features and slight tweaks to the interest rate. Bets interest rate is 1.55% right now, while most of the top HYS accounts are in the 1.35-1.40% range.
This link will give you everything you need to know: Nerd Wallet: Best High-Yield Online Savings Accounts of 2018
There are a number of them available with differing features and slight tweaks to the interest rate. Bets interest rate is 1.55% right now, while most of the top HYS accounts are in the 1.35-1.40% range.
This link will give you everything you need to know: Nerd Wallet: Best High-Yield Online Savings Accounts of 2018
Posted on 1/26/18 at 10:00 am to lynxcat
Looked it up and it seemed to me that ally has terrible customer service. I’m considering going with discover.
Posted on 1/26/18 at 10:26 am to Wade Phillips
quote:
Ally Online Savings accounts are paying 1.35% now.
Ally also has a NO PENALTY CD that's currently paying 1.50% for balances over 25,000
I'm a little bit of a rate chaser and have online accounts with Ally, Barclays, Synchrony, SallieMae, and Discover Bank...to name a few.
They're all pretty much what for what...Grab the best rate you can find and when it's no longer the best rate. Take 5 minutes open an account with whoever has the best rate, link the accounts electronically and transfer all or part of your balance to them. I usually always leave a couple hundred behind and keep the account open...In 2 weeks, or 2 months, or 2 years...When they again have the best rate, transfer it back!
Of course, if you tied to a certain timeframe and are still a ways out...Traditional CD's are a great option.
This post was edited on 1/26/18 at 10:36 am
Posted on 1/26/18 at 10:26 am to Mootsman
What about a CD?
Edit: on a portion of funds
Edit: on a portion of funds
This post was edited on 1/26/18 at 10:27 am
Posted on 1/26/18 at 10:26 am to leoj
quote:
Looked it up and it seemed to me that ally has terrible customer service.
I've never spoken to them in 5 years. I always find it weird when people need customer service for simple things.
It's a money goes in, money comes out type of operation
This post was edited on 1/26/18 at 10:27 am
Posted on 1/26/18 at 10:31 am to Teddy Ruxpin
Fair enough haha. Just figured if the rates are the same, if I ever needed it for whatever reason it could be the difference between the two.
Posted on 1/26/18 at 10:31 am to Teddy Ruxpin
quote:
quote:
Looked it up and it seemed to me that ally has terrible customer service.
I've never spoken to them in 5 years. I always find it weird when people need customer service for simple things.
It's a money goes in, money comes out type of operation
I've had an Ally account since 2012...Actually, have spoken to them on a few occasions because their website used to be rather limited (it's gotten better)!
Have never had any problems with them.
This post was edited on 1/26/18 at 10:32 am
Posted on 1/26/18 at 10:45 am to Moots
Thanks, appreciate the feedback.
Posted on 1/26/18 at 10:57 am to Wade Phillips
quote:
Where do you park your money that you are saving to put towards a down payment on a house
Marcus by Goldman Sachs 1.50% savings account is the right answer.
What I’m actually doing is a mix of the above and a Vanguard ETF (MGK), but I’m bullish and have about 5-6 months from home purchase.
ETA: Used to be an Ally customer but GS has a 15 basis point advantage, same transaction limit, and better customer service. Ally phone wait times are consistently 20+ mins and it took 3 emails for them to respond to me after some questionable charges.
This post was edited on 1/26/18 at 11:05 am
Posted on 1/26/18 at 1:32 pm to Moots
quote:
Ally also has a NO PENALTY CD that's currently paying 1.50% for balances over 25,000
I've been with Ally for several years. I received an offer for a 1 year CD (penalty possible) for 2.%. It was only available for 2 weeks at the end of December. I'm told it's offered every year just for anyone that is interested. That's a pretty solid rate for no minimum at that term.
That is where I'm parking some of my future down payment money.
Posted on 1/26/18 at 2:55 pm to Mootsman
right now? In the mother frickin' markets
Posted on 1/26/18 at 2:59 pm to Roberteaux
Synchrony has a 12-month CD at 2.00%.
LINK
For high-yield savings, I have a capital one Money Market which is at 1.40%. Their customer service, for me, has been excellent.
LINK
For high-yield savings, I have a capital one Money Market which is at 1.40%. Their customer service, for me, has been excellent.
This post was edited on 1/26/18 at 3:00 pm
Posted on 1/26/18 at 3:01 pm to Mootsman
Bitcoin is approaching 10k. By the end of the year you'll have a house paid for if you park it there.
(Not serious)
(But kinda serious)
(Not serious)
(But kinda serious)
Posted on 1/27/18 at 12:54 am to Mootsman
Live Oak Bank has 1.60% high yield savings and at a glance some very nice 1 and 2 year CD rates.
Whatever you do, start moving that money to something high yield ASAFP. Do not delay. Once you get your money out of that shitty savings account and start seeing real actual interest coming in, you'll kick yourself for not doing this sooner.
I shopped around in August. At that time, Live Oak had the best savings rate I could find and Everbank had the best CDs. Today, it looks like LOB is tops in both.
Let me know if you want pros/cons, but overall, I'm extremely satisfied.
Whatever you do, start moving that money to something high yield ASAFP. Do not delay. Once you get your money out of that shitty savings account and start seeing real actual interest coming in, you'll kick yourself for not doing this sooner.
I shopped around in August. At that time, Live Oak had the best savings rate I could find and Everbank had the best CDs. Today, it looks like LOB is tops in both.
Let me know if you want pros/cons, but overall, I'm extremely satisfied.
Posted on 1/27/18 at 6:25 am to whitefoot
Let’s not get carried away...1.50% on $50K is only $750 annually pre-tax. Even high yield savings is not a game changer but it is a nice subtle bump.
Posted on 1/27/18 at 6:52 am to lynxcat
I’ve only just started but I’ve been putting 50-75% cash in 5% savings accounts from prepaid card companies like Netspend. The remaining I put in the market.
This post was edited on 1/27/18 at 6:53 am
Posted on 1/27/18 at 7:07 am to TigerinOkieHell
quote:
I’ve only just started but I’ve been putting 50-75% cash in 5% savings accounts from prepaid card companies like Netspend. The remaining I put in the market.
I started playing this game with Netspend and Brinks a little over a year ago and set up 5 of these accounts. At the time, up to $5,000 in each account would earn the 5% rate, quite a deal!
Shortly after I got them set up, they reduced that to $1,000 limit to earn 5%...BUMMER!
I left $1,000 parked in each account and earn my 5% on my 5,000 annually...But I would have never gone through the hassle of setting up those accounts had I known the limits were going to be lowered to their current point.
Posted on 1/27/18 at 7:22 am to maclauer
quote:
Vanguard ETF (MGK), but I’m bullish and have about 5-6 months from home purchase.
Good luck but that is not a tactic I would pursue that close to purchase. JMHO
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