I have 120k in cash i was saving as downpayment for the house. As it may take me another 6 months to a year to buy one, what should i do with it ?
Invest in index funds or should I keep it in CD’s or keep in savings account with decent interest ? Any other suggestions welcome.
Please no trolls like “you can give me the money”
- Pure Storage fupaymoiPurepoint financial has an fdic insured savings account currently paying 2.35%. I don't think CDs are a good idea, because what if you happen to find the perfect house next week? Keep your down payment liquid so you don't have to stress about the timing of your closing. CDs barely pay more interest than the good online savings accounts anyway.
- Apple hbdeegbbotIf you want it back to buy a house in 12 months or less, get something that cannot go down, and allows you to cash out in less than one year. Not a lot of choices out there really.
- LinkedIn Learn[in]If you are Indian, move money to India FCNR account for 4% interest tax free. Cash will still be in USD and you can repartriate it back.
- I recommend either of the following: Capital One money market account that pays 2% annually and you can withdraw the funds whenever. Sallie Mae 12 months CD that pays 2.85%.
- Bank of America QuackersMerrill Edge Guided Investing