Where to park money?

Cruise Automation jefeb
Feb 7 28 Comments

Where should I park the money I’m saving for a house? I already max out post-tax 401k ( havent looked into mega backdoor yet ) and put aside 3k / month in a Vanguard index fund. Where should I put the rest of my money after bills, rent, etc. to maximize saving for a house? (And don’t want to play with stocks. Been burned too many times already and dont have the time to do extensive research).

Also, i dont want to use money from my index fund so please dont say just park it all there. My index fund is for my second retirement fund.

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TOP 28 Comments
  • Expedia / Eng
    wxp10fx

    ExpediaEng

    PRE
    Microsoft
    wxp10fxmore
    Ally online savings account. One of the best rates. You can compare them against other savings accounts
    Feb 71
    • Western Digital rhrR87
      If you you will have money parked more than few months go for a CD as interest rates higher. Same Ally bank. If it is more than 250k split in two banks, Ally and Amex bank or Barclays online. These banks always rank higher in interest rates
      Feb 7
  • Why not in the index funds, where you park rest of your money?
    Feb 72
  • Google
    nah2

    Google

    PRE
    Tesla Motors
    nah2more
    Save it in a saving account. I’d recommend TD(higher interest) or BoA, especially if you’re gonna take out mortgage with them - give you a little more power to negotiate.
    Feb 71
    • New b37
      BoA savings interest is terrible. Though if OP is saving for a house in the near future, s/he might as well park the down payment there as a stock market crash would be a disaster.
      Feb 7
  • Oath / MgmtAtinlay
    Investment advice question or humblebrag?
    Feb 71
    • Cruise Automation jefeb
      OP
      Not sure why this would be a humblebrag. Also not sure why i would humblebrag on an anonymous forum
      Feb 7
  • eBay llltttee
    American Express savings 2.1% interest
    Feb 70
  • Google BbCB40
    Online banks such as Ally have higher interest rates
    Feb 70
  • Broadcom Ltd. Poyayan
    2-3 years naturing corporate bond. 5%
    Feb 73
    • Broadcom Ltd. Poyayan
      Maturing
      Feb 7
    • Broadcom Ltd. Poyayan
      Or 2-3 maturing treasury bond. 2.5%+
      Feb 7
    • eBay / IT
      manorama

      eBayIT

      BIO
      Coder
      manoramamore
      Which company corporate bond gives more than 5% with 3 yr expiry ? Link
      Feb 8
  • Facebook hyper
    CD. High interest saving account.

    How soon do you need the money?
    Feb 71
    • Cruise Automation jefeb
      OP
      Id like to buy a house ( not in bay so around 300-400k?) within 2-3 years
      Feb 7
  • Amazon / OthermQjS16
    Do not invest if you plan to buy a house in the next couple of years. The financial market has provided recently to be volatile and you could end up losing money when you need them.
    Feb 74
    • Cruise Automation jefeb
      OP
      So put it in a savings account?
      Feb 7
    • Amazon / OthermQjS16
      Correct, keep saving
      Feb 7
    • This^
      Ally, Macus, CIT all have high APYs
      Feb 7
    • Amazon / OthermQjS16
      Why not... If you have in US financial tools that can secure your money and guarantee high APYs in short term.
      Feb 8
  • Microsoft yubxsv
    How much do u save per month?
    Feb 71
    • Cruise Automation jefeb
      OP
      Probably about 1k to park per month after everything
      Feb 7
  • Gilead Sciences BAngel
    I would park it in Ally - Stocks/ Bonds are due for 30% correction
    Feb 80
  • LinkedIn banbanban
    Read short-term investment section in this post: www.firetobiz.com/investing-basics
    Feb 80
  • Apple h4krBell3
    All in AMZN. They are cheap at the moment.
    Feb 70

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