440K cash in Chase and BoA checking account
My wife and I have 440k cash in Chase and BoA checking account (we planned to buy a house early this year and the money is for down payment, but due to the high interest rate, we probably won’t buy any house in the next few months). What is the best investment option for these cash? Ideally, relative high yield and low risk.
HYSA
Make sure you split up among a few different CDs
Tbills
Treasury Bills
Since this is saved for down-payment, you can do a no penalty CD with a couple of banks (each bank not exceeding 250k). Right now, no penalty CD is giving 5% interest rate, which is pretty good, IMHO.
Which bank?
https://www.raisin.com/en-us/cd-accounts/no-penalty-cd-rates
When rates go down, home prices will go up. Buy what you can afford and refinance later. If not buying - just savings account like Wealthfront.
may be most to CD then some in safe covered calls on low volatility stocks
Buy treasure bill etfs. For down payment, you want to both protect your capital (fixed asset investments) and have ease of liquidity in case some buying opportunity comes up suddenly.
CD