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My husband and I are saving for a down payment on a house.? |
Is a money market fund a good place to save it until we are ready to buy. If not what would you suggest, and if so, what is a good account to go with? We are in our early and mid twenties have 10,000 so far and would like to buy in the next 2-3 years. Talk to your finance person at your bank. The best place to keep it depends on several factors like how long unitl you buy, do you need the money available for emergencies, etc... okkk I think it depends on realistically how long it will be until you are ready to purchase, i think a revolving CD would be the beset place to hold the money if you are buying in the next 1-3 years. Look into a CD account with great rates. Some banks offer short term CD's with 5 or 6 perecent intrest every 4 or even 3 months. If you want, invest in the U.S. govt. Its free, its the safest way to earn a guaranteed return if you ask me. I think T-Bills are paying over 4-5% for 1 yr. I realy don't have an answer to your question on what would be the best. But wanted to congraduate you on being smart to save for your house. May a suggest that you also if you haven't already look into reading a couple of books on first time home buyers. The book The Automatic Millionaire by David Bach, has some Awesome tips in there about Home buying and savings and much more, that would be of some great help to you. It is a MUST read! |
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