My wife and I are selling our home and we are looking for the best way to store our 80k downpayment for around 8 months.
Obviously putting it in savings is the safest, but we are losing to inflation. What would you recommend?
Thanks! Long time listener, first time poster!
With the Economy the way it is, I would not take chances with money that you need in 8 months.
I am not familiar with the top ones.
I have done business with Barclays… No problem. but .9% ain’t much.
Not listed, I have been with Alliant FCU for many years.
They offer a great bill pay, Savings and checking. The savings is at .75%. I like the flexibility of instantly moving funds from savings to checking and Bill Pay. With Alliant you can build a long term relationship.
Buy a US Treasury bill or note which matures exactly when you need it. You should get more than 2% annualized rate on it. You will get exactly what you expect in 8 months with no risk of loss if you hold it to maturity. I would use Fidelity Investments or Charles Schwab. That’s the easiest most pain free way. You’ll need to open a brokerage account. It’s free, no fees. You can do it all online and telephone reps can help you or go to an investor center if you live in a city.