Author Topic: Need to park 100K for ~6-12 months  (Read 981 times)

TheBeeKeeper

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Need to park 100K for ~6-12 months
« on: July 17, 2020, 11:25:15 AM »
Just sold a rental property, and after paying off most of my mortgage I would like to have 50K emergency fund + need to put aside about 50K$ for paying capital gain tax next year.

My thought is high interest savings account

1. where would you open this account?
2. any other ideas for short-term + place for the EF?


celerystalks

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Re: Need to park 100K for ~6-12 months
« Reply #1 on: July 17, 2020, 11:59:24 AM »
Probably Ally bank.

v8rx7guy

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Re: Need to park 100K for ~6-12 months
« Reply #2 on: July 17, 2020, 12:07:09 PM »
Capital One 360 Money Market account.  Earn ~1% plus a $450 bonus for keeping $50K in thru September.  This is at least the offer I received, not sure if it is targeted or open to the public?

nalor511

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Re: Need to park 100K for ~6-12 months
« Reply #3 on: July 17, 2020, 02:20:14 PM »

RWD

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Re: Need to park 100K for ~6-12 months
« Reply #4 on: July 18, 2020, 08:41:14 AM »
[...] need to put aside about 50K$ for paying capital gain tax next year.
Have you checked if you need to make estimated tax payments?

TheBeeKeeper

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Re: Need to park 100K for ~6-12 months
« Reply #5 on: July 18, 2020, 08:45:40 AM »
[...] need to put aside about 50K$ for paying capital gain tax next year.
Have you checked if you need to make estimated tax payments?

will check with my CPA!


Padonak

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Re: Need to park 100K for ~6-12 months
« Reply #6 on: July 18, 2020, 09:01:56 AM »
Following

travel2020

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Re: Need to park 100K for ~6-12 months
« Reply #7 on: July 18, 2020, 11:42:45 AM »
Citi currently offers 1.1% for their high yield savings (it was 1.4% a couple of months ago). Seem to recall reading it’s not available in all states.

The_Big_H

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Re: Need to park 100K for ~6-12 months
« Reply #8 on: July 19, 2020, 05:56:45 PM »
Go to the doctor of credit website and look up “bank account new account bonuses” and open as many as you can to get a thousand or maybe two in bonuses.