The Money Mustache Community
Learning, Sharing, and Teaching => Investor Alley => Topic started by: esant on March 12, 2018, 08:47:07 AM
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I recently sold a property and need to put the money somewhere that I would have easy access if I need it to purchase another within a few months. I've been researching different high interest savings accounts so I am thinking this would be my best option. I can't risk losing the money and I wont necessarily be holding onto it long enough to invest anywhere that I may have ups and downs. As a result, I was thinking I would open an account at either CIT or Ally and just transfer the money there to sit. Does anyone have any other suggestions that I should look into? Or does anyone recommend a different financial institution?
Thanks everyone!
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I'm happy with my Ally account.
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Barclays is technically higher yield right now (1.5% vs. Ally's 1.45%). Folks here have had good experiences with Ally but I will toss in that I have had good experiences with Barclays as well.
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I've noticed that Marcus, the consumer bank from Goldman, has some competitive savings rates as well.
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If you know when you'll need the money, consider using a CD. I had some cash a while back with a specific date where I needed it, and used my taxable Fidelity account to buy a CD. They basically broker it for you, and you can filter through thousands of different options to meet your needs. Just make sure you choose one that's FDIC insured.
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CIT is pretty solid for savings accounts. I have used Ally, Capital one, Discover and Barclays as well. CIT has best rate currently among this group (1.55%) for savings. you can also do a 11mo no penalty CD for 1.85% that will suit your needs
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I've been using PurePoint (https://purepoint.com) for almost a year now and would recommend it. 1.6% savings rate with 10k min
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Look through these for one that looks trustworthy and convenient.
https://www.doctorofcredit.com/high-interest-savings-to-get/
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Vanguard's Prime Money Market is almost 1.6%.