Savings advice

[robcg]

Hello, my wife and I received an $80k gift for the purchase of a house. However, we do not qualify at the moment so we will have to wait probably another year.

Any advice on where we should park this money in the meantime? Savings account, CD? We don't want to do anything risky with it but just make some interest on it if possible.

Thanks!!!

[Petunia 100]

Since you don't want to risk any loss of principal, you want the savings account or CD with the highest rate you can find. Try checking with BankRate: http://www.bankrate.com/cd.aspx

[AggieLife]

Bankrate is definitely a good place to look. How long do you plan on not using this money for? Keep in mind the longer term CDs have higher APYs.

[bjl584]

Find a good online bank account or CD and park it for the next year.

[feh]

Online savings will give you a better return than a 12 month CD. Look at ally.com.

[anaidaa]

Online Savings Accounts are becoming increasingly popular with savers looking for high interest rates and minimal fees. Banks are often able to offer a higher interest rate to their customers than with traditional savings accounts.

[LendingWire]

Yeah, a CD would definitely be your best bet since you don't want any risk at all. If you're okay with taking some risk, you would probably get better returns with bond funds, but that still wouldn't get you very much in this small time frame. You can't get very high returns in such a small amount of time with incurring any risk, but a CD is still probably the way to go.

[pomala6]

You should open saving account.

[YolandoAmaya]

Yes, You can open a high interest savings account or CD. It will be a good option then the best thing is that your cash will be safe till you don't want to invest it anywhere else. But know all the rules of that bank.

[snafu]

Terrific advice to seek best rate from traditional bank, on-line institution or Credit Union having verified no fees. Check your FICO score and take whatever action is appropriate to increase your score. That is all important in setting your mortgage rate when you are ready to buy your 1st home.

[creditcardfree]

Deposit Accounts dot com is a great site for comparing interest rates on savings accounts and CD's, too.

[johnshare]

My Suggestion also saving bank account is much more Benefit and Safe...

[dcperilli]

I have a lot of my money parked in a CapitalOne 360 account. I also recommend investing part of it in a mutual fund as many MFs can have annual rates of return around 5%+

[WealthInsights]

Suggest, you park 30% in savings accounts so that in case of any emergency this amount comes handy.

Remaining 70% you can deploy it in 9 months risk free bank cds.

Rgds