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are there any good options for my savings? (lemmy.world)

submitted 1 year ago by [email protected] to c/[email protected]

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I have a comprehensive financial plan and look to have up to 48k in about one years time saved. With 16k on hand after paying off my student loans this October which will likely start the one year plan.

I want to use the money to put 20% down on a house (plus have an emergency fund)

Outside of say a high interest savings account such as Ally, is there anything else I can do with the money I have on hand now, or is that the best option?

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[–] [email protected] 3 points 1 year ago* (last edited 1 year ago) (1 children)

CIT Bank has a 5.0% APY savings account as long as you put at least $5k in. No reason to do a CD or put money in stocks when your time horizon is so short and the rates on HYSAs are so favorable.

[–] [email protected] 3 points 1 year ago

The only small catch is that HYSA interest rates are variable and could potentially decline compared to a CD with a locked in rate over the same time frame. But for only a few grand invested, either option is a 'good' choice.