Advice: How can I get miles out of cash?
Jul 16, 2013, 9:49 pm
#47
Join Date: Apr 2010
Posts: 22
Advice: Best place to park down payment savings?
Anybody thought about the best place to park down payment savings? We are about 1 year away from buying and have 30,000 now and hope to put in an additional ~3,000 per month. Conventional knowledge says to put it somewhere extremely low risk, but savings accounts, CDs, and money market accounts are offering next to no interest.
I've thought about Bank Direct as that would be about 3-6k AA miles per month. Or I could use one of the brokerage accounts and not invest the money (or at least put it in something extremely low risk)? Any other good options? Haven't seen any good rewards checking accounts left still, right? I don't have the patience and time for beans...
P.S. In case you were wondering, this was definitely inspired by the "where do I park my 50k divorce loan" thread, but the situation is a little different since I have time on my side and plan to grow the account over time so extra deposits or
I've thought about Bank Direct as that would be about 3-6k AA miles per month. Or I could use one of the brokerage accounts and not invest the money (or at least put it in something extremely low risk)? Any other good options? Haven't seen any good rewards checking accounts left still, right? I don't have the patience and time for beans...
P.S. In case you were wondering, this was definitely inspired by the "where do I park my 50k divorce loan" thread, but the situation is a little different since I have time on my side and plan to grow the account over time so extra deposits or
Jul 17, 2013, 4:01 am
#48
Join Date: Apr 2005
Location: ATL
Posts: 802
I use the high yield money market savings account here. www.americanexpress.com/personalsavings
