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February 2013 Moms
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Money savings/interest/CD question

lbonga1lbonga1 member
in February 2013 Moms
FI and I are finally at a point where we can start saving for a house. I'm hoping we'll have enough of a down payment to buy within the next 3-5 years, which is likely when I'll be applying for jobs in the bay area. So I decided that any money I get from tax refunds will go immediately into savings, as well as a certain amount from my paychecks each month. Should I look for something like a certificate of deposit for at least what I get back in tax refunds? I don't have much experience with this kind of stuff.
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Re: Money savings/interest/CD question

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  • kleigh926kleigh926 member
    wifeofadam said:

    I totally thought this was a post about an interest in saving money by cloth diapering.  lol

    Me too!
    PCOS with long, irregular cycles
    First round of Clomid in May 2012= BFP #1, DD born January 2013 
    BFP #2 in January 2014, DS born September 2014

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  • lbonga1lbonga1 member
    lol I already cloth diaper but that's really funny.
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  • Tulips114Tulips114 member
    You may also look into savings accounts like the Capital One 360.  The rates are still not super fantastic, but it's significantly more that a regular savings, .75 compared to .05.  Longer term (a year or more) CDs are probably slightly better, but not as flexible.   
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  • pebbleannpebbleann member
    Tulips114 said:
    You may also look into savings accounts like the Capital One 360.  The rates are still not super fantastic, but it's significantly more that a regular savings, .75 compared to .05.  Longer term (a year or more) CDs are probably slightly better, but not as flexible.   
    This. I opened a checking first with Capital One 360 to see if I liked it and they were giving a $50 bonus just for opening. I love it!! Earlier this year I opened the savings account because they were offering a $75 bonus and the interest was much better than what my bank was offering.
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  • lbonga1lbonga1 member
    I do have an American Express high yield savings account...I think it's at .8% right now; it was .9 when I opened it. I'll probably just use that since the rates for short term CDs that I found aren't that much better anyway.
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  • wells2010wells2010 member
    Explore your options. My husband's credit union has these things called "Pot of Golds." You basically give them how much you want in how much time and they set it up that way. It works really well for things like that, but you obviously don't have access to it until it matures. CD's tend to have crappy rates, but they are very safe in terms of losses.
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