Hello. What are you suggestions for $27,000 in savings account that’s for a house down payment? My plans to buy have been put on hold due to pandemic and currently unemployed. Still planning to buy once job market “recovers”. *My industry may not recover until summer 2021. I would like that savings to earn more than the current low savings interest.
Hi Nikki! Since you are projecting a short-term of 1 year or less, here are the options I see:
- High Yield Savings Account (HYSA): Opening an HYSA with Ally or another online bank may get you an extra 0.5% or so on your money.
- Keep it in Savings: This method will just allow you to keep things simple and avoid the hassle of opening another account.
Just a side note: Check out these posts on buying a home and consider if it really does make sense to purchase a home at this point in your life. You might be better off using that money as a portion of an emergency fund or finance a career transition.