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Old 08-01-2018, 05:39 PM
 
Location: Twin Cities (StP)
3,007 posts, read 1,706,931 times
Reputation: 2293

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Hey ya'll,

I currently have around 35k sitting in a Wells Fargo savings account which I am growing for a down payment.

In your opinion, would it be more beneficial to put that in a Fidelity account and invest it, or leave it in Wells Fargo?

I meant to put this in Investing, so if a moderator would like to move it there I have no qualms.
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Old 08-01-2018, 06:02 PM
 
3,749 posts, read 2,903,476 times
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You dont say what you are saving it for or how long you think it will be until you need it, but Fidelity offers some CDs, I think the 6 month CDs are at 2%. The 1 year CDs are more. Maybe consider putting some money in them.
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Old 08-01-2018, 06:11 PM
 
Location: The Triad (NC)
26,830 posts, read 57,830,396 times
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Quote:
Originally Posted by Grizzly Addams View Post
have around 35k sitting in a Wells Fargo
savings account which I am growing for a down payment. ...leave it in Wells Fargo?
Yeah. Maybe buy a few CD's.
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Old 08-01-2018, 06:40 PM
 
Location: Twin Cities (StP)
3,007 posts, read 1,706,931 times
Reputation: 2293
Quote:
Originally Posted by carnivalday View Post
You dont say what you are saving it for or how long you think it will be until you need it, but Fidelity offers some CDs, I think the 6 month CDs are at 2%. The 1 year CDs are more. Maybe consider putting some money in them.
I'm saving for a down payment on a house. I'm thinking roughly 2 years.
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Old 08-01-2018, 07:38 PM
 
Location: The Berk in Denver, CO USA
13,112 posts, read 18,707,927 times
Reputation: 20399
Fido.
Bond fund.
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Old 08-01-2018, 08:53 PM
 
Location: Silicon Valley
2,744 posts, read 1,207,954 times
Reputation: 5039
Open a brokerage account with Fidelity and let it sit in the reserves. I think it's paying about 1.6% now. Of course, the last recession showed there actually was some risk in money markets but it's very rare. When you need the money, withdraw from the account...you can even run checking through there as well.

If you want to trade, I think the free trades start at $50K, so if you have side money you may want to do that. The trades are good for a year.
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Old 08-02-2018, 06:51 AM
 
Location: Twin Cities (StP)
3,007 posts, read 1,706,931 times
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Quote:
Originally Posted by MrRational View Post
Yeah. Maybe buy a few CD's.
So you're recommending buying some CDs in wells fargo?
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Old 08-02-2018, 07:06 AM
 
369 posts, read 114,648 times
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I've been a customer of Wells Fargo since they bought out our local bank decades ago. Even had our business account there. When we retired three years ago I switched banks. This was about the time we visited to discuss investments with them. The banker opened up an additional checking account in our names against our specific request not to and did it w/o our signatures. Since then they still come under fire for similar practices.
Apparently the fines for such practices don't exceed the money they reap.
I do not trust them, nor their regulators.
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Old 08-02-2018, 07:26 AM
 
Location: The Triad (NC)
26,830 posts, read 57,830,396 times
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Quote:
Originally Posted by Grizzly Addams View Post
So you're recommending buying some CDs ?
Yes. Where you buy them really doesn't matter.

If/when you buy the house and just in general...
you'll still have reason for some CD's for things like your emergency fund.
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Old 08-02-2018, 08:35 AM
 
783 posts, read 679,951 times
Reputation: 1888
Quote:
Originally Posted by Copymutt View Post
I've been a customer of Wells Fargo since they bought out our local bank decades ago. Even had our business account there. When we retired three years ago I switched banks. This was about the time we visited to discuss investments with them. The banker opened up an additional checking account in our names against our specific request not to and did it w/o our signatures. Since then they still come under fire for similar practices.
Apparently the fines for such practices don't exceed the money they reap.
I do not trust them, nor their regulators.
Yup, I wouldn't give Wells Fargo the time of day let alone any of my money.
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