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Hello,
My husband and I are in the process of selling our house and moving South. We plan to rent for a while, to get a feel for the area we are moving to.
Does anyone have a recommendation for the type of account we should store our equity in until we are ready to buy a home again? We'd like to have a higher yield than a typical savings account, but want the money to be available in 6 months ~ a year when we need it.
Emigrant direct has a preetty good on-line money market that doesn't require a minimum investment and you always have access to the money. My latest statement shows them at 4 3/4%.
Where down south are you heading?
Thanks for your response--I'll look into Emigrant!
We are heading to Charleston, SC. Our house in RI is under contract, so we should be moving within the next two months.
How is Marietta? Atlanta was another area we were considering, but decided on Charleston to be near my sister.
I liked it here years ago when I moved from NY, but Atlanta has changed and is a rather unfriendly, crime-ridden place to be now. I, too, am looking at SC. Maybe Greenville.
Another thing you might want to look into for your savings is one of the Targeted retirement funds through Vanguard, T Rowe Price or Fidelity. Pick one with an early date ( like 2010) because it will be more conservative, but it will still have a mix of stocks in it and they all have pretty good track records.
There are a few good online savings account that will get you around 4% right now, my favorite is ING direct.
Just make sure you don't go over your FDIC limits, if its a joint account that is 200k. If you have more than 200k open an account at more than one bank.
Putting the money into stocks, bonds etc is just asking for trouble if you may need it in 6 months.
For 6 months you should look at a money market or 6 month CD. Check the rates and make sure the bank is FDIC insured. If you are over $100K then go with several banks.
There are a few good online savings account that will get you around 4% right now, my favorite is ING direct.
Just make sure you don't go over your FDIC limits, if its a joint account that is 200k. If you have more than 200k open an account at more than one bank.
Putting the money into stocks, bonds etc is just asking for trouble if you may need it in 6 months.
I just checked my ING account today. The Orange savings has dropped to 3.5%, unfortunately.
The Orange savings has dropped to 3.5%, unfortunately.
Actually their site shows its now down to 3.4% APY. But everything is going down, ING direct has always been .20~.30% lower than the other similar online savings. I love ING's sub-account feature (I have 6 savings accounts for various things I save for) so its worth the lower rate to me.
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