are there any good options for my savings? (lemmy.world)

submitted 1 year ago by giantofthenorth@lemmy.world to c/personalfinance@lemmy.ml

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I have a comprehensive financial plan and look to have up to 48k in about one years time saved. With 16k on hand after paying off my student loans this October which will likely start the one year plan.

I want to use the money to put 20% down on a house (plus have an emergency fund)

Outside of say a high interest savings account such as Ally, is there anything else I can do with the money I have on hand now, or is that the best option?

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[-] ISometimesAdmin@the.coolest.zone 10 points 1 year ago

If you need to stay nearly-liquid, another option through Ally is the No-Penalty CD.

Withdraw your full balance and interest earned any time after the first 6 days of funding your CD.

Current rates are 4.55% APY, vs just 4% for just their Savings Account.

Speaking personally, I had 0 trouble at all with dissolving the no penalty CD exactly as-stated.

[-] radix@lemm.ee 2 points 1 year ago

For the bank, what is the benefit of having a no-penalty CD? I thought the whole point of a CD, for a bank, is that the bank has access to that money for a guaranteed period of time.

this post was submitted on 24 Jul 2023

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