Joined Dec 2005
L8: Grand Teacher
Forum Thread
Best place to park proceeds from sale of house
November 12, 2021 at
12:58 PM
Thread Details
Wife and I are selling our home and we won't be purchasing one until later next year. I'm looking for a good place to park the cash until we need it and gain a little interest on the principle. I currently have an account with Ally under my name, but I was wondering if there are other ones that are paying a little more or sign up offer?
It's my understanding that a joint account is protected up to $500K?
It's my understanding that a joint account is protected up to $500K?
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Just to protect it and maybe earn a little. I'll probably just put it into my Ally account.
If you need the money "in about a year" that leaves out bonds and CD's for the most part. You're better off chasing bonuses - you could probably make a pretty penny doing it, too, but you'll be able to chase a LOT of them.
A number of the online MM or Savings accounts will pay 0.5%, which is better than nothing. As was noted, you can play the sign up bonus game and make a little extra off that. Probably the safest way to go.
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I also have a mortgage and home equity loan through them as well. They used to be front page all the time on SD a few years ago but not so much now. If you would use them just know they are good but very slow. The rates at the time made this worth it.
I recently got hit by fraudsters who tried to drain all my bank accounts and Penfed was the only one that actually had someone working fraud on a Saturday night on a holiday weekend and got my accounts shut down real fast to help me out. So they are secure as well.
~$260k