Best Place to Save Up Cash for Downpayments

[Kevin Ekmark]

We're saving up for our first property, and we're funding through our current businesses (LLC).

Is it best to open a separate savings account, run some short term CDs, or just leave in business checking to write a check when ready?

[Timothy Howdeshell]

To add onto @Caleb Coats, if you choose to go this route, use an online savings route. It will put another barrier to removal (takes a few days up to a week for ACH transfers between institutions). It will also have higher interest rates. My US Bank savings is 0.01% I think?! While my Synchrony online savings account has a variable interest rate that started at 1.85% 6 months ago, and is now up to 2.25% annually I believe. As the feds raise interest rates, this will become even more attractive.