Where to stash future investment savings?

[Aaron Daniel]

Hello BP, 

I am saving money for my first investment property and would like to hear recommendations as to where this money should be stored until ready for use? 

I had the idea of saving the money in an ETF that tracks the S&P 500, but is this too risky? Another option of course would be a high interest savings account, but unfortunately that interest is about .50% for most savings accounts right now. Any input would be truly appreciated!

Thanks, 

Aaron