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Updated over 1 year ago on . Most recent reply

User Stats

18
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Sherrie Tullsen-Chin
  • Investor
  • Fort Myers, FL
11
Votes |
18
Posts

Saving for house hack...where to park savings?

Sherrie Tullsen-Chin
  • Investor
  • Fort Myers, FL
Posted

Hi. I'm saving for my first house hack and trying to find the ideal place to park my savings. Criteria are: liquidity, safety, tax protected, return, and able to pull cash out when it's time to purchase. 

I opened a Roth IRA with Betterment with the intention of investing mostly in Bonds. Stock market is too volatile and I don't want it to drop right before I'm ready to pull the money out for a down payment. (I already know I am limited to $10k as far as pulling out any earnings in the Roth penalty-free for a home purchase but I can pull out the entire basis without tax or penalty.)

But maybe even bonds are too risky. 

I also have a high yield savings account that pays 5.5% with Wealthfront. Should I stick to the savings since it's FDIC insured?

What would you do? Thanks!

Most Popular Reply

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12
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13
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Replied

5.5% on an HYSA is really good, I would stick with that. I'm in the same boat as you, saving as much as I can to fund my first house hack. We will get there!

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