Selling a home. where to put the money until i find another home?

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[ARCHIVED THREAD] - Selling a home. where to put the money until i find another home?

Posted: 11/13/2013 2:12:12 PM EDT

"God willing", i will sell my home on 16 Dec. I need to know where i can safely put the money for 5 or 6 months until i find a new home out of state. I am concidering Branson, MO to buy the new home. The only big national bank i can find close to Branson, Mo is Bank of Americia in Springfield, MO and that is 38 miles from Branson. I need to use the profit i make on my home to put down on the new home, so i can't tie it up. Advise me please what i should do. I am not an invester so this stuff is new to me.

Posted: 11/13/2013 2:33:47 PM EDT

[#1]

What exactly are you worried about?

Why does the bank matter?

If you have the time.. CD's are safe... if you put it in the market expect to lose it all or have some scum broker take a chunk off commission.

Posted: 11/13/2013 2:36:23 PM EDT

[#2]

I won't use BofA. You might look for a local Credit Union, or Comerica. Good luck with them, for me. Look at either 3 or 6 month CDs. You wont earn any real interest, but the threat of an early "spend it" penalty should discourage any rash decision making when you start looking again. Hope this helps. 44-40

Posted: 11/13/2013 3:41:48 PM EDT

[#3]

Capital One 360 pays about 0.80% and is FDIC insured.

Posted: 11/13/2013 3:54:59 PM EDT

[#4]

Send it to me for safe keeping.

Posted: 11/14/2013 3:14:06 AM EDT

[#5]

With that short of a time frame you don't want to invest it. You want to park it. You don't need to worry about trying to make money on it you just need to preserve it. Put the money in a FDIC insured account at a bank. I hate the big banks. If you have a local bank you work with now that would be great. When you move it is no big deal to move the money electronically to your new place.

Posted: 11/14/2013 4:51:32 AM EDT

[#6]

Ally Bank. It's an online only bank, their savings account currently pays 0.86%, FDIC insured and it if you open a checking account with them the money can be moved instantly between the accounts. Neither accounts have fees, ATM fees from an ATM are reimbursed monthly, free checks, no minimums, smartphone app check deposits, etc.

Posted: 11/14/2013 9:18:13 AM EDT

[#7]

Guy's i am 60 yrs old, and have a hard time posting a picture on here. I am alittle afraid of the on-line banking that someone will hack my account. I have no intentions of drawing interest on the money. I am looking for something safer then puting the money in a shoebox under the bed. Are checking accounts insured? I will need fairly fast access to the money so i can put down ernest money on a house. Then access to the rest of the money to put down on the mortage, and maybe have a $30,000 or $40,000 mortage.

Posted: 11/14/2013 11:30:32 AM EDT

[#8]

I'm guessing BoA will be the easiest for you due to the bank having branches near both locations. Just put it into a regular savings account there at that BoA you mentioned. It will be insured up to an amount of $250,000 ( if I remember right ). In this case, keep it simple, easy and stress free.

Posted: 11/14/2013 11:32:49 AM EDT

[#9]

Bury it. The banks may not be safe and you're not getting any interest on it anyway.

Posted: 11/14/2013 12:30:00 PM EDT

[#10]

Quote History

Quoted:
Guy's i am 60 yrs old, and have a hard time posting a picture on here. I am alittle afraid of the on-line banking that someone will hack my account. I have no intentions of drawing interest on the money. I am looking for something safer then puting the money in a shoebox under the bed. Are checking accounts insured? I will need fairly fast access to the money so i can put down ernest money on a house. Then access to the rest of the money to put down on the mortage, and maybe have a $30,000 or $40,000 mortage.

View Quote

Yes, FDIC insured up to $250k. If you have more than that, split it amongst two or more banks.

Posted: 11/21/2013 1:03:42 PM EDT

[#11]

Quote History

Quoted:
Guy's i am 60 yrs old, and have a hard time posting a picture on here. I am alittle afraid of the on-line banking that someone will hack my account. I have no intentions of drawing interest on the money. I am looking for something safer then puting the money in a shoebox under the bed. Are checking accounts insured? I will need fairly fast access to the money so i can put down ernest money on a house. Then access to the rest of the money to put down on the mortage, and maybe have a $30,000 or $40,000 mortage.

View Quote

Call USAA. FDIC Insured and have great customer service reps. I've been using them for years and had no issues what so ever. They are an online bank but are very easy to work with and take account security very seriously. You won't be disappointed by them as far as checking/savings goes.

Posted: 12/11/2013 9:35:46 PM EDT

[#12]

For that kind of money and such a short term, just stick it in a savings account at Bank of America. It's close to you and easy to get to. You won't earn much interest, but it will be available at a moment's notice which is what you are looking for.

Posted: 12/12/2013 7:32:23 AM EDT

[#13]

Keep it in an fdic savings account in a couple or a few different banks depending on the total amount and FDIC limits.

[ARCHIVED THREAD] - Selling a home. where to put the money until i find another home?

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