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Short Term Cash Investment for down payment on house

Short Term Cash Investment for down payment on house

kjr's avatar User  kjr  (Opens a pop up layer) Occasional Visitor

What is the best investment/choice for short term savings (12-15 months)?  We are buying a home and we have about $7000 cash.  We anticipate adding to this over the next year.  Should we just place in savings?  Under mattress?  Thanks.

Re: Short Term Cash Investment for down payment on house

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WEBSITE GURU's avatar User  WEBSITE GURU  (Opens a pop up layer) Trusted Contributor

kjr;

 

I am not a USAA Advisor, nor a USAA Employee. I am just a Member like you.

 

That said, the subject of Personal Investment is too complex to give you a simple answer. This forum has Moderators whom are Financial Advisors whom may be better able to answer some your questions.

 

A key bit of advice that I can give you is that you should not start any Investment without talking to a financial advisor first.

 

Also the only real help I have for you are the following LINKS which should answer some of your questions.

 

1. USAA - Certificate of Deposit Rates

 

2. USAA Savings Accounts - High Interest Savings Account

 

3. USAA - Financial Advice Blog (maybe you could post your question there)

 

4. How to Find the Best Savings Account in 2014  **(External Link)

 

I hope I have helped you.

Re: Short Term Cash Investment for down payment on house

BrianaHartzellUSAA's avatar User  BrianaHartzellUSAA Community Manager

kjr,

Thank you for your question! Because giving you a detailed answer would require more personal information from you and your specific situation, I encourage you to contact a member representative using the CONTACT US button on usaa.com or by calling 1-800-531-8722. They are more equipped to answer your investment questions. Thank you

Re: Short Term Cash Investment for down payment on house

ysette9's avatar User  ysette9  (Opens a pop up layer) Frequent Contributor

When I have called and talked to USAA financial advisors in the past, I was always told that with such a short time horizon, you should not be looking at "investing" that money at all. It should be kept safely in a liquid account like savings or money market because you don't have the time to recover from any market volatility.

 

BTW, I hope you will have more then $7K in the end to put towards a down payment. With all of the fees associated with getting a mortgage, that won't go very far!

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