What is the best way to save money for a house?

Question

I currently have a savings account. Are there any IRAs or CDs I could look into, instead? I would rather keep my House savings in something high yielding that I cannot touch.

Answer 1

IRA won't work. Those are retirement accounts.

If you have a lump sum, you can put it into CD which would lock the money up for a set timeframe.

You could also consider a moneymarket account. You usually have to have a set amount to start the account and you can add to it on a regular basis.

Check with your bank to see if they have some kind of program that would work for you.

Answer 2

Open a High Yield Money Market account. They usually pay about the same as a CD but have the same rules as a savings account. That way you can add to your funds at anytime and withdraw them when it is time to buy that house with NO FEE's. You may want to check out Umbrellabank.com they usually keep their Money market rates above 5%. Both IRA's and CD's have to many limitations and Fees if you need your money early.

Answer 3

Not IRA but CD would be better. CD usually offer high yield and is lock in to a certain period of time...some banks have those CD in less than 12 months terms that you can add-on (deposit) more money into the account you already locked in the high interest rate.

Answer 4

Have you ever heard of rent to own? You sound like a good candidate, but sometimes this is more expensive than a mortgage. There are savings accounts specifically designed for down payment plans on future ownership of a property. Good Luck.

Answer 5

Time deposit u cannot touch and it will increase bigger than normal account

Answer 6

Open a brokerage account at Zecco and I will hep you for FREE. (I am a Portfolio Manager)