Help for a finance noob please?
We have $16K in a regular old savings account that is earning around .03% APY. I imagine we could be doing something a bit more intelligent with that.
We were looking at some online savings accounts from Discover or Citi or Goldman Sachs and we could get around 1.5% or as much as 2.7% for a 5 year CD.
Do these make sense? Is there a better option for a place to save money that you want to be able to access quickly should the furnace blow up..?
Our current thought is that we’d leave around $6K in the standard savings and move $10K somewhere else. Advice pretty please?
- Edit - some additional info that might help inform advice:
My wife and I are approaching our 40’s.
We have 2 kids - we have a healthy college savings plan for them (529)
Home owners with a house in good repair. Still working on the mortgage
2 cars, 1 paid off/1 nearly so
Retirement savings is spread across 401K and IRA.
Currently single income and doing fine on it, but it would be rough if that income were to disappear.
Submitted March 31, 2018 at 12:24PM by snorkel42 https://ift.tt/2J9rlvF
