My wife and I have a plan to buy a house in about 6-9 months in which we are going to use our $40,000 nest egg. In the meantime, it is just sitting in a savings account, and we were wondering if we could do something better with it? Is it worth it to move it at this point? Is there anywhere that would pay enough interest for it to matter? Money market, CD, high-yield savings?
No debt, no other major expenses, also have extra emergency fund. Just trying to figure out what else to do with this lump sum.
Sidenote, I'm trying to compare rates, and don't understand the difference between dividend yields and APY. I get that APY is what the contribution is at the end of the year... so is dividend yield monthly and compounding? If so, how can those rates be the same? I'm trying to see how things are calculated monthly (since we won't hold that money for more than 9 months). It confuses me because tha websites don't really tell you the rate at which these are calculated.
Thanks for any help.
Submitted October 13, 2019 at 10:23PM by Visual_Bread https://ift.tt/31aWCG7
