Hey gang,
Background: I have been named POA for my parents and am navigating the sale of their house. They went under pre-foreclosure and were clueless as to how to handle it. (The "how" is a whole story...) I've identified a buyer and we close on Monday. I expect them to walk away with roughly $60k after all expenses are paid.
My instructions from my father are to park this money in an account that myself, my wife, and my sister have access to. Near term, we will need access to roughly $10,000 as we plan to pre-pay rent for them for 12 months. There is a myriad of reasons for this but we'll need that money in about a month.
The remaining 50k needs to be accessible in the event they find a house they can buy. For that reason, CDs and Treasury funds aren't really an option. Is an HYSA the best plan here? There is 2 credit unions here locally that I know and trust. Neither offer true HYSAs, but one does offer 7% on the first $500 deposited. Id prefer to not put all that money in an online bank like Ally, in case I need access to branch services. Is there another option I've not considered?
Submitted February 03, 2024 at 10:21PM by CarbideReloaded https://ift.tt/mhe9Cw4
