Any safe 2 wk investment options for $45,000?

[lecach]

i know this is crazy - but we sell our old house on June 8 and dont close on the new house til around June 22. We'll have the $45,000 after paying off our first loan - we'll need it for the down payment on the new house. We were just wondering if there was anything we could do to make extra money thats risk free in those 2 weeks. We have no idea if this is even possible - but DISers seem to know everything so I thought I would ask here.

 

[MickeyMickey]

ING direct or Emigrant direct, if you think it is worth it for 2 weeks.

 

[WatchinCaptKangaroo]

An ING savings account. It will take a few days to set up if you don't have one though. I think they are paying 4.21% APR now. It will take 3-4 days to get your money out too, so you're looking at about a week of interest. But don't forget, you'll have to pay taxes on the interest and you may end up breaking even instead.

 

[Cindy B]

I would suggest ING as well... especially if you have an ING account already.

 

[j's m]

I don't recommend ING.

A new account has something like a 10 day or 2 week hold on the money before you can transfer it back out. An existing account has a 7 day hold.

Also transfers out aren't guaranteed on any specific date, it says it takes 2-3 days on average, but it could be more. If you MUST have the money for closing, you would have to request it back out almost as soon as you deposit it, and then you are losing a few days interest anyway.

You need something in a local bank where you can access the money exactly when you need it. Can you get a high yield money market account? My bank offers a money maker account tiered at different amounts. They are offering 4.25% for 25,000 to 50,000.

 

[Pugdog007]

I'd just stick it in your savings account until you need it. Anything else is going to be too much trouble for too little gain.

 

[ChristmasElf]

I agree with Pugdog. Not worth the effort for just 2 weeks. Plus you don't want to take chances with money that you know you will need in 2 weeks time.

 

[Dan Murphy]

A bank saving account.

(not to be considered financial advice)

 

[barkley]

if you're going to need it that quickly i would just put it into my standard checking account. the amount of interest earned in that period of time will be so minimal it is'nt realy worth setting up any other type of account. you also have to keep in mind that most escrow accounts (which i assume the downpayment will go into) require immediatly accessable funds so if you put it into something that you could only get a bank or cashier's check from the hold time their bank puts on the funds may not make it acceptable (our house closes tuesday and the funds will wire transfer to our existing account, and when i was shopping around for the best interest rates to bank it in-all the financial institutions advised that if i wanted to avoid any hold period in the accounts i set up, the deposited funds had to be written on my personal checking account-which will clear overnight-vs. a bank or cashiers check which had anywhere from a 5-10 hold period).

 

[mickeyfan2]

Considering the low amount of risk you want and the short duration I would just put it in the savings account. Some banks have 1-30 day CDs. That might work too.