CDs for short-term? REALLY short-term?

[dizcrazy]

I am scared to even ask advice on this, because we have been JINXED on everything when selling our house. Fourteen months later, we have a buyer and now we even have a settlement time - this Friday!

If everything goes well, we'll walk away with a decent check and will need to know where to place it until we buy our next house, which we estimate will be in four months.

Should I put the money in a CD? In my ING account?

 

[Golf4food]

Most CDs I've seen require at least a 6 or 7 month minimum, but you might be able to find a shorter term, though I doubt it would be worth the trouble - you'd have to pay a penalty if you wanted to get your money out sooner, and what if you find a house in 3 months instead of 4? Unless you know for a fact you won't need the money for at least 6 months or longer I generally wouldn't recommend a CD as a good option, especially with rates being so low right now on everything. I'd just keep it in a high (relatively speaking these days) yield savings account or a money market account.

 

[ladysoleil]

I am scared to even ask advice on this, because we have been JINXED on everything when selling our house. Fourteen months later, we have a buyer and now we even have a settlement time - this Friday!

If everything goes well, we'll walk away with a decent check and will need to know where to place it until we buy our next house, which we estimate will be in four months.

Should I put the money in a CD? In my ING account?

ING will give you a 3 month CD, but the interest rates on the shorter ones aren't much higher than the regular accounts. I'd just park it in the ING account for now.

 

[chiefdragon]

I ran into this in January...building an addition to our house....talked it over with your financial guy and he told me to do it as a money market (yeilds about 4%) then we are able to take the money as we need to with out pently.

 

[dizcrazy]

Ok, ING or a money market account it is!
Thanks for the advice! I am so nervous about everythign I can't think straight and felt like I needed sound financial advice.

 

[NCTWINSMOM]

I'd do a money market or a high end savings or checking account. A local credit union introduced a 5.78% checking account and we signed up...no telling who else out there has great yield potential.