Saving for a down payment for a house. What to do with current savings?

[statik213]

or are there better (safe) alternatives? Is there anyway to get a tax advantage using this saved money?

 

[AgaBoogaBoo]

Put it into a higher yield savings account - INGDirect, Citibank's e-savings account, etc. will get you over 5%. This is a safe start.

 

[mugs]

If you're planning on using it in the near future, I'd just put it in a ~5% savings account.

 

[statik213]

Originally posted by: mugs
If you're planning on using it in the near future, I'd just put it in a ~5% savings account.

Probably at least 2 years away from closing. so I'm looking at other options as well.

 

[imported_sicko]

When I first graduated college, my first job's signing bonus was 10k and I took the money to alantic city and play blackjack all night.
I came back and use the winning for a new car and down payment for an 500k apartment.

I won close to 100k that night, started off with 100 dollar hands and play a few 5000 dollar hands.
I stopped playing when I hit 2 blackjacks, 5000 dollar hands.

 

[everman]

2 years out, go for a money market or high yield savings account and you should get around 5%.