Better rate of return on this money

[JudiAU]

I saved a large chunk of money before we had childcare expenses to prepare for an unpaid maternity leave. I didn't end up using as much I thought and now I think of it as my "wishful thinking SAHM" money. In theory, this should happen in the next year or so. If I don't get to SAHM, I want it for a mortgage downpayment. I want the money safe and fairly liquid and tricky to touch. Every time it rolls back into my savings/checking account it almost evaporates.  I've been keeping in a money market account at my bank. Supposedly I am building it but "something" always happens to make that money evaporate too.

The most recent renewal of the money market/CD was around 1% which is just depressing. DH has an excellent record growing and protecting assets in the stock market but the money means to much, emotionally, for me to risk it.

Ideas of where I could put around $35k?

[crunchy_mommy]

Sheesh right now it's pretty much impossible... I had a savings account with 4.5% interest a couple years ago and now it's getting only 1%. It really is depressing. I hope someone has a good idea but I think the economy is just totally tanked right now...

[Poddi]

Well, so you need to use it within the next year?  I'm afraid there's not any good options right now that will offer more than 1%.  If you dig around enough you might find 1.5% I think, but that's about it for short term savings.  We have some savings account that earn 1.5 - 2% right now, but we're not in US

Here's a link I found with some current rates.  It seems smaller credit union types might have better rates, but usually come with more restrictions. http://www.money-rates.com/savings.htm. 

[texmati]

I know this sounds nutty... but check with your local cu. We have a great account that earns 4% interest (i swear!) The catch is is that it's in a checking acct where you have to use your debit card at least 15 times a month, and there is a limit on how much money can earn that interest. and i think you have to have direct deposit.

you might thry to use checking finder . com to find a deal like that in your area.

[JenRN]

I know of a lot of banks that offer high interest checking accounts. I have my emergency fund in a local bank, and it's getting 3.5% (up to $50k). There are some stipulations: agree to online statements, one direct deposit/automatic withdrawal a month, and a certain number of debit card purchases a month (mine is 8). A little annoying to keep track of, but well worth it to get that great of an interest rate.