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CK KS | My wife and I have some money saved back to try and build a house with in 2028. I currently have it in a savings account at our local bank but there is very little interest accumulation. I have been considering putting it into a CD or a HYSA. There are a couple options that would work well for me.
Option 1: Capital One offers a High Yield Savings Account with 3.2% APY currently. If I deposit over $20K into the account, I get a $300 bonus after the initial 90 days. That will compound on top of the previously deposited balance. No withdraw penalty as it's a checking account. And I already have a credit card through them, so my bank information is already set-up. Interest rate is variable so could go down as they get more money coming into their bank but also may go up.
Option 2: Marcus by Goldman Sachs is offering a No Penalty CD with a 3.95% APY. Their standard CD is 4.0% return, currently. The thing I like about the no penalty CD is if I need to pull some money out to say, put a deposit down for home stuff, I can do so without penalty. Without the $300 bonus this would be a no-brainer, but it will effectively return less the 1st 12mo, even with the higher APY, because of the bonus.
What are your guy's thoughts? | |
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HYSA vs No Penalty CD
