 TITLE: Where Should You Save Your Down Payment Money? CONTENT: Best Places to Put Your Down Payment Savings\n--------------------------------------------\nWhile you're building up your savings, a dedicated savings account makes it easier to track your progress—and avoid using the money to cover your living expenses. Though interest rates are notably low as of early 2021, one of the safest places to park your cash is at a bank or credit union, where funds are insured up to $250,000 per account by the Federal Deposit Insurance Corporation or National Credit Union Administration and won't fluctuate with the market.\nHere are a few options to consider:\n*   A **high-yield savings account** works like a regular savings account, but with a higher interest rate. Online banks are often a good place to look for these accounts. In addition to shopping for rates, make sure the account you're considering doesn't have monthly fees attached.\n*   **Money market accounts** also let you earn while saving and may come with a debit card to use for limited transactions. Money market interest rates are competitive, but be mindful of minimum balance requirements.\n*   **Certificates of deposit (CDs)** **or share certificates** may offer slightly higher rates, but timing can be an issue. CDs require you to keep your money in your account for a set period of time—say, three months or five years—with penalties for early withdrawals. If these restrictions work for you, CDs are a fine place to stash your money. END