Ask Terry Questions Savings for a home

Savings for a home

By Terry Savage on July 12, 2019 | Chicken Money

My son has been putting away about $1,000 a month in a savings account for the future purchase of a home. He’s looking to purchase said home in the 3 to 5 year range. We are looking for he best way to earn the most interest while still being able to add money to towards the purchase of said home. He currently has his money in a Money Market account at our local credit union, but the interest is minimum.

Terry Says

Yes, I understand that the money in a bank account earns very little.  But here’s the question he needs to ask himself:  How much is he willing to lose?!!  If he is unwilling to face the risk of loss because of his short-term goal of buying a home, then the money belongs right where it is — in the bank!



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