[USER]

I’ve been able to save 7k. I’ve been saving for a down payment on a house. I’ll get my pension next year bc I’m turning 60 so I’m hoping to save 8k by December 2024. My issue is that maybe I should invest some of the money or should I keep it in my savings account and keep saving? I’m a little leary about putting my hard earned money into investments.

[Bonny]

CDs are paying well right now.

[Brian]

Money market. Over 5%.

[Molly]

I moved all of my savings into a Cash Reserve account. Currently it’s earning 4.75% interest but it acts as a checking account. It can take 2-3 business days to move cash from the Cash Reserve into your regular checking, but otherwise acts the same.

No risk is losing the money, it’s not like stocks.

[Cindy]

If you are saving for a down payment in BC it’s very hard to get a mortgage while on pension because if you don’t make payments they can’t take from your pension.

[Author]

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