June’s “Just One Thing”: Boost Your Down Payment

Last week, we talked about getting your financial house in order before buying a house. One of the biggest hurdles? The down payment. We’re talking serious money here, so you want everything working in your favor. Which brings us to June’s “Just One Thing”: your savings account. If it’s earning the national average of 0.42%, you’re leaving cash on the table.

Because while your account is earning less than half a percent, some banks are paying north of 3.5%. If your savings account balance is is $5,000 that’s the difference between making $21 and making $175, automatically. Opening a new account is simpler than you think; you don’t even need to ditch your old one. Here’s how:

Check your current rate. If it’s under 3-4%, you can do better.

Hunt for FDIC-insured accounts paying over 3%. Skip accounts with fees and high minimums.

NerdWallet’s a decent starting point, check it out here. Or, if you prefer talking to a person, a BrightDime coach can help!