Question for the Money Doctors

Question submitted on Jul 19, 2022.

Question

We have money saved in term deposits for a house addition. With the recent rise in costs, we have decided to postpone until maybe housing costs can come down again. Where would be the best investment for our money on a potentially short-term basis with currently such low interest rates?

Answer

You certainly do not want to put any of this money at risk since it is for a short-term goal.   I do not expect costs to really go down much, however the increases may slow down.  Your best choices are savings accounts or money market accounts.   The point is not earning as much as possible, but to keep your money safe.

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