Bet-funds.biz Review Is Bet Funds Scam or Should I Invest

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Bet-funds.biz Review: Is Bet Funds Scam or Should I Invest?

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Are There Any Scam or Fraud Complaints about 1xBet?

Due to the fact that 1xBet is not a UK website, there are obvious concerns surrounding the legitimacy of the sportsbook. As with any online service that requires you to deposit money and enter personal data it is always best to be cautious with what you do give away. One of the main things that people online take issue within online reviews is the verification procedures. For the 1xBet desktop and the 1xBet mobile app, you will need to provide further verification documents when you want to withdraw money. The sportsbook is well within their right under UK law to only require this verification when you withdraw and not when you deposit. Due to this, the best way to proceed is to ensure that you contact 1xBet and ask them what verification documents they require from you when you first register. This way, you can provide them before you even make your first deposit and ensure that everything is compliant before you get to the point where you may need to make a withdrawal.

If you read the online 1xBet reviews you will notice that nearly every customer calling them a ‘fraud’ or a ‘scam’ is just unhappy with this process. Reading the terms and conditions before you deposit money with 1XBet will put you in the best position of knowing what to expect when you come to withdraw.

The Available Deposit And Withdraw Methods

1xBet have a number of different deposit and withdrawal methods that are also used on other sportsbooks. If you want to use the 1xBet bonus code to get a promotion or an offer you will need to check the terms and conditions of the individual bonus code to ensure the deposit method you use is applicable. 1xBet have an extremely large number of different deposit and withdrawal methods.

Saving for a Down Payment: Where Should I Keep My Money?

Saving for a down payment is the first major step toward buying a home. It obviously requires discipline, to put aside the money; but it also requires some considerable thought as to the best place to park those funds. Whether to use a bank, an online bank, or the stock market to stash those tens of thousands of down-payment dollars depends on your timeline for becoming a homeowner.

Key Takeaways

  • Banks prefer borrowers who can pony up at least 20% a home’s purchase price as a down payment.
  • Storing your funds in a savings account at the bank where you do your checking activity is probably the simplest and easiest choice.
  • If you want to earn more interest without sacrificing the safety of FDIC or NCUA insurance, opt for a high-yield savings account.
  • A brokerage investment account will generate more interest and return on your funds—but it carries greater risk, and you’ll need to time your withdrawal based on the stock market.

How Much You’ll Need to Save

When granting a mortgage, a bank or other lender requires a down payment to help reduce its risk in financing the remaining cost of the home. Banks prefer borrowers who can pony up at least a fifth of a home’s purchase price. They won’t lend you more than 80% of a residence’s appraised value.

If you have excellent credit or qualify for certain loan programs, you may be able to secure a loan with less than 20% down, or even with no down payment at all. Keep in mind, though, that the programs that offer such generous terms usually require the borrower to pay private mortgage insurance (PMI) at an additional monthly cost.

Conversely, if you’re deemed to be a high-risk borrower because of your credit history or other factors, the bank may seek a higher percentage of the home’s value as a down payment before they’ll grant the mortgage.

Of course, you’re free to opt for a down payment of more than 20% of the home’s value if you have the money available. The bigger the down payment, after all, the smaller the mortgage and the less onerous its monthly payments. (To calculate the numbers involved, you can use a loan amortization schedule.)

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Down Payment

Best Places To Keep Your Down Payment

The money for a down payment needs to be accessible easily and quickly, which all but rules out options like a long-term certificate of deposit (CD). It also should be in a form you can easily add to—from your paycheck, for example. Ideally, the funds should earn a return, while also remaining stable enough in value that they’ll be sufficient to meet the down payment when the time comes. Finding the balance of risk, reward, flexibility, and timing that works for you is the key consideration as you choose among the options below.

Savings Account

Storing your funds in a savings account at the bank or credit union where you do your checking is probably the simplest and easiest choice. As an existing customer, you can open a savings account quickly, and then readily transfer money to it from your checking account, either manually or through recurring transfers every payday.

The funds are highly secure since they’re guaranteed by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Association (NCUA). There is a downside to this option, though. That’s a meager return on your funds since regular savings accounts come with very low interest rates.

High-Yield Savings Account

If you want to earn more interest without sacrificing the safety of FDIC or NCUA protection, opt for a high-yield savings account. Again, the simplest course would be to use your current bank; in fact, some financial institutions restrict these accounts to existing clients.

As their name suggests, high-yield savings accounts pay far higher interest than regular savings accounts, sometimes 10 to 20 times as much. However, the highest rates on these accounts are offered by online-only banks. If you can live with the absence of brick-and-mortar locations, one of these virtual institutions may be the best savings option of all.

That said, if you’re not already an online banking customer you’ll likely need to wait a little longer for transfers from your checking account than if you held the savings account at your own bank. And even the interest rates of online savings accounts are nothing to brag about compared with the potential earnings from other investment options.

Brokerage Account

If you have an appetite for higher risk, you can opt to have your down payment fund accumulate in an investment account at a major brokerage. The account will allow you to invest the money in stocks and mutual funds that will potentially earn far higher returns than even a high-yield savings account.

However, given the volatility of the stock market, you may not realize those healthy returns as quickly as you need—or when you need them. So equity brokerage accounts, then, are best reserved for those whose timeline to buy a home is flexible and can afford to wait out any fluctuations in the market. As a rule, the stock market generally recovers from downturns over time, and funds held in stocks achieve healthier earnings in the long run.

If you’re unsure about how to choose a broker you can check out this list of the best online stock brokers.

The Bottom Line

Given that you’ll likely need tens of thousands of dollars for a down
payment, it’s wise to carefully research where best to hold that money,
and choose the option that aligns with your needs and priorities.

If you want convenience above all else, you’ll do perfectly well with a savings account at the brick-and-mortar bank you may already use. If you want a little more return and don’t mind waiting on transfers between banks, you can look to an online bank and earn more interest. If you can handle the risk, investment accounts offer the best returns. But they present the highest risk that the value of your down payment fund might drop just at the point when you need the money.

The Best Places to Invest Down Payment Money

Stock 4B-RF / Getty Images

If you’re saving money for a down payment on a home or other real estate, then the best place to invest it to earn a return on your cash until you need it is nowhere. Because these types of funds need to be accessible to you quickly when you need them, it’s not a good idea to take on the risk that comes with investing. Instead, it’s wise to put it in one of a handful of cash equivalents that are protected by deposit insurance or the United States government. That’s because it’s the only way to truly protect the absolute value of your money—a strategy called capital preservation.

That still leaves the question: What should you do with the money you’re saving for a down payment? There are a handful of appropriate places to safely store that money until it comes time to purchase your property, including FDIC guaranteed bank accounts, FDIC insured certificates of deposit, U.S. Treasury bills, money market accounts, and U.S. savings bonds.

FDIC Guaranteed Bank Accounts

These include checking accounts and savings accounts at FDIC member banks. Not only can you access your money during regular banking hours without any penalty, but, if your bank fails, the government will reimburse you up to $250,000.

FDIC Insured Certificates of Deposit (CDs)

Offered by FDIC member financial institutions such as many community banks, a certificate of deposit is a special type of contract where you lend money to the bank for a specific amount of time, say three months or two years, in exchange for a guaranteed rate of return. Typically, the longer you agree to tie up your money at the bank, the more interest they will pay you.

This option is best if you don’t need your funds for quite some time—not for funds that you need to access in the short-term. If you know you won’t buy a home for, say, at least six months, you might get more favorable terms by buying a CD.

If you do need to access your money sooner than the maturity on the CD, then the bank may charge you as much as six months’ worth of interest as a penalty.

U.S. Treasury Bills

These are obligations of the U.S. Government that mature in one year or less. They are considered one of, if not the, safest of all places to park your cash. That’s because each Treasury bill is backed by the full taxing power of the government so, in theory, a default is impossible.

You buy Treasury bills at a discount and when they mature, you receive the full value. These only make sense if you have a good amount of money already saved for a down payment on your house. You’d need at least $10,000 or $20,000 to make it practical.

Money Market Accounts—But Not Money Market Funds

A money market account at your local bank can be a great way to protect your money while earning much higher interest rates based on how much you have to deposit. These accounts are often FDIC insured, protecting you from the potential problems arising if your bank were to fail.

A money market fund, on the other hand, is a more complex mutual fund type investment that buys all kinds of cash equivalent assets. These are typically not FDIC insured.

Always ask your banker whether or not your money market account is FDIC insured. If it is, then it should be a safe place to park your down payment savings. If it’s not, then don’t even think about it.

U.S. Savings Bonds

US savings bonds come in two primary types: The Series I savings bond and the Series EE savings bond. Both have unique benefits.

If you are more than a year away from needing your down payment money, they provide significant benefits, because investors are guaranteed to never lose money. That level of protection is vital when dealing with money that you need, such as down payment cash for real estate.

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