For two years you want treasuries or money market funds or you risk having less money than you started with

Honestly I would just keep it there, since you might need it right away. Just keep saving.

Since it sounds like you need your money to have liquidity and low risk for home purchase. That rules out stocks in general. Maybe looking into I bonds or longer term CDs that give you a bit more APY.

As others have said, keep it in cash or money market. Anything else is too risky with such a short time horizon. Also while I wouldn't bet on a housing crash, if there is a good buying opportunity in the next 2 years, it's likely to be when the stock market is down, so better to keep your cash liquid so you can be ready when everyone else is down, unless you lose your job.

I would split the money in two:

Half in a 2-year Treasury note - example CUSIP 91282CDZ1 yielding 4.803% to maturity on 2/15/2025.

Half in a money market mutual fund - example SWVXX or VMFXX, yielding 4.5% currently.

The T-note locks in a decent return, should interest rates fall in the next two years. The MMF on the other hand will quickly increase in yield if interest rates continue to rise. By holding both you have an interest-rate neutral holding yielding significantly more than your HYSA.

You may find these links helpful:

• "How to handle $"
• Investing

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Sounds like you're already on the right path! Money needed in the next 3-5 years should not be in the stock market, so find the best yield you can for your funds and just save, save, save.

There are 5% CDs for 11 mos and just found one for 5.15 for 12 mos. Look at online banks, make sure fdic insured. CFG and Capitol one CDs are both higher than HYS.

Treasury bills. Currently at about 4.9% for a guarenteed return. Can do a ladder where you buy a tbill with part of your money then a month later buy another and another and by the time you use all your savings buying tbills the initial tbill cashes out so you constantly have them cycle back to cash.

3.75% return when inflation is 8% = less money than when you started. Losing ~ 4.25% on your money by letting it sit there.