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Received a large sum of money ($10,000)


We'd like to use this as our down payment on a house.

Very Foolish. I can't imagine moving back in with roommates, but if you two can handle it, more power to you. I use as my broker for a joint securities account and for IRA's for both my wife and i. Good company, great prices, very flexible. They get two thumbs up from me. As for e-checking, i have Zero experience. Don't know how well that works.

Regarding the interest earned, chances are REAL high that you won't be getting 625/month. Interest-earning bank accounts typically do NOT compound monthly. Quarterly or yearly is more like it. You'd have to read the fine print to find out. Might want to go over to someplace like "Ask a Foolish Question" to find someone who knows more about investing your money in such a manner.

Good luck on the house. We will soon be closing on our first home.
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