We currently have two rewards checking accounts. We are nearing the maximums permitted on each account, after which we receive .5% and .25% APY. It's within our means to perhaps open another one, but at that point we are looking at using our debit cards 50 to 55 times a month. I feel that running that number of debit transactions is getting out of hands as it's just the two of us. I realize there are easy ways to game the system, but I want these things to stay around and another person doing just such that could lead to the ends of these accounts.
We are saving towards a new house down payment. As such we don't require these funds to be fully liquid, but would still like to remain free of as much risk as possible -- however I realize we are unlikely to find anything near our rewards checking accounts (4% APY interest for meeting various rules: direct deposit, a certain number of debit card transactions, and not receiving a paper statement), but would hope we can get at least half of that.
We aren't fully sure when we will be buying, but we are probably a couple of years out. For that reason I don't think CDs would work. Even if we ladder them, when we need the money we will need it pretty much instantly.
Do I bite the bullet and just find the best available money market account? What other options do I have that let me deposit monthly, and not have a timebomb associated to accessing that money that isn't in the initial lump sum?