Savings account?
June 24, 2009 by admin
Filed under Questions and Answers
ryguy8161 asked:
I currently have a few thousand dollars just sitting in the bank in a savings account, not growing or anything. Is there anything else I could do with it that is a safe investment but will still get me a higher rate of return?
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I currently have a few thousand dollars just sitting in the bank in a savings account, not growing or anything. Is there anything else I could do with it that is a safe investment but will still get me a higher rate of return?
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NKB on Fri, 26th Jun 2009 10:49 am
Open a CD (certificate of deposit) Go to a customer service representative at the bank and ask what kind of rates and terms they have going. This is your safest option because you are guarantied a return on investment and there is no risk.
creader420 on Fri, 26th Jun 2009 1:46 pm
INVEST IN STOCKS, OR C.O.D.’S
ANGEL on Fri, 26th Jun 2009 6:53 pm
There are internet only banks that are FDIC insured and have much higher rates of return than other banks. Well worth checking out!
dillontraynor on Sun, 28th Jun 2009 1:59 am
put them in a mutual fund, works like a cham, I get at least a couple hundred every year in interest.
Diane on Mon, 29th Jun 2009 2:24 am
I work for a brokerage firm. I would try some low risk mutual funds such as American Funds or there may be a money market with a low rist through a brokerage account. Also, try a CD with your bank possibly.
The Professor on Wed, 1st Jul 2009 10:07 pm
Try ING Direct. They are an online bank that is covered by FDIC insurance, yet their accounts pay a much higher rate of interest (4.2% right now). They have been recommended by Money Magazine and may other reputable financial sources (as has ETrade Bank).
Miguel Anchovario on Fri, 3rd Jul 2009 5:44 pm
Risk increases with return. The safest choice would be a money market account with a company like Vanguard, or you could get a similar rate using a savings account with INGDIRECT. My next choice would be a bond fund with Vanguard for a slightly higher return, and after that I’d get into equity mutual funds.
richard_strayer on Sat, 4th Jul 2009 12:34 am
Internet banks with a brick and mortar presence are good. A couple of high yield savings (near CD rate) accounts are ING Orange and Countrywide Savings Link.
Both can be connected to your account so you can transfer funds electronically.
OR You could go on vacation and get memories that will pay dividends for a lifetime.
googie on Sun, 5th Jul 2009 2:39 pm
Depending on your age,income, potential future earnings you should spread the money around . Keep a small amount in savings for immediate withdrawal in the event of an emergency, find a good stockbroker who will invest the balance partly in a mutual fund, the balance in stock. Each of these venues will give you a higher rate of return. Also there are several CDs which pay better than 5%.
Hydrox on Wed, 8th Jul 2009 9:14 pm
If you don’t plan on using it for 5 years or more, that is investing. Then put it in a mutual fund.
If you need easy access and may need less than 5 years, try a money market account – you can get about 4.5% interest and checks to have access if needed. You can get an account without fees too and the money is insured.