What type of savings account can I get the most return from?
February 25, 2007 by admin
Filed under Questions and Answers
t asked:
I have a couple grand that I would like to put into a savings type account and earn some interest from. I only want to put it in a saving type of account for a year. What would be the best type of account to put it in to get the best interest return? When I take it out after a year, will I get taxed on it ?
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I have a couple grand that I would like to put into a savings type account and earn some interest from. I only want to put it in a saving type of account for a year. What would be the best type of account to put it in to get the best interest return? When I take it out after a year, will I get taxed on it ?
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G.V. on Mon, 26th Feb 2007 4:16 pm
Put it into a 12-month CD. And yes, you will get taxed on it. Go to bankrate.com for best rates on CDs.
engineer50 on Wed, 28th Feb 2007 5:42 pm
Other options would be a bank money market account (FDIC insured) or a commercial money market fund (not insured). You can check typical rates on line.
zzgorch on Fri, 2nd Mar 2007 2:22 am
I like ING. Check Kiplingers.com for a list of the highest online interest rates. All the banks they list will be FDIC insured.
spiritnat on Sun, 4th Mar 2007 10:22 am
if you earn more than 10 dollars of interest, you have to pay interest
Domino on Mon, 5th Mar 2007 3:49 am
online account. hey pay 10x the interest the brick and mortar banks do. CD’s tie up your money and the online banks don’t have minimums and paypal even pays 5.20% and gives you a free debit card that gives you 1% back everytime you use it as a credit card
Uncle Leo on Thu, 8th Mar 2007 4:00 am
An online bank may be one of your best choices. A money market fund that invests only in U.S. Treasury securities would also be an excellent choice (Vanguard has a money market fund like this).