2006-06-29 18:10:49 · 27 answers · asked by nonchlant4ever 2 in Business & Finance ➔ Personal Finance
A bank or better yet a credit union (the fees are less expensive in the long run, and seem to be more trustworthy lately) - be sure to put it in a type of account or program that earns short term interest. Some pay higher interest than others. Not only would you be earning interest, you will also be helping build your credit and future credentials by showing the potential loan provider that you are a responsible person who can indeed build savings. Someday you may want to make a major purchase (car, home...) and what you do now could very well make a difference in your credit rating later. A safe does nothing for you but sit there. You may as well put it in the mattress. Be smart and let your money work a bit for you.
2006-06-29 18:19:18 · answer #1 · answered by still learning at 56 5 · 1⤊ 0⤋
Put the money in a savings account at a bank or a credit union, if it is going to be awhile until you get your apartment I would then put the money into a high yield CD for the maximum amount of time you don't need the money, do this once you have saved the minimum deposit required.
2006-06-29 18:16:58 · answer #2 · answered by JD 3 · 0⤊ 0⤋
The bank.
Just so you know, it is a characteristic of poverty to have an innate distrust for banks. That's why places like Money Box exist, and why when you go in there everyone is lower class. The middle class uses banks. The wealthy invest.
Just a little research for ya.
2006-06-29 18:14:26 · answer #3 · answered by Kristina S 3 · 0⤊ 0⤋
Put it in a Savings account or open a checking account that pays interest. You will have easy access to your money, and still get interest. There is also online banking called ING, that offers a high interest rate so you can maximize your savings.
2006-06-29 18:18:00 · answer #4 · answered by donna 2 · 0⤊ 0⤋
In this case it wouldn't matter. Just because you plan to spend the money pretty soon and it wouldn't have time to accumalate interest. But if you put a nice sum of money into a savings account and let it chill in there for a couple of years, the interest will build up and you will make a few $$ off of it!
2006-06-29 18:15:37 · answer #5 · answered by Josh T 2 · 0⤊ 0⤋
The bank is much better. Not having a bank account has a negative effect on your credibility.
2006-06-29 18:13:14 · answer #6 · answered by Joe K 6 · 0⤊ 0⤋
Open a savings account at a bank or credit union.
2006-06-29 18:12:50 · answer #7 · answered by Darby 7 · 0⤊ 0⤋
you earn interest with bank
you pay a fee if you put money in a bank deposit box, so you are actully losing money unless the safe is in your house, then you have to pray that no one breaks into your house
2006-06-30 04:25:59 · answer #8 · answered by jean 4 · 0⤊ 0⤋
use the bank, you can get some kind of interest on a decent savings account. and your money is insured against theft.
2006-06-29 18:13:46 · answer #9 · answered by Joe M 2 · 0⤊ 0⤋
Give it to me.. I'll hold it for you.
The only people who keep money in a safe (beyond a small amount in a home safe for a rainy day or so your roommate doesn't steal it) are people in movies, and criminals who do not want their finances tracked by the FBI.
2006-06-29 19:06:05 · answer #10 · answered by SUNYScott 2 · 0⤊ 0⤋