2006-08-28 08:40:47 · 11 answers · asked by cheri 1 in Business & Finance ➔ Personal Finance
Ok...so it looks like you have a kid so what you can do is open a Youth CD at your local financial institution (i would try to go with a credit union because they have higher interest rates and usually have more youth cd's that can have multiple deposits). Since you open it for your child you will obviously put your name on it as well...you start out with $500 usually...(that's minimum opening balance) and then you can add however much you want to it...usually there will be a 6 month term or something like that...the reason i say open it for your child is because the regular cd's normally dont allow multiple deposits! hope this helps! Oh yes, and you can withdraw the money once the term is over...if you forget to renew at the new interest rate or forget to withdraw...it will automatically renew at the same interest rate!
2006-08-28 08:47:03 · answer #1 · answered by Anna 4 · 0⤊ 0⤋
Savings accounts with no fees and no minimums. Take your money out at any time. Mutual funds are good, but have a potential for loss. Also, make sure to put some money into a Roth IRA for retirement, it is tax protected.
www.emigrantdirect.com
Annual Percentage Yield is currently 5.15%. You can deposit and withdraw and have your money in/out in a day or two.
www.ingdirect.com
APY is 4.35%, you can have them automatically deduct from your checking account every month. You can withdraw too. Contact me for a referral if you want to sign up.
2006-08-28 09:03:07 · answer #2 · answered by XR 2 · 0⤊ 0⤋
best bet would be a high yield savings account. keep in mind that wherever you go, small investments will generally yield small returns. unless you go into very aggressive investing where you can make or break yourself. the savings account will guarantee you the money's safety, PLUS give you a little something back in return
2006-08-28 08:47:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Mutual Funds because they offer the lowest amount of RISK with your investing.
Also consider talking to a reputable investment advisor to determine the right amount you should invest every month.
2006-08-28 08:43:32 · answer #4 · answered by Mr. Christopher 2 · 1⤊ 0⤋
a specialist broking provider might desire to be smart looking on the expenses. while you're basically making plans to get industry features each 12 months, you will possibly desire to easily positioned funds into S&P or something comparable. Use a broking provider in case you propose to be a splash extra aggressive. brokers provide you with with smart tips quickly, even if you are able to hold mutually a number of tips by using your self on line. they only preclude time. remember, no you are able to assure returns contained accessible. it truly is what it truly is. Arbitrage exists, yet while your broking provider confirm arbitrage risk, he does no longer be your broking provider then.
2016-11-05 23:24:23 · answer #5 · answered by fleitman 4 · 0⤊ 0⤋
a savings account with a high yeild.
hell even paypal is a good place to small sums, paypal has a very high yeild.
stocks, small long term that is. ask a broker for low risk long term stock options.
2006-08-28 08:45:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I find that First Horizon Bank as some of best rates when it comes to checking, savings, and CDs. Go check out their rates.
2006-09-01 06:15:30 · answer #7 · answered by brokenrhino 2 · 0⤊ 0⤋
Check out HSBC online Saving account. They offer 5.05% interest.
2006-08-29 07:38:39 · answer #8 · answered by TTJu 2 · 0⤊ 0⤋
Money market
2006-09-01 07:52:09 · answer #9 · answered by Gone Rogue 7 · 0⤊ 0⤋
only place
building society
2006-08-28 08:44:46 · answer #10 · answered by Anonymous · 0⤊ 0⤋