how can I turn a small amount of money ($100) in the bank into a larger sum very quickly?

Question

I have heard of IRA's and CD's, but I do not know what they mean or how to use them via the bank.

Answer 1

Everyone is giving good answers. First, put your $100 into a regular savings account and get that started so you don't spend the money on something else. Then when you decide what to do with it, you'll have the account established and you can always add more money to it.

A Savings account will earn a little bit of money and allow you to start a savings plan. It's easy to deposit money to the account and to withdraw money as well.

An IRA (Individual Retirement Account) is a long term investment. If you put your money in an IRA and take the money out before retirement age, you will have to pay a penalty in taxes. This is a good product to use for investing for your future. The sooner you start, the more money you will have when you retire. An IRA can be a Savings account, CD, Annuity or Investment Account (stocks, bonds, mutual funds).

A CD is a Certificate of Deposit that allows you to deposit money in the bank and earn typically higher rates than a savings account. Funds are held on deposit and cannot be accessed without a penalty. Terms vary from 15 days to 5 years depending how long you want to lock up your money.

An Annuity is like a CD as you can lock up your money for a set period of time and its like a savings account in that you can add to it over time, however, it's also like a retirement account with penalties for early withdrawal.

Your money can really grow fast if you invest it in a variety of mutual funds, or stocks and bonds. This type of investment should be thought of as long term unless you are someone who's choice of gambling is to play the market which I don't personally suggest. For long term investing I do suggest starting out with a variety of mutual funds because the rate of return is greater than a bank CD or savings account.

Search the internet for tips on saving money so that you can learn more about it and make your money work for you:

Answer 2

Depends what you mean by quickly. $100 will not attract the higher interest rates offered by banks etc. Your best bet is to deposit some more money, say another $100. That will double it. I'm not actually kidding.

If you are paid into a bank account, set up a savings account beside it which preferably is not accessible via an automatic teller. Arrange for a periodical payment of something into the savings account, the day after payday. The more the better, I'd suggest $50 at least. Because you don't see the money you do without it. Within a few months you have a few hundred.

There is nothing like going to buy a car and putting down a 25% deposit or even better, paying cash!

Ask your bank for accounts with highest interest and lowest fees. Ask a few others as well. They will almost certainly have limited withdrawal conditions.

Answer 3

I'm not sure what you need as far as a "larger sum" but I am sure that it doesn't happen "very quickly" at a bank. - How quick do you need? If there was a FOR SURE way to do it, everyone would also do it. The bank is fairly safe and as close as you can get to "for sure". But they pay very small interest. Usually a CD (Certificate of Deposit) pays a very small percent over a year, like maybe 2.5% - 5%. So, in a year, you would have made an extra $2.50 - $5.00. That's not quickly, and it's not really a larger sum because after a year, prices at stores will have gone up more than that. So, you can invest in a stock ("intelligent gambling") or just go to a casino ("honest gambling") - The trick to both of these is, once you make some money - SELL or LEAVE - don't be greedy. The safest and fastest option I know of right now though, HONESTLY, is take your $100 down to a local coin shop and buy as many plain silver bullion coins as you can. The value is guaranteed to NEVER loose (like a stock or a card game) and it will go up in value 10 - 20 TIMES as fast as any interest the bank will ever pay you. Silver is simply another form of money, and has been for thousands of years, that is going up in value while the dollar goes down. I'm sorry this is such a llooooonnnggg answer, but I hoe it is helpful.
Best,
-Don

Answer 4

Savings accounts pay interest based on a percentage, say 5% so the more money you have the more interest you make. Some types of accounts make more money because the amount of time you leave the cash there is longer, ie you can't draw on it for a month or a year. Also rates may vary slightly depending on the bank. Swiss banks don't necessarily pay an more interest than a bank elsewhere in the world, however different currencies pay different rates of interest, usually broadly in line with the rate of interest at the central bank in that country. You can have a Swiss Franc (CHF) account with a bank in the UK or another country if you want. You can't open a bank account online anywhere now without having to provide anti money laundering information such as proof of identity and source of funds, regardless of where it is in the world. If you really need to ask for this advice yahoo is not the best place to get your answer.

Answer 5

It is impossible for $ 100, unless something illegal.If this did work, noone need to go to work.

Answer 6

go to the racers or buy some shares