I have a couple thousands dollars that I would like to invest...but I want to be able to withdrawal the money at any time and have a quick "return" on it. Any ideas??
2007-02-07 08:39:14 · 18 answers · asked by Staying Quiet 3 in Business & Finance ➔ Investing
Some bank right now are offering 5.05% on regular savings accounts when you sing up for their checking accounts. Not a money martket account, or a CD account. I got it and it works out even better than a CD and money market account. Money markets are risky and you have the potential of lossing your money.
2007-02-07 08:45:46 · answer #1 · answered by RSB 2 · 0⤊ 1⤋
Investing is not a 'short term' thing. If you are looking to have control of your money, and are looking for a short term investment, you might just want to open a savings account.
If you invest in a CD, you will not be able to withdrawal it till the CD appreciates, and the return is not very good (4-5% annually). However, depending on the amount of time you have, you could buy CD that appreciate in less than a month.
If you invest in stocks, mutual funds, or ETF, the return can be greater (anywhere from 5-12% annually), but if you are looking just to invest for a short while, you will be charge fees for buying the stock or mutual fund, and might spend a month or so recuperating your loss (depends on the market and the security you buy)
A savings account will let you keep control of your money, however, the return is very low (often >1%).
Again, investing is not short term, and if you are looking for quick gains, you have to take risk with your money, and might end up losing it all. If you NEED the money to live, then open a savings account or buy a short term CD. If you can live without it, it might be a smart idea to open an IRA, or purchase a mutual fund, and hold onto the fund for a long time and let it grow.
2007-02-07 08:54:27 · answer #2 · answered by 1234567 3 · 0⤊ 0⤋
When you say that you would prefer to be able to "withdraw it at any time", that narrows your real choices. For 'immediate use' you will want to research savings accounts that forgo any early withdrawal penalties. Any Certificate Deposit or other Mutual Fund mentioned previously have monetary repercussions for early withdrawal. Even the mutual funds will include a users fee. "A couple of thousand to invest and with liquidity"; stay with something simple like a local credit union that pays a return on a consistent minimum balance. The term 'invest' implies the setting aside of unallocated funds for a predetermined period for an anticipated return on investment. If a deal sounds "too good to be true", Then immediately run. Usually, the less risk involved the lower the return. The higher the return, the increase in risk.
2007-02-07 08:54:18 · answer #3 · answered by Joe Schmo from Kokomo 6 · 0⤊ 0⤋
When there is a time issue involved, I would stay away from the stock market, because I only recommend fundamental investing that could take a few years to show a good performance. What I would recommend is any instrument that provides a fair return and a safety of the principal like a money market account without penalty for early withdrals.
Eboudames
2007-02-07 10:35:03 · answer #4 · answered by boudames 1 · 0⤊ 0⤋
Go on-line to E-trade ...fill out a little application...send some money...and in two/three days you'll have an account you can work on-line with.
For a couple of thousand, you'll be best in some ETF's..( quick returns in "global" or particular foreign markets ) and maybe real estate ( for a portion of your account that will just keep making money...not a lot, but respectable) There's a big, complete list of ETF's at:
http://best-of-etfs.com/family.asp?fam=EXTRADED
As far as withdrawing goes, it may take a couple of days, after you request it on-line ,to get a check.
If you're close to a Chase bank, they may be able to set something up where you can invest through them...and have your cash available at the bank.
Good luck...I hope you start making so much that you don't WANT to withdraw; you just want it to GROW, BABY, GROW!!
2007-02-07 09:15:24 · answer #5 · answered by jebediabartlett 6 · 0⤊ 1⤋
Sounds like this is money you wouldn't want to invest. Just deposit it into a good money market account. ING is very competitive.
Added: RKB (below) is apparently unfamiliar with money market accounts. They are simply savings accounts that pay higher interest because they normally require a minimum balance. There is NO RISK of losing your money.
2007-02-07 08:44:13 · answer #6 · answered by Rob D 5 · 0⤊ 1⤋
Money market mutual funds. You will get a bit less than 5% interest. You can get check cashing privleges when you open an account.
Try Dreyfus or T Rowe Price.
2007-02-07 08:42:52 · answer #7 · answered by regerugged 7 · 0⤊ 0⤋
I love my Vanguard money market fund. My money earns 5%, and I can transfer it to my checking account (or even write checks from my money market fund) anytime.
If you don't need the money for several years, put it in a low cost index fund (Vanguard is great, again). You'll earn more, unless the market tanks...
2007-02-07 08:44:33 · answer #8 · answered by lizzgeorge 4 · 1⤊ 0⤋
Go with Fidelity Mutual Funds.
2007-02-07 08:42:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I use E-Trade and if I buy or sell I just transfer the money from my checking into my E-Trade account and vice-verse. It's really easy. They just charge a transaction fee when you buy or sell, it's not that much.
2016-05-24 04:04:08 · answer #10 · answered by Anonymous · 0⤊ 0⤋