I have $1,000 to invest. I don't need the money back right away but it is mainly savings for my daughter?

Question

to go to college in 15-16 years. What should I do with it? Where can I invest it for the most growth and not a lot of risk? Also where I can add more $$$ each month or whatever with no minimum to add or maintain? Thank you in advance!

Answer 1

I don't know if you have a bank account or who it's with, but most banks have programs just for that that you get high intrest on, the only problem is that while you can always add money, most of those programs you have to sign up for a period of time (the longer the better intrest you make on it) but if for some reason you need the money you can't take it out until the time period is up.

Answer 2

Not a lot of risk? They forget stocks or fancy too good to believe schemes. Invest in a well diversified no load mutual fund. Most mutual funds have a $2,500+ minimum to start and a minimum to add. It cost too much for funds to handle an additional $2 per month. Most have a $50 minimum. So skip a month or 2 and save up for the additional minimum. With $1,000 to start, the best no load well diversified fund I know of is Vanguard's Star Fund. The web site is www.vanguard.com. click on "go to the site" line.

Answer 3

I say you invest in an ETF tracking an index fund.

ETF's are cheaper to buy and provides an instant diversification. I'de put the 1000$ in say for example, VYM, which is a 'high-dividend yield' index ETF. It's a grouping of high-dividend yielding companies, which provides a more stable capital appreciation. You leave the in there until your child goes to college, and if the gains and dividends are reinvested, you should see double, triple, maybe even quadruple percentage gains depending on how young your child is. The longer, the better.

Answer 4

Invest in an Education Fund! The money will mature by the time your daughter is ready for school!

Answer 5

You can open a savings account with Everbank at 6.01% per year interest rate. The link is below

Answer 6

I would suggest something simple and relatively liquid. Certificates of deposits can earn 4.5% safely. It sounds like you need an interest bearing savings account. HSBC Direct has 6.0% yield plan that allows you to deposit small amounts monthly

Answer 7

I would suggest you invest in Shares. Check the website http://money-review-site.com/shares.html
to learn more on shares and stock trading and how to select the best stocks.
Hope it helps

http://money-review-site.com/shares.html