I'm looking to save up enough money for my own plane and I don't want to wait till I'm fifty. What would be the best type of savings account for the best payout in the shortest amount of time?
2007-02-23 01:41:20 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
If you planning to buy in the next 7 years, put it in a money market account. Check out www.bankrate.com for the best current rates and min deposits. If you think it will be longer than 7 years, go with mutual funds. They are too volatile for short term but have a great track record long term.
2007-02-23 02:22:11 · answer #1 · answered by Sun and Sand 3 · 0⤊ 0⤋
We use ING. They offer one of the highest interest rates out there. However, a savings account is not the way to go if you want to make a lot of money in a short amount of time. You should consult a financial adviser.
2007-02-23 01:48:55 · answer #2 · answered by lovetoplayfantasyfootball 3 · 1⤊ 0⤋
If you definitely want to limit the account to only a savings account, online accounts such as Emigrant are currently paying about 5% which is several times what a regular bank savings account will earn.
2007-02-23 01:52:50 · answer #3 · answered by Latigo 3 · 1⤊ 0⤋
Savings account is itself a game of information.
You know there are so many types of savings accounts, and with thier own terms and benefits.
I suggest you to contact your banker,
or financial advisor to suggest you best savings account.
It is also beneficial to get yourself informed about savings accounts options. I mean tax side and insurance side....
For best savings account information check this
http://www.accountbestsavings.co.uk
2007-02-23 05:57:27 · answer #4 · answered by Think Big 2 · 1⤊ 0⤋