My fiance and I are trying to save up for a house in about a year, I am a fulltime student and cannot contribute much.
2007-02-28 03:09:11 · 3 answers · asked by Anonymous in Business & Finance ➔ Investing
Consider the Vanguard Prime Money Market Fund with a current yield of 5.10%:
https://flagship.vanguard.com/VGApp/hnw/FundsSnapshot?FundId=0030&FundIntExt=INT
Sometimes other institutions will have a higher teaser rate, but Vanguard tends to have the highest yields I've found.
You don't want to invest in anything risky like stocks or mutual funds with a one year time frame.
2007-02-28 03:16:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Since you have a short term goal (1 year), I would recommend funding an online money market account like at EmigrantDirect.com. There is a low minimum opening balance, and last I checked, it earned about 5.05% interest. You don't want to "invest" at this point, since you have such a short time frame. Right now, you need to park your money someplace risk free so it's ready when you are.
Good luck!
2007-02-28 11:13:17 · answer #2 · answered by SuzeY 5 · 0⤊ 0⤋
Go to www.bankrate.com to find the highest rate in the nation for money market accounts or one year CDs.
2007-02-28 12:18:09 · answer #3 · answered by gosh137 6 · 0⤊ 0⤋