I'm planning to save a large amount of money towards buying a house in about 5 years. What should I do with my savings in the mean time to make the most interest?
2007-03-03 13:47:15 · 9 answers · asked by Becky 1 in Business & Finance ➔ Personal Finance
I'd look at CD's, maybe a money market account.
5 years is too short a timeframe of investing to take much risk on loss of principal, so finding safe investments that pay well are what you need to look for. You can earn a 100% safe 5-6% many different places right now.
2007-03-03 13:55:08 · answer #1 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Since you're not planning on touching this money frequently, I would suggest putting it in an ING saving account or a Virtual Bank money market account for the short-term. Both provide 4-5% interest and are easy to open up.
2007-03-03 21:55:13 · answer #2 · answered by kdivv 1 · 0⤊ 0⤋
Since this money has a specific purpose. I would start with putting it in a savings account, then when the amount builds up some, put it in an insured bond fund.
2007-03-03 21:50:32 · answer #3 · answered by kny390 6 · 0⤊ 0⤋
There is a Website that you can use for lots of Free information on the best ways to save money.
Please click on my screen name (Money) then click on my 360 profile page and look near the top of the page. Make sure you go to the "Money Saving Ideas" "Cutting Expenses" and "Investments" pages of that Website. (Posting a direct link in an answer is against the rules).
.
2007-03-04 07:27:17 · answer #4 · answered by Money 2 · 0⤊ 0⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-03-03 21:52:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You could look into either a money market account or a mutual fund to help you grow your money.
2007-03-03 22:24:21 · answer #6 · answered by Jen G 5 · 0⤊ 0⤋
um, i usually take half of my paycheck each time i get it and put it in a box, so i don't end up spending it. gradually it the amount increases. so maybe put a dollar a day in a box and don't touch it, AT ALL
2007-03-03 21:56:18 · answer #7 · answered by canadian cowgirl 3 · 0⤊ 0⤋
go to your local sporting goods store.
buy some volleyball knee protectors
go to the bank and blow an employee
this will give the best banking account with much intrest
just make sure he's a manager and white, don't want to injure those that sweet throat of yours
P.S. you need to blow me for this information
2007-03-03 21:56:16 · answer #8 · answered by baseballmetsyankees 1 · 0⤊ 2⤋
Cd are the safest..and insured...go to your local bank for more info
2007-03-03 21:59:00 · answer #9 · answered by myownsecretarydotcom 3 · 0⤊ 0⤋