I'm tired of my bank offering me .27% per month (compound). Can anyone tell me of a relatively safe place to invest money that would offer 1%-2% per month? I've looked into the forex market and it seems to risky. I just want my money to work for me, not the institution it's invested in.
2007-04-10 02:37:08 · 6 answers · asked by shaunborges 2 in Business & Finance ➔ Investing
Actually there are conservative strategies that can be used in the Forex marketplace that will actually pay you an interest payment each and every day 7 days a week regardless of the price of the underlying currency pairs. (My clients and I actually get paid triple interest on Wednesday to account for the weekend). This is actually the same strategy that the banks use to earn 30% - 40% and pay you 5%.
Unfortunately most Forex traders do not take the time to get properly educated on these type strategies and they quickly lose all their money.
I love helping people that realize "it is better to have your money work for you rather than you work for your money".
You are already half way there!
2007-04-10 13:55:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If I could get 0.27% a month (about 3.5% a year) for small funds, I would be in ecstasy, as we are getting 1% a year, compounded quarterly. Any place offering 1%-2% a month (12-24% a year) has got to be so risky that is leaves the definition of safe in the mud.
The best ways to get a good long term investment if you have sufficient funds is but bonds at issue (usually no purchase fee) and keep them to maturity, reinvesting the income yourself or buying reliable companies' stock on a regular basis and keeping it until you can sell it selectively instead of playing the market and paying fees.
2007-04-10 09:46:42 · answer #2 · answered by Mike1942f 7 · 0⤊ 0⤋
1-2% per month isn't possible. You might want to consider a money market demand account; you could keep most of your savings in that, and transfer funds into your checking account once or twice a month, and pay bills from checking.
MMDA rates are running 5 to 6%. I'm not recommending any specific firms, but a fast web search turned up a couple right away.
2007-04-10 09:54:59 · answer #3 · answered by Mark H 3 · 0⤊ 0⤋
Look into local Credit Unions. The money stays local and usually have better interest rates.
2007-04-10 09:42:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There is a bank called ING Direct . They will give you 3.50 % on your money with no service charges . To find out more go to www.ingdirect.ca
2007-04-10 09:48:01 · answer #5 · answered by res o 1 · 0⤊ 0⤋
ING Direct is good i have that. Etrade is not bad too.
2007-04-10 09:57:58 · answer #6 · answered by isthree00chu 1 · 0⤊ 0⤋