My wife and i are saving for a small town house, but we currently have the money in a regular savings account where we only get $35 interest every 3 months. And i hate the way the tellers look at me when i add to the amount. They keep saying "Why do you have your money in a regular savings?" I always give them the same answer "We need it soon, to buy a house". We are looking to buy a house after next year tax return, or sooner. Is there an extremely safe & bonded investment that i can put this money for the next six month to at least give us something better than $140.
Please advise respectfully.
Thanks
JI
2007-06-18 03:51:25 · 9 answers · asked by progress 2 in Business & Finance ➔ Investing
Put it in a CD or some other fixed return fixed time investment. Stay out of the market.
2007-06-18 03:54:50 · answer #1 · answered by mark 7 · 0⤊ 0⤋
If you're wanting the money sometime in the near future, you can't consider anything with a risk of losing money. That means to stay away from the stock market!
What I would recommend is to divide the amount into 3 portions, then use each portion to buy a 3 month CD once a month. (E.g., buy one 3 month CD now, one in July, then one in August.) The fourth month, you can determine whether or not you'd like to roll the first CD over for another 3 months. Keep rolling them over until you start getting close to the time you'll need the money. At that point, put the money into a high paying money-market account.
E*Trade bank is currently offering about 5.36% for a 3-month CD, and 5.05% for a money market account. You can set everything up online without ever having to go anywhere or without having to talk to someone on the phone. You can get more information from https://us.etrade.com/e/t/banking.
2007-06-18 11:24:30 · answer #2 · answered by Anonymous · 2⤊ 0⤋
You are doing the correct thing by keeping the money liquid, with low risk. Since you don’t know when you need the money, I would keep it in a money market account. Some banks will have higher yielding money market account, but they do have “minimum” opening balance to get the rate. (I.E. 100K for a 5%+ rate at the firm I work for).
Keep the moneys liquid, and try to stay away from CD’s. If you find a house, and CD is not up for 2 more months, you will not be able to buy the house.
2007-06-18 11:21:07 · answer #3 · answered by eshie 3 · 0⤊ 0⤋
You can buy a 6 month CD and get as much as 5.5%. The principal and interest are guaranteed. At the end of the 6 month period, just cash it in. You should get $825 in interest.
2007-06-18 10:56:24 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋
Are you open to different opportunities that might be outside the box but still offer security and a high rate of return? If you are let me know.
2007-06-18 12:34:57 · answer #5 · answered by Scott B 1 · 0⤊ 1⤋
If you'd like to invest, check out Franklin Templeton investments.
1) Mutual Discovery
2) Global Fund
These two investments have had decent track record...anywhere from 14-17% interest. You can take the money out whenever you want. You can start off small if you want to check it out....
2007-06-18 10:56:44 · answer #6 · answered by MommyToBe! 5 · 0⤊ 3⤋
HSBC direct online has about 5% interest. Also ING online has 4.5 I think - other than that, i suggest a CD
2007-06-18 10:54:47 · answer #7 · answered by island3girl 6 · 0⤊ 0⤋
The forex market check it out at:
http://mm-review.com/money/7.html
these guys know their stuff. They have reviewed the sites that work. YOu can really be financially set with their help.
Best of luck!
2007-06-18 11:12:34 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Look at www.bankrate.com
2007-06-18 10:56:16 · answer #9 · answered by Anonymous · 2⤊ 0⤋