I know that it's not a lot of money, but it seems that leaving that money in my savings account will be useless. So if anybody has any idea on what to do with it let me know. Thanks in advanced. By the way I'm sending this question on July 03, 2007.
2007-07-03 03:46:17 · 10 answers · asked by stpeterboyzo 1 in Business & Finance ➔ Investing
look for a high yield online savings acct. like emigrant direct at 5 pct
2007-07-03 03:50:45 · answer #1 · answered by njyogibear 7 · 0⤊ 0⤋
You won't build a lot of interest between now and then. I suggest opening up a money market account- it will get better interest than a simple savings account. My credit union has what is called an "IRA Savings account" it is a savings account with double the interest of the money market accounts and triple the interest of the simple savings. Or check out your bank or credit union CD rates, if it is more than then money market interest and you can get your money out in December with no penalty then do a CD.
I just checked the rates at my credit union:
Simple savings: 0.51%
Money Market (Under $10k): 1.51%
IRA Savings Account: 2.75%
6 Month CD: 4.75%
You shouldn't do mutual funds because you won't be leaving it in the account for more than 5 years. (Mutual funds should be for long term investing.)
2007-07-03 03:57:10 · answer #2 · answered by mldjay 5 · 0⤊ 0⤋
open an ing account put the 8 grand in a checking account then transfer the money over the internet to an ing account thats what i do you will earn interest on your money by letting it sit there http://home.ingdirect.com/ go here to read about it if you like you can also call them to speak to a customer service rep if you have more questions or not sure how to start they can help you
2007-07-03 03:54:35 · answer #3 · answered by ~Lisa~ 3 · 0⤊ 0⤋
If you need it by December, do not take any risks with it. Put it in a high yielding money market account at a reputable broker or bank. Banks are more secure as the deposits are FDIC insured.
2007-07-03 03:51:20 · answer #4 · answered by KAO 3 · 0⤊ 0⤋
I would do one of two options - or split it and do both. 1) Put it in a high-yield savings account or 2) Put it in a high-yield money market or CD.
Check out bankrate.com for the highest rates - you might find a high promotional rate. For example, FNBO has a promotional rate of 6% on their high-yield savings account, but the rate ends in September.
2007-07-03 07:00:16 · answer #5 · answered by aiownk 2 · 0⤊ 0⤋
ING and Capital One both have high yield money market accounts. You can earn close to 5%.
2007-07-03 03:53:35 · answer #6 · answered by 006 6 · 0⤊ 0⤋
since you need it in December put it in a money market account.
Sucks getting a low rate of return....know what sucks worse?
loosing 1/2 of what you need due to a bad market move .....know what sucks worse than that?
watching the stock quadruple in March after you sold it in December...... dont risk it.
2007-07-03 04:00:00 · answer #7 · answered by Ryan S 3 · 0⤊ 0⤋
Open a brokerage account and invest in the ETF QQQQ.
2007-07-03 07:10:21 · answer #8 · answered by Anonymous · 0⤊ 1⤋
4 or 5 month bank CD. IMO, this is your only viable option.
2007-07-03 04:28:49 · answer #9 · answered by derobake 4 · 0⤊ 0⤋
Your in an awesome situation!
im with http://goldenbullpicks.com
check them out you wont regret it!
2007-07-03 09:39:18 · answer #10 · answered by Anonymous · 0⤊ 0⤋