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I do not have any bank account, I have been putting my money "under a mattress" - I want my money to start earning interest - I have 500 dollars saved

2007-08-31 12:06:09 · 6 answers · asked by Anonymous in Business & Finance Personal Finance

6 answers

Deposit it in a bank or credit union somewhere. You'll find most banks pay pathetic interest. You might want to try something like a money market account at a brokerage.

Also check out Fidelity's new checking account. Lots of perks, decent interest, and no fees.

2007-08-31 12:11:39 · answer #1 · answered by Uncle Pennybags 7 · 1 1

500 will not get you much, at 10% it's $50. at 5%, it's $25 (that's less than 50 cents a week).

You're better off saving more by sweeping pocket change under the rug, if you can cut spending $1 a day, you'd save $365 a year, no interest can pay you that.

2007-09-01 19:30:54 · answer #2 · answered by Smartass 4 · 0 1

assuming you are gonig to keep on saving, look into opening an ING Direct or similar online savings account - much better rates than trad banks, low or no minimum deposit, and you can get your money bank within a couple of days.

You do however need a checking account at a regular bank first, which you should also open on general principal (I have no idea how people survive without one!).

2007-08-31 19:12:58 · answer #3 · answered by heart_and_troll 5 · 1 1

well that isnt much really. the safest way is to put it in the bank and see the different interest offers they have. another way is basicaly to lend it to someone in one form or another and have them return it with interest. but make sure to make themsign guarantees.

u can also try to buy stock in a company but that needs a bit of experience

so i'd advise the bank

2007-08-31 19:12:32 · answer #4 · answered by sal_moe 3 · 0 1

Do you or somebody related to you have a Costco membership? They have a relationship with Capital One which provides a great interest rate and bonus for opening a new account.

2007-08-31 19:11:57 · answer #5 · answered by William H 5 · 2 1

Go to a bank and open a term deposit account.

2007-08-31 19:13:57 · answer #6 · answered by Swamy 7 · 0 1

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