i want something risk free [no stock markets] that will gradually build up more and more interest.
obviously a savings account isnt going to yield much interest, so im looking for something much more than that, and have heard that CD's have very good interest rates.
can i get a CD for such a small amount?
i am willing to not touch the money for a while if need be.
2007-09-13 06:40:14 · 6 answers · asked by BRobb 3 in Business & Finance ➔ Personal Finance
I have a Grand Yield account through www.theapplebank.com. Interest rates are at 5.14% with no minimums & no fees. The bank is actually in New York but you can make transfers electronically from your current checking or savings account.
2007-09-13 08:28:44 · answer #1 · answered by youwishucouldbme 2 · 0⤊ 0⤋
Yes and its not a small amount, the more you have the more interest you earn. Just dont w/drawal it out if you invest in a cd because it has a penalty for early withdrawals. Theres some CREDIT UNIONS that have RATES at 4.89 APR & the APY is 5.00. Try not to go to banks theres always this contract to get your money becareful with banks read every thing with banks.
2007-09-13 13:52:51 · answer #2 · answered by UNKNOWN 2 · 0⤊ 0⤋
Yep! U can get a certificate with as little money as $500... I would recommend going to a credit union because they have higher interest rates then banks do.. I work at a credit union and our rates are around 5.0% depending how many months/years u are willing to keep the money in the certificate...
that's your best bet!
goodluck!!
2007-09-13 14:33:35 · answer #3 · answered by ♫christy♫ 5 · 0⤊ 0⤋
You can try Mutal funds on Blue Chip stocks. Not totally risk free but those are big companies like IBM, so if they go away, then the whole economy are going down.
If you are looking for long term, then the market will adjust itself. find a good mutal fund company.
2007-09-13 13:54:23 · answer #4 · answered by paobay 4 · 0⤊ 1⤋
Cds would be a great choice for you! Try reputable online banks like www.iongdirect.com, www.hsbc.com, or www.emigrant-direct.com for the best cd rates.
2007-09-13 13:55:31 · answer #5 · answered by magy 6 · 0⤊ 0⤋
Go to www.bankrate.com to see the best rates around from banks across the country.
2007-09-13 14:24:22 · answer #6 · answered by Jay P 7 · 0⤊ 0⤋