my boyfriend and I can put $2500 aside monthly, what is our best option to earn high interest rate?

Answer 1

give it to me.

Answer 2

This is a considerable sum to be able to put aside each month and shows you two are financially disciplined :-)

There are several questions that has to be discussed before a good answer can be given:
1. How old are you?
2. What are your objectives: short term (1-3 years) mid term (5-10) years, and longer term.
3. What do you each have currently in terms of savings?
4. The question you should not convey to your boyfriend ;-): marriage? joint savings? I would, at this stage of your life (before marriage), not recommend saving jointly.
5. Do you have dependents?
6. Do you own a house(s)?
7. What risk preferences you each have?

I'd be happy to provide you with more help if you email me directly.

Answer 3

It depends what you want to use the money for. If you are planning on getting married and want it for retirement I would use equity mutual funds in as much tax deferred accounts as possible. If you want it to buy a house or car maybe a mixture of equity and bond mutual funds. If you want it just as a savings account just to have a little extra very liquid money, you should probably put it into a money market account.

Like I said it really depends on what the money is going to be used for and what your risk tolerance is like. Being able to save that kind of money is great just make sure you know what some of your goals are.

I would just stay away from savings accounts and CDs because you can get a much better return elsewhere.

Answer 4

It all depends on what your goal is. If you want to buy house or you want to put it aside for your retirement. If retirement is your direction then a Roth IRA is your best option other then that I think you will need to determine your risk tolerance. If it is high then invest it in stocks if it is low then put it into some sort of checking account with a 5% or higher return. (ING Direct or Citi Checking) A CD from your bank is also a safe investment.

Answer 5

Wow! That is great.

Assuming you are young, and saving for the future you should consider stock funds like energy funds from Vanguard as well as others.

If you don't want to make this commitment, CDs offered by banks are paying around 5% or Money Market Funds from Vanguard or Fidelity also pay over 5%.

There are some stock funds that pay high interest like Altria (cigarette company).

Good luck and keep saving.

Answer 6

You can get around 5% in an online savings account. Or, you can take your chances hoping for a better return in the stock market.

If you are saving for something specific in a certain time frame, go with the savings account option.

Answer 7

I would use separate individual accounts. If you insist on putting your money together, unmarried, I'd use the first month's allotment to contact an attorney and find out how best to do so. If bf decides to take off with the money, you have much less recourse than if you were married. Happened to my cousin when his gf split. She emptied every account.

Answer 8

If you are going to want to have it available in a short time and No risk , ING or Citi have eSavings rates that are between 4 & 5% .

If you are able to ride out the stock market roller coaster ,
Check out BPT , PGH , ERF , HTE & PWE .
They are currently returning around 8 to 12 % dividends on their current price plus have price growth on a YOY basis .

http://finance.yahoo.com/q/cq?d=v1&s=bpt++pgh++erg++pwe++hte

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Answer 9

I would put them into CD's.
If you put the money in a long term CD,
it will be easy for you to save the money
since you can't touch it during the term,
and you earn good interest off of them.

Answer 10

I heard Northern Rock are doing a good rate at the moment!!

Answer 11

Luck you - place it in a safe place - the banking systems tend not to be as secure as they advertise. Invest in your lives - for this and the next..make of it what you will..we all get older sometime. Look into investments such as property or metals or something else entirely.