I have a little over $7500 in a plain savings account. Where should I invest it?

Question

I want to be able to access it in an emergency, so I really am not leaning towards a Roth IRA. I just know there has to be something better than this simple savings account that I currently have it in.

Answer 1

Is this your only savings for emergencies? Depending on how conservative you are, you should keep 3-6 months living expenses in a type of account that is easily accessible should an emergency arise or if you lose your job, etc. How much interest do you get on your savings account? Shop around for money market and other high interest bearing accounts.

Answer 2

I would contact Vanguard Mutual Funds and tell them you want to start a new mutual fund. For best results take out the Total Stock Market Index Fund. It's one of the best funds around.

Answer 3

This depends on two major factors, one factor you already identified, (able to access it) and the second how much risk are you willing to take. (which depends a lot on your age and financial stability)
I would say Mutual Funds, and choose a fund that matches the risk you are willing to take.
many investment companies have a Risk Calculator which will help you identify which mutual funds match your profile.
Good luck!

Answer 4

I would invest in Mutual Funds

Answer 5

you could put it in whats called a risk free cd (at bank of america). you get a higher interest rate, and are permitted to do some withdrawls without penalty. i would look into that.

Answer 6

The market.

Answer 7

half in laddered CD's / half in mutual funds

Answer 8

money market