I want to be able to access it at any time without any kind of penalties. What would be the best route to go?
2007-09-30 07:09:43 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Go down to the bank. They will steer you in the right direction.
2007-09-30 07:17:13 · answer #1 · answered by Veritas 7 · 0⤊ 0⤋
The best route to go through would be an internet based bank (lower overhead allows them to offer a higher interest rate than a brick-and-mortar bank) ING and Emigrant Direct tend to have good interest rates but you should look around since the interest rates for these banks change a lot, especially with the recent Fed rate cut.
2007-09-30 15:30:28 · answer #2 · answered by Vadalia 4 · 0⤊ 0⤋
Find a high yield money market account. 100% safe, and you can withdraw your money at any time with no penalty.
Don't go to your local bank for this. Sometimes they only pay half of a percent! Search the internet for the highest MMA rate you can find at a reputable bank. Sometimes internet only banks pay the highest rates. Also check with your local credit unions. They pay higher rates than banks on average.
Oh, make sure there are no fees, or you will wipe out all of the interest you make.
The highest APY for a no fee MMA listed on bankrate right now is 5.31%
2007-09-30 14:39:35 · answer #3 · answered by Lisa A 7 · 0⤊ 0⤋
Certificates of Deposits are good, but you pay a penalty if you withdraw early. Check banks for Money Market savings. You can access that without penalty.
2007-09-30 15:45:20 · answer #4 · answered by Classy Granny 7 · 0⤊ 0⤋
Money market seems to be the best answer. And Countrywide seems to be about the best place at this moment (4.5%) (some few limitations for withdrawals do apply).. However, if you could limit your access to the interest each month for 1 year, Countrywide is offering a 1 year CD at 5.59% rate. Penalities would apply for early withdrawal of the principal only. (FDIC) insured.
2007-09-30 14:50:06 · answer #5 · answered by gismoII 7 · 0⤊ 0⤋
Just go to the bank and ask them questions. Or call several banks on the phone. The big difference will be the interest rate. Are you willing to lock your money into a one year Certificate of Deposit (CD)? That will give you a higher rate. Or get several CDs with different terms.
2007-09-30 14:19:37 · answer #6 · answered by hottotrot1_usa 7 · 0⤊ 0⤋