Savings account?

Question

I currently have a few thousand dollars just sitting in the bank in a savings account, not growing or anything. Is there anything else I could do with it that is a safe investment but will still get me a higher rate of return?

Answer 1

Open a CD (certificate of deposit) Go to a customer service representative at the bank and ask what kind of rates and terms they have going. This is your safest option because you are guarantied a return on investment and there is no risk.

Answer 2

Depending on your age,income, potential future earnings you should spread the money around . Keep a small amount in savings for immediate withdrawal in the event of an emergency, find a good stockbroker who will invest the balance partly in a mutual fund, the balance in stock. Each of these venues will give you a higher rate of return. Also there are several CDs which pay better than 5%.

Answer 3

Internet banks with a brick and mortar presence are good. A couple of high yield savings (near CD rate) accounts are ING Orange and Countrywide Savings Link.

Both can be connected to your account so you can transfer funds electronically.

OR You could go on vacation and get memories that will pay dividends for a lifetime.

Answer 4

If you don't plan on using it for 5 years or more, that is investing. Then put it in a mutual fund.

If you need easy access and may need less than 5 years, try a money market account - you can get about 4.5% interest and checks to have access if needed. You can get an account without fees too and the money is insured.

Answer 5

Risk increases with return. The safest choice would be a money market account with a company like Vanguard, or you could get a similar rate using a savings account with INGDIRECT. My next choice would be a bond fund with Vanguard for a slightly higher return, and after that I'd get into equity mutual funds.

Answer 6

Try ING Direct. They are an online bank that is covered by FDIC insurance, yet their accounts pay a much higher rate of interest (4.2% right now). They have been recommended by Money Magazine and may other reputable financial sources (as has ETrade Bank).

Answer 7

There are internet only banks that are FDIC insured and have much higher rates of return than other banks. Well worth checking out!

Answer 8

I work for a brokerage firm. I would try some low risk mutual funds such as American Funds or there may be a money market with a low rist through a brokerage account. Also, try a CD with your bank possibly.

Answer 9

some banks won't enable you withdraw plenty, or often, from a cost reductions account than from a checking account. the assumption is the longer the monetary employer has your cash, the extra appropriate the expenses they could furnish you because of the fact they use your cash to make a income. in case you have a checking account, they permit you to withdraw in many situations, yet won't provide the terrific expenses. they'll impose regulations on a cost reductions account because of the fact they comprehend it is going to be accessible to them. It relies upon on your spending behavior no count number if one is extra appropriate over the different.

Answer 10

put them in a mutual fund, works like a cham, I get at least a couple hundred every year in interest.