I'm looking to put my money in something else other then a cd. Are there any accounts at Fedility or some other investment company that my money would grow nicely in?
2007-12-31 10:30:42 · 7 answers · asked by The D 2 in Business & Finance ➔ Investing
Why not put into a Roth IRA? It will build long term savings, grow tax-free, and withdrawals are tax-free.
2008-01-01 09:19:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When you have a large amount in a CD, you should be careful that you do not have more than $100000 in each bank. That is the FDIC insurance limit and anything other that is not insured.
Now when you want to put something in other than a CD, you have to look at how much risk you are willing to take, the more risk you take the more the return (usually) but there is some likelihood of losses.
The first thing I would do, is to check the rate on your CD and compare that with some of the money market accounts at any of the online brokers. Another option is a savings account at something like GMAC or CaptialOneDirect Bank that pay quite good. Both money market and savings accounts are very safe.
The next step is to see whether you want to take a bit more risk in different bonds or bond mutual funds. These can pay more than a CD but do fluctuate in value - AWF, EFL, KMM, BLE etc are all examples of closed end bond funds that pay almost double that of a CD but are risky.
The other alternative is to go into stocks or stock mutual funds. This is a longer topic .....
2008-01-06 16:38:53 · answer #2 · answered by mt19991 1 · 0⤊ 0⤋
There are many ways, but I would strongly recommend an internet account with Fidelity or someone like that. If you have a larger amount already saved, you can buy government backed CDs with better than a 5% interest rate. ($1,000 minimum investment-1 year maturity) They pay a better rate on money market savings that you are currently getting and have a wealth of information and choices for the small investor. Keep your money totally safe to start with. You don't have enough to play with at this point. You are well on the way to financial security if you can dicipline yourself to save $100 per month.
2016-05-28 07:19:08 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Fidelity is an excellent investment house and has a great web site with tons of info and a helpful call center. I've used discount houses E*Trade and others, but I always come back to Fidelity. Why? The web site. It never shuts down ... others might. On a busy crazy trading day, a downed web site can cost you major money.
Call Fidelity and ask their advice. They will walk you through the process of transfer, and help you get started.
May all your investments be winners!
2007-12-31 20:18:56 · answer #4 · answered by UppityWench 2 · 0⤊ 0⤋
You can try putting money in Vanguard Prime Money Market Fund.
2007-12-31 15:27:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
YES... an investment account with Fidelity, E*trade, Scottrade will beat your CD rates. Log on to one of these:
http://moneycentral.msn.com/beginnerguide.asp?page=introduction
http://beginnersinvest.about.com/
http://finance.yahoo.com/education/begin_investing
They will give you some idea of what you can put your money into to make returns more in the neighborhood of 15% or 20%.
It is not as complicated or as difficult as it seems at first.
You will simply open an account and spread your money into a few things ( diversity) that you select. Start slow...whatever money you don't immediately invest sits in an account drawing interest anyway.
On "answers", you can look back at hundreds of questions that people have asked about this same thing...kill some time... read a few..you'll get the picture.
2007-12-31 10:52:49 · answer #6 · answered by jebediabartlett 6 · 0⤊ 0⤋
What you should invest in depends a lot on your age and how much savings you have.
Fidelity, and other large mutual fund groups, have a number of funds that could be good investments for you.
2007-12-31 10:36:42 · answer #7 · answered by Judy 7 · 0⤊ 0⤋