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My husband and I have about 10,000 in savings right now. What is the best way to earn interest on this?
Question : My husband and I have about 10,000 in savings right now. What is the best way to earn interest on this?
For 2 years? We are earning interest in a Savings Account, but it’s not much. We would like to eventually buy a home and pay off our cars. He is in the military now and will be out in August 2011. Thanks for any help you could give us.
best interest on savings accounts
Best answer:
Answer by Arlanymor
There is not much that you can do without risking the money.The higher the risk the better the interest.Buy “The Sunday Times” this Sunday and in the money section they show the best places to invest your money for the best interest rate.
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#2 written by Sigma 1 year ago
Savings accounts are the lowest paying interest there is. Try moving to a money market or CD’s . They do not pay huge amounts more than a savings account, but they do pay more. It remains relatively liquid if you do this as well. If you have this money allocated to by a house in 2 years, I would not put it into the stock market or mutual funds. This is relatively risky and could go down in value by the time you are ready to buy your home. Long term investments are typically things that are more than 5 years out.
Please read a book called the Total Money Makeover by Dave Ramsey. This is a great plan on how to set yourself up financially for your life. If you buy a house and you are not set up properly, it will not be a blessing, it will be a curse. Trust me. You need to be financially ready to leap before you do.
A huge thank you to you and your husband from my wife and I for the sacrifices you and your husband are making by being in the military. Thank you for defending our freedoms.
Good Luck. I wish you all the best. -
#3 written by lavaquerabesa 1 year ago
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#4 written by Bev R 1 year ago
Got to bankrate.com and search for a CD or Money Market Checking Account with the best rate, doesn’t need to be in your town. I have a money market checking paying 1.46% at Zions bank in Utah and I live in another state. Also, check in the phone book for credit unions in your area, they often beat rates offerred by banks and will let you borrow against your own savings if you need the funds before maturity.
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the kicker is the 2 years part. The above posts that recommend either a CD or money market are correct given the 2 years time frame.
http://www.bankrate.com is also a correct place to learn about the top national rates that banks are offering on their products.
There is nothing that you cant do with your money. You CAN invest in mutual funds, since some are very low risk. You CAN risk it all in the hopes of a large payoff in your time frame and invest in something with a high risk/reward. However, the tried and true investing wisdom says not do to that, you need 5 years or more, but its all up to you on what you do. It is your money.