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Lauren728 | What type of investment is right...? |
I am looking into ways to save money that will earn a lot of interest. I am currently in a situation to save a couple thousand dollars a month for the purchase of a home, but I would like to find an account with a high interest yield. If anyone is knowledgable about stocks, bonds, mutual funds, CDS...anything, please let me know what you suggest!! |
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NC
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As other posters correctly noted, high interest meand high risk. You need a low-risk vehicle for a relatively short period of time, which necessarily implies relatively low interest rate. So what you may want to do is to put your money into a high-interest savings account (Emigrant.com and INGdirect.com seem to have the highest interest rates on savings accounts) and keep adding to it. Your account will be guaranteed by FDIC for up to $100,000, so you will get your money back even if the bank fails. |
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muncie birder
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Since you have a definite goal for your money, a down payment on a home; and you can save $2000 a month, which is a pretty healthy sum, I would suggest a very safe investment. You do not need to earn a high rate of return. You just need to save enough for the down payment. I suggest T-bills. 6 month bills currently pay 5+%. You can buy them in $1000 increments. And you can buy them every Monday. Not only that but the interest is free from state and local taxes, which gives you a much higher rate of return if you live in a high tax locality. Most of us do. You can purchase them directly from the government. Here is the link. Another advantage is that T-bills purchased after July 1, are not taxed until the following year. |
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Franco
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Yours is a simple straight forward decision and I am appalled by the advice I have seen here.
As you want the money for a house deposit, you cannot gamble on the vagaries of the stock market. Your best choice is a bank deposit a/c for the period you need. You can find the best rates by looking at the league tables in Wall Street Journal or similar newspapers. Then, monitor the interest rates and change every 6 months or so, if required.
The time for the stock market will be after you buy your house. |
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sundance
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Am I reading this correctly - you are saving money to buy a house BUT until you have saved enough money you want to know where you can invest your money in something that will give you a high interest yield?
As suggested in another response - yield is a function of risk - the higher the yield the greater the risk. You also have another kind of risk AND this is the principle value of your investment at the time you are ready to buy your house - what IF you are collecting your high yield but lose principle up to that specific time and now don't have enough money for your house?
My suggestion is that you stay focused on buying your house AND your market investments are with 'extra' cash - until that time keep your money in something like a cd or short term treasury bills-bonds AND you select a maturity that coincides with when you will need the money. You won't be getting the highest yield available BUT you will not have the other issues mentioned. |
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tank_dogg2006
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www.emigrandirect.com
5.15 for no risk and easy withdrawal. There is no comparison. |
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Trad
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Bonds/ bonds based mutual funds. |
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Katy W
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there are many factors to consider here, but the main question is how soon are you going to purchase the house? If it is less than five years, nothing but a money market makes sense. Make sure your investment is balanced with little risk, like a capital and income fund. If you have at least eight years or more, consider a voluntary mutual fund, but never let anyone advise you on how to set your portfolio without sitting down with you and talking to you. And, they should never charge you for your gameplan or services they provide for you. |
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kostasmist
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Don't be naive. There is no such thing. High interest means even higher risks. Be careful and patient. |
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mswildman2005
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I could not say for a fact but, I would see about investing in oil companys. Oil will go up again soon. and with the price of gas these days you might have a chance of makeing a little.But, before you do talk to a lot of investers. Dont ever put money in anything untill you checked it out. And I might say, If you start earning a lot of money from your investment, Think of the person who gave you some ideas and contact me at my web-sight. any reword would be welcomed. |
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john g
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since your gonna be saving this money gradually take the time to decide what you want. right now the stock market might be pulling itself out of its bearish market, but you can also look into the forex market. these both are higher risk than if you just put your money into a cd account. its your choice whether you want a set intrust rate, or if you want to put your money on the line and let it work for you. either way DONT take advice from anybody in a market situation, you will LOSE money, do your own research. |
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one_live_2_scubadive
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Try investing in optical fiber. They are slowly replacing every copper wire with it. |
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Frank Castle
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I suggest ETFs (Exchange Traded Funds) until you have at least $25,000.00
Top 5 Answerer in this category. |
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