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saving my money?
I want to save 1000 dollars with a bank or something, my grandfather was talking to me about cd's and money markets and I dont know what would be the best thing to do
2 Answers
- Uncle PennybagsLv 71 decade agoFavorite Answer
All good.
Savings account - place to park your money short term. Gov't insured
Money Market - Same thing, but not gov't insured, but very safe. Pays slightly more interest.
CD - Give the bank your money for a set period of time, ranging from 3 months to 5 years, and they pay you higher interest then a normal savings account or money market. Again, gov't guaranteed.
Online banks like Ing Direct and Emigrant Direct and brokerage houses like Fidelity or Vanguard tend to give you the best interest rates on savings accounts and money markets respectively.
A great place to look for any of the above is Bankrate.com
Source(s): http://www.bankrate.com/ - magyLv 61 decade ago
Money market- look online for best rates of interest- CD interest rates STINK right now, often savings accounts or MMA have slightly higher rate, and the $ isn't 'tied up' as it is in a CD.
