Ok need banking help....
- Thread starter stosh
- Start date
stosh said:
How much are you starting your account with?
Most banks have Money Market accounts but even those have looooow interest rates these days.
ING Direct offers a decent interest rate and they bump it up every once in a while.
I'm not a financial guru so there are probably a million better ways to save money but if you're looking for simplicity and easy access to your money if you need it, just bank it in an online ING Direct account.
I'm not a financial guru so there are probably a million better ways to save money but if you're looking for simplicity and easy access to your money if you need it, just bank it in an online ING Direct account.
I'd say an online casino is your best bet.
You ain't gonna make sh!t on interest no matter waht kind of savings account you put your money in really....stosh said:
Hopefully you have a plan to make that $1k grow some other kind of way.
Find the best money-market rate in town that you can, open an account, and start putting your money in. Your goal *appears* to be short term, so just suck up the fact that the interest you make will be negligible......
What is the term of your savings plan? Do you plan to save the $10k in 2 years, or 5?
-S.S.-
What is the term of your savings plan? Do you plan to save the $10k in 2 years, or 5?
-S.S.-
CD (certificate of deposit) accounts can have good interest, but you can't withdraw the cash until the certificate expires (actually, you can, but it's at a penalty). The longer the maturation period, the better rate you'll get...how much time do you have?
Yep. Money market. Don't worry about the interest. You just need a place to save your money. The interest will just be a tiny bonus.stosh said:
-S.S.-
The 'can't touch it' part makes me think a CD would be better. If you go to a branch of your bank, sit down with an advisor, and tell him what you want to do, he'll show you the ups/downs of it all.stosh said:
You could also put it in a mutual fund, depending on the risk you're willing to take. My long-term savings are in a Roth IRA with an S&P500 index fund...tracks the market performance, not one individual stock or fund. But I also have $20k in cash savings so far, in a simple savings account.
Are you trying to get to $10k with the help of interest, or have you figured out that you will come up with $10k and just want the best place to keep it while storing it? 
If you are looking for a bank / credit union to help you make a couple thousand dollars in a 12 month time period you are sol. It will take years, even at 5% to see large interest gains on your $$$. Better look to mutual funds or the stock market if you are looking to raise cash quickly. But, it's a gamble. You can lose it all.....
If you are looking for a bank / credit union to help you make a couple thousand dollars in a 12 month time period you are sol. It will take years, even at 5% to see large interest gains on your $$$. Better look to mutual funds or the stock market if you are looking to raise cash quickly. But, it's a gamble. You can lose it all.....
stosh said:
The real question is how LONG are you willing to keep it in there?
And how much risk are you willing to take?
The first part!berkshire_rider said:Are you trying to get to $10k with the help of interest, or have you figured out that you will come up with $10k and just want the best place to keep it while storing it?
If you are looking for a bank / credit union to help you make a couple thousand dollars in a 12 month time period you are sol. It will take years, even at 5% to see large interest gains on your $$$. Better look to mutual funds or the stock market if you are looking to raise cash quickly. But, it's a gamble. You can lose it all.....
I thought the interest would be nice but I wasn't "banking" on it.
If your only option is deposit accounts (99.999% safe) then it's not really rocket science. Leave it where it is until you have enough to open an MMDA. You could buy a 6mo CD with part of it after you save for six months, which will give you your money back, presumably when you need it, but you will have to have enough saved to meet both minimums.
If you can tolerate some risk there are quite a few options, but not really until after you have at least $1000 to $5000 in-hand...
If you can tolerate some risk there are quite a few options, but not really until after you have at least $1000 to $5000 in-hand...
I'm trying to save for a house. I don't know how in the world I could save 10k in 6-10 months but that would be my goal.-BB- said:
I've made major cutbacks in my spending to do this. My GF and I agreed that we will but nothing but bike parts and clothes.....
Money market would be the best for you, Could you and Abrey do $500 a month each to save up? Thats $250 each a pay check = $1,000 a month x 12 months = $12,000 all done my son.
Ridemonkey said:
Pfft...
Coffee on Keyboard!!
buy a $1000 worth of lottery tickets. if you lose all, using Brian's math, you'll still have $11,000. but if you win big....well, then your set.
i stayed at a holiday inn express last night.
regardless, you're interest ain't gonna be too hot. so i'd just take what your bank can give and go with Brian's plan.
i stayed at a holiday inn express last night.
regardless, you're interest ain't gonna be too hot. so i'd just take what your bank can give and go with Brian's plan.
binary visions said:
ING Direct
I saved a good bit of money a couple of years ago. I thought about putting it in the Orange account. 2% back then was the best you could find for a savings account. Money markets are supposed to be better, but last time I checked they were about the same rate as a savings account.
Like some of the others have said, interest isn't going to make you gain much faster. If you choose the CD method of saving, watch out. Some of those automatically roll into a new CD if you don't contact the bank when they expire.
So what about this old BF?stosh said:
People I've known who have bought w/ GF's and not wives have all gotten screwed.
Or are you gonna drop to one knee soon?
Good point Jeff, when Julie & I bought our house before we were married, we met with a lawyer and had a contract drawn up. It just protects both parties.-BB- said:
Just as a side note if you can join a credit union you will be (in most cases) better off they charge less fees and pay higher interest rates.
Oh and for anyone else looking a simple way to find out how long it would take to double your money is to divide the interest rate by 72...IE at 5% interest it would take roughly 14.4 years to double your money.
Oh and for anyone else looking a simple way to find out how long it would take to double your money is to divide the interest rate by 72...IE at 5% interest it would take roughly 14.4 years to double your money.
Brian HCM#1 said:
And then she ROPED you in
I worked as a bank manager for a year, and in my opinion, MikeD's advice is the most sound- set it up with your employer to have a fixed annuity amount deposited into a MM account and at 6 months, dump your accrued balance into a 6-month CD. You'll have 6-month's worth of money at a better rate for 6 months yet still maintain some liquidity with the funds in your MM account should a short-term need arise.
Uh, right, that's just what I was saying!!llkoolkeg said:
Been playing with this: http://www.moneychimp.com/calculator/compound_interest_calculator.htm
And it doesn't appear my Roth IRA is gonna take me very far in, oh, 2025...better hope I have a reasonable pension, too, eh?
I have $20k in pure savings-account cash savings right now (been stowing $1k a month for almost 2 years)...need some liquidity in it, b/c of me leaving the military and not moving into a job...but I need to get some investment advice on this. I'm bad at math and like to keep things simple.
damn, socking away 1K per month is some good ole yankee thrift. well done.