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Where's the best place to put the $20K sitting in my bank account? |
Where's the best place to put the $20K sitting in my bank account? It's up to you where do you want to put your money to grow, but my best suggestion is to open a CD (Certificate of Deposit) with Bank Of America. The minimum is $5,000 to open and it's a commitment of 8 months, you're not allowed to withdraw funds from your CD until the 8 months have passed. The interest rate is 5.10% if you open it online, and with your $20K, you'll earn circa $83 a month and in the 8 months $996. Just use the formula, $ x Interest rate (APR) x 30, all divided by 36500, it will give you the result of how much you'll earn each month on your CD. Think about it, it's the safest way to invest and to make your money grow, my best regards. Fedelity Select Mutual Funds Aerospace Telecommunications Biotech Pharmacology It depends on your goals with this money. For short term and to be able to get to it easily, try an online savings account. They pay better interest than conventional banks. All you need is internet access to your checking account. You set it up online and do transfers from one to the other. Here are 3 really good ones... https://www.fnbodirect.com/01d/html/en/... currently paying 6.00%APY http://www.hsbcdirect.com/1/2/1/offer?co... currently paying 5.05%APY https://www.emigrantdirect.com/emigrantd... currently paying 5.05%APY If you want to put the money away for a while for retirement, a good mutual fund would work. Check with Vanguard or Fidelity. https://flagship.vanguard.com/vgapp/hnw/... https://www.fidelity.com/frameless_pr_b.... What is the money for? If you intend to spend the money within 5 years, you should avoid the stock market. In that case, a money market fund is a good option. If the money will not be spend for at least 5 years, the stock market is historically the best long term option. Good mutual funds are best unless you have the time and knowledge to select individual stocks. That depends on your risk level, your liquidity and your time frame... CDs are a good short term investment Mutual Funds are wonderful Stocks & Bonds are good but high risk You should go to your bank and ask to see their financial planner on staff, they can help guide you into the right investment for you. Every three months buy $500 worth of common stock which 1 pays dividends, 2 increases it dividends every year or two, 3 pays less than half of earnings per share in dividends, and has good long, long term prospects. Then cause dividends to be reinvested. If you do not die in a decade, you will be well to do. personal experience |
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