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Short-term Financial Investments

2 by yaledelay_Archive
skatingbasser wrote:I've been tossing around the idea. Why let the few bucks I don't touch sit in a checking account? Let it do something for say a year until I need to get to it?



how risky are you???
Ty Webb wrote:
You need to stop pretending that this is some kind of philosophical choice not to procreate and just admit you don't wear pants to the dentist.

Short-term Financial Investments

3 by tmidgett_Archive
skatingbasser wrote:I've been tossing around the idea. Why let the few bucks I don't touch sit in a checking account? Let it do something for say a year until I need to get to it?


Get a savings account that has a decent interest rate. I don't know what they are now--they'll all vary with the prime rate. Go to bankrate.com and chk it out.

I have all my banking online, and I keep a couple hundred bucks in checking. Everything else is in savings and gets transferred out when I pay bills, withdraw cash, etc. When I get paid, almost all of it goes into the savings acct until I use it.

Surprising how much money you can make doing that, if you have anything in reserve.

Otherwise, you can shop for CDs. Anything else, I'd be wary of, since you say you will 'need to get to it' eventually.

Short-term Financial Investments

5 by chris jury_Archive
Yeah, there are a lot of places with these high-yeild savings accounts.

I've had one with INGdirect since they started in like 2001, had very good luck with them. they also offers CDs, IRAs, mortgages and Mutual Funds, so once you get an account started, you can do a lot of your simple banking/investing right from your account. I assume the other places do things very similar-so check them all out. I think I currently get about 4.2%.
No one is paying you to sit on that bed and cry.

Short-term Financial Investments

8 by yaledelay_Archive
the$inmusicisallmine wrote: the CD is not as liquid, since you can't get the money until it expires, so if that is important to you, look at high-yield savings.
.


well thats not 100% true, you normally can take it out, you pay a penilty but its not that much... So the money is there if you NEED it, but I would recommend not taking CDS out early...
Ty Webb wrote:
You need to stop pretending that this is some kind of philosophical choice not to procreate and just admit you don't wear pants to the dentist.

Short-term Financial Investments

9 by skatingbasser_Archive
Much thanks for the tips everyone. I looked into the checking account on Etrade... it's around 5%! The highest rates I found for CD's were around 5% too, which didn't make much sense to me. Plus the rate for CD's didn't seem to grow as the amount of time got longer. Which doesn't make sense to me, either.
"That man is a head taller than me.

...That may change."

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Short-term Financial Investments

10 by skatingbasser_Archive
Rick Reuben wrote:
skatingbasser wrote:I've been tossing around the idea. Why let the few bucks I don't touch sit in a checking account? Let it do something for say a year until I need to get to it?

I wish you made this post 18 months ago. You could have made 16% APY by betting against the dollar, like I did. ( That's my only investment- please spare me the 'Bob, you're always talking shit about the bankers and you play the market?!' crap; I need to do something to protect myself from the savage rape of my buying power by the private banking cartel ).

I would go ING over E-trade, myself. E-trade has hit some turbulence lately and wall street is watching them very closely. Some of their money market funds are loaded with potentially risky asset-backed securities and other "paper" that could be pulled down by the mortgage mess.

Heh, I wish I had the cash to make the post 18 months ago.
"That man is a head taller than me.

...That may change."

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