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For low risk and high return your best bet is probably a rewards checking account, but you have to jump through a few hoops to get the best returns.
Ally is offering a traditional 5 year CD with an APY of 1.79% which is pretty good. US Bank has a 5 year at 2.25% APY which is way better. Both are very safe options. You may want to sit down with a financial advisor who can go over the best and safest ways to make money grow.
@oracle: DH and I were just talking about this the other day...curious to read some responses!
I would put it into the highest interest CD you can find. I bank at a local credit union and USAA, which both have good returns.
Honestly, I would look into some sort of managed portfoilio or mutual funds. I know Bank of America has some managed portfoilios that start at 50k minimum, but I'm not sure what they or anyone else might have for smaller balances. I know it sounds risky, but to put it in perspective, I started investing right around the peak of the market at 2007. I took a huge dive during the crash and was down about 35% but have since recovered and up about 20%. Meanwhile the market is not even quite back to those levels yet. The only problem is that if you it doesnt take a dive again you'd have to be able to wait it out a bit, which I guess may not be ideal for you.
Because the interest rates are so low and you can borrow "practically for free", that unfortunately means that for those of us trying to save, it's nearly impossible to get a good savings rate.
ING has a comparably good savings account, but other than risky investments your best bet for a relatively decent return would be investing in long-term CDs at your bank or local credit union.
It's such a great time to buy because you can get so much, but for those of us who just aren't ready or don't have the savings for the down payment, it's tough!
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We are saving for a big house downpayment. Right now, I'm socking money away in our money marked account (APY .12%). I'm thinking I'd like to grow that account in 10K increments and then move the money to a higher yield account. Only problem is - I have no clue what type of account to look for. Would a long-term CD sound right? Or are there better places to put the money.
I don't see us taking the money out for about 4-5 years... so, it would just sit (and hopefully grow). I don't want any high-risk situation or scenario where I could lose the money.
Thoughts?