Good Places To Invest Money

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Edited by Nell MacPherson Edited by Nell MacPherson Arrow Legal Banking Editor Nell MacPherson is the Banking Editor of , where she leads a team of reporters who help readers make the best decisions about their checking, savings, certificates of deposit, and money market accounts. Connect with Nell Macpherson on LinkedIn Linkedin Nell Macpherson

Good Places To Invest Money

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Whether you inherited an inheritance, earned a bonus at work, or made a profit by selling your home, having extra money gives you the opportunity to build up your savings and achieve financial goals, like saving on a down payment on a new car. However, deciding where the best place to store cash is not always easy.

Return on investment is an important factor to consider, but liquidity and the time before you need access to cash are also important. Security and investment costs should also be considered when determining where you should keep your money.

A high-yield savings account is an attractive option for those who want to grow their savings and have easy access to money in case of unexpected events or other unplanned expenses.

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To put profits in perspective, returns on traditional savings accounts are typically very low, at only 0.01 percent annual interest rate (APY). But the highest-yielding savings accounts currently earn about 5 percent per annum.

You can open a savings account to build an emergency fund or save for vacations or home renovations while maintaining security and liquidity.

If you need access to some of your money from time to time, be aware that savings account limits can be a problem. Depending on the bank’s policy, there may be a limit of up to six withdrawals or transfers per month.

Another thing to keep in mind is that a high yield savings account may offer a sign up bonus or an interest rate bonus, but you may need to maintain a significant minimum account balance to get a higher rate.

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Like a savings account, a certificate of deposit (CD) is usually a safe place to keep your money. The big difference between a savings account and a CD is that the CD locks up your money for a set period of time. If you withdraw cash early, you will be charged a penalty.

CDs tend to have a fixed income, so tying your funds to a CD might not be a good idea in the face of rising rates. On the contrary, insuring your money can be a smart move at a time when rates are falling.

Long-term CDs sometimes offer better rates than short-term CDs, although in most cases you can’t access the funds during the term without paying a penalty.

One strategy to increase your earnings is to open multiple CDs that expire at different times. This is called CD scaling, and it provides flexibility and less risk than just putting all your money into one CD.

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Having multiple CDs with tiered terms allows you to take advantage of the higher interest rates associated with longer terms without having all your funds locked up for too long. With some of your money in short-term CDs, you will be able to reinvest those funds earlier for higher returns if rates go up.

If you need a safe place to store extra cash that often generates higher returns than a traditional savings account, consider a money market account. Money market accounts are similar to savings accounts, but they typically pay higher interest rates and may offer a limited number of check and debit card transactions per month.

Money market accounts offer easy access to your money and are safe if your banking institution is federally insured. Most banks and credit unions are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Stock Insurance Fund (NCUSIF). The standard insured limit is $250,000 per contributor or shareholder, per insured institution, for each category of property.

A money market account can be a good alternative if you don’t want to tie your funds to a CD for a long time. There are usually minimum deposit requirements to open a money market account or get the best APY. Also, be sure to ask about any fees you may incur, such as monthly maintenance fees and fines.

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A checking account with a federally insured bank or credit union is a very safe place to put your money. However, this is not necessarily the best place to save your money, as most of them make little or no money.

Instead, checking accounts should be used primarily to store the money you spend on day-to-day expenses. Checking accounts are highly liquid and have the power to write checks, access to ATMs, and debit cards. Withdrawals can be made at any time and you do not risk your capital.

While not very common, there are checking accounts that offer decent returns. However, usually these accounts should not be your primary place to store your savings.

Checking account fees are often nominal or not charged if you maintain a minimum balance, set up a direct deposit, or use your debit card a certain number of times per month.

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But let’s say you have cash that exceeds federal insurance limits. In this case, you might want to look at US Treasury bills, or Treasury bills, which are short-term federal debt with maturities of one year or less. The longer the maturity, the more interest the investor earns.

Treasuries also have the advantage of being liquid and easy to buy and sell. In addition, they are extremely safe and do not have the risk of losing the principal, since these are debts owned by the US government.

Treasury bills are sold on the secondary market, for example through

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