How To Invest Your Money For Quick Return – Posted by Liz Hunt Liz Hunt Posted by Arrow Right Former creative producer Liz Hunt is a social producer and occasionally writes special features for the site from a social-first angle. His writing has appeared in MSN, Business Insider, and various local publications. Connect with Liz Hund on Twitter. Connect with Liz Hund on Twitter
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How To Invest Your Money For Quick Return
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Whether you received an inheritance, a bonus at work, or the proceeds of selling your home, having extra cash can help you reach financial goals like boosting your savings and making a down payment on a new car. But choosing the best place to hide your money isn’t always easy.
Return on investment is an important consideration, but so are liquidity and the length of time until the money is needed. Safety and investment costs should also be considered when deciding where to put your money.
A high yield savings account is an attractive option for those who want to increase their savings by having easy access to cash for emergency or other unexpected expenses.
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To put the rewards in perspective, returns on traditional savings accounts are typically very low, with an APY of 0.01 percent. But high-yield savings accounts currently earn around 5 percent APY.
You can open a savings account to build an emergency fund or save for a vacation or home repairs when you have security and don’t have cash.
Keep in mind that savings account limits can be problematic if you need to access your money periodically. Depending on the bank’s policy, there may be a limit of six withdrawals or transfers per month.
Another thing to note is that a high-yield savings account may offer a sign-up bonus or interest bonus, but you may need to maintain a minimum balance to get the higher rate.
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Like a savings account, a certificate of deposit (CD) is a safe place to keep your money. Another big difference between a savings account and a CD is that a CD locks up your money for a certain period of time. Early withdrawal will incur a penalty.
CDs have a fixed rate of return, so investing in a CD may be a bad idea in an increasing environment. Instead, it may be a wiser move to lock in your money when rates drop.
Long-term CDs sometimes offer better rates than short-term CDs, but in most cases you can’t get the money back without paying a penalty.
One trick to increase your income is to open multiple CDs that mature at different times. This is called CD laddering, and it offers more flexibility and less risk than putting your money in a CD.
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The rules for holding multiple CDs allow you to take advantage of the higher interest rates associated with longer tenures without locking up your money for longer periods of time. With some short-term CDs in your money, you can quickly reinvest those funds to get better returns if rates rise.
If you want a safe place to put your extra cash that will earn you more than a traditional savings account, consider a money market account. Money market accounts are similar to savings accounts, but they tend to pay higher interest rates and may offer a limited number of checking and debit card transactions per month.
Money market accounts provide easy access to your money and are safe if your banking institution is federally insured. Most banks and credit unions use the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Mutual Insurance Fund (NCUSIF). The standard insurance limit is $250,000 per depositor or shareholder, insured entity, per asset class.
If you don’t want to keep your money tied up in a CD for a long time, a money market account is a good choice. Money markets often have minimum deposit requirements to open an account or get the best APY. Also, ask about the fees you pay, such as monthly service charges and penalties.
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A checking account at a federally insured bank or credit union is a safe place to put your money. It’s not a good place to keep your money, as most earn little or no interest.
Instead, checking accounts should be used primarily to save money spent on day-to-day expenses. Checking accounts are more flexible and come with checking offers, ATM access and debit cards. The money can be withdrawn at any time and there is no risk to your principal.
Although uncommon, there are test accounts that yield good results. These accounts do not have to be your main savings account.
Account fees are usually waived or waived if you maintain a minimum balance, set up direct deposit, or use your debit card each month.
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Most checking and savings accounts, CDs and money market accounts offer central deposit insurance, which is an important benefit.
But let’s say you have more than the federal insurance limit. If so, you may want to consider U.S. Treasury bills or federal, short-term debt obligations of one year or less. In the long term, the investor will earn higher interest.
MKVs have the advantage of being liquid and easy to buy and sell. Also, they are very safe without risk
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