OOOOK, so I have a 04 TL 6MT w/ navi and a very reasonable car payment. I'm 20 years old and have worked full time for the last 3 years while going to school. I've recently been making much more money than normal, and am interested in investing it. I was wondering what is a 'safe' investment for me to put like 7 or 8 thousand in to get some sort of return. I already explored the money market and CD rates at my local bank. The CD is a 5%, and the money market .0075% basically nothing, i know. haha What my question is; is where do you folks invest(besides stock market, thats too risky for me right now) that gives a reasonable return. I don't want or expect like 25% return, but is there much options out there more than 5%??? I would continue to add to it each month too. Please no arguing between eachother which is better, though I don't doubt it will happen, I'm just interested in gathering ideas to find out what might be best for me. thanks guys

 

I would recommend CD you can get a One year CD with the ability to withdraw without penalties. Look into different banks, its not necessary to open a CD at the same location as you bank. Thats what I did. just my

 

You can find some online banks (legit) that offer higher rate savings accounts, which gives better returns, and also keeps your money liquid *just* in case you need it (without paying penalties).

Some of these banks that have decent returns on savings have minimum balance. Here's a few that are within your range:

E-Loan Savings Account - 5.50% - $5,000 minimum

BanksUnited Savings Account - 5.35% - $5,000 minimum

GMAC Bank Insured Savings / Money Market - 5.30% - $500 minimum

There's alot more out there, but those are the better ones that require at most 7-8k balances.

 

We have a money and investing forum in Ramblings. Please feel free to discuss this over there.

https://acurazine.com/forums/money-investing-17/