$20,000

jakes810 · #1 (**permalink**) 04-27-2007, 04:07 PM

Hello every one
I have 20,000 dollars in the bank right now and I would like to know where is the best place to put it in for at least 5 years. I dont want to put it in the wrong place and get very little. I also dont want to put it in a very aggressive place and have a big risk of loosing instead of gaining, even though i know that you have to loose in order to win.

Ima saver · #2 (**permalink**) 04-27-2007, 04:09 PM

Put it in a bank that pays at least 5% interest.

jakes810 · #3 (**permalink**) 04-27-2007, 04:14 PM

in a savings account?

Ima saver · #4 (**permalink**) 04-27-2007, 04:21 PM

I have a money market account in my home town that pays 5.25% interest. Or you could look for a certificate deposit that pays more. You don't want to go into mutual funds with a short time frame.

jakes810 · #5 (**permalink**) 04-27-2007, 04:28 PM

I have a mutual fund already with very little money, but does that pay good in the long run. I dont want to touch that money for at least 20-30 years.

bigsaver · #6 (**permalink**) 04-27-2007, 08:34 PM

Probably an FDIC insured account as it seems like you need the money. Try igobanking which is paying 5.3% now or amtrustdirect which is giving 5.36%.