Additional Savings Account?

[ESMonitor]

Hi all,


I'd like to open up a some kind of low risk liquid savings account where $ will sit for about three (3) years and earn some kind of return.

I figure some return is better than no return.


Any suggestions or advice?

Thanks!
ES

[lorraineb]

Will there be any chance that you might need this money during that time? If not, look at CD rates at local financial institutions. If you might, then look for a savings account of some kind.

[EmzieAtInfinity]

To be 100% honest with you, I wouldn't buy a CD or anything that makes it unable to touch your cash. The US dollar is dropping at this very point. For low risk, you want to be able to withdraw your currency and get it changed to another currency as soon as you can in case of economic collapse during your CD period. Be careful, also you could invest your money to. Stocks that are strong are always a good choice.

[feh]

Any suggestions or advice?

Money market account or CD.

[ESMonitor]

Yes, there is a chance I may need some of the money before then. I'd like to keep it liquid.

Weakening of the US dollar is a concern, I agree. We're all in the same boat there. I did not vote for Obama. WH administration is running up a tab in US debt that's so out of control the amount of interest of US debt will surpass the entire US Department of Defense budget. Runaway train.....and we're all passengers...hopefully our country can hang in there for three more years with their recklessness.

I live in an apartment. I drive an 2002 pickup. No plans to make ANY changes (buying house, etc.) until we clear the next presidential election. Hopefully, there will be reason to celebrate. That's why I say 3 years as a target date. A goal.

How can you settle down and grow some roots when you have a WH Administration that's hell-bent on poisoning the soil with policies that give the working private sector no choice but to circle the wagons, cut costs and freeze hiring and expansion?? How is that a good thing?

I want to have two (2) savings accounts. I have one with my bank, but I would like another one that earns a better return in interest thank bank savings account.

[Eagle]

Personally, we have a lot of of savings accounts. It's whatever works for you.

Savings - Emergency Fund
Savings - Baby Fund
Savings - Wife Teeth
Savings - Vehicle Repairs
Savings - New Vehicle
Savings - Car Insurance
Savings - Purchases
Savings - Medical Expenses
Savings - Son College
Savings - Daughter College

This is what works for us. So, basically it is also possible to simply have two accounts: "E-fund" and "Other Savings" where all the rest of the money is lumped into one account. Then simply keep track of it all in an Excel document for example.

[Joan.of.the.Arch]

You can call around banks and credit unions in your area and ask about interest earning accounts, or you can look on their websites for details. To expand the search beyond your area, or to turn up institutions you may not be aware of, try a search at bankrate.com.