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by Anonymous on July 2nd, 2008

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Help answer this question below.

I'm 19 and I want to invest $1000 into some kind of high-interest savings account..maybe a CD, money market, etc. I want to keep all money (& interest) into the account for a year or more. What account would get most interest and a good bank?

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Answers. 2 helpful answers below.

  • by Constant Fluxation on January 10th, 2009

    Constant Fluxation

    northen rock

    No comments. Post one | Permalink

  • by Aldebaran on July 2nd, 2008

    Aldebaran

    It used to be that emmigrantdirect.com had a savings account that paid over 4%! That was pretty good. Today, the rate is down to a little over 2%.

    You may want to re-think your position and go with a 6mo CD at a credit union. The reason is that as the economy continues to head south, eventually the bond prices will start coming down. Companies like GM that are in trouble need to raise billions of dollars by flooding the credit market with bonds. Simple supply and demand kicks in driving bond prices down. As bond prices fall, yields go up and this affects everything from mortgages to savings accounts.

    I recommend a 6mo CD so you'll be ready to take advantage of a higher rate when it comes along.

    No comments. Post one | Permalink

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