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Good options to safely "invest" 10-15k for about a year?

SunnyD

SunnyD

Belgian Waffler
I came into a bit of money last month, and finally the last of it has cleared my bank. Since we've decided not to buy a house at the moment, I'm trying to determine a good way to save a portion of it and maybe make a little bit of money off interest or what have you.

Currently, my interest-bearing checking account is rather pathetic to that cause, at 0.78%. I was thinking CD's, money market, something. Thing is, I don't really want to put it into a long term investment as I'm weighing options of possibly moving to a different state, which may need to have more liquid assets in case I find a house or something.

Any good options around these days? Obviously I'd like to maximize gains, but keep things as fluid as possible.

Thanks!
 
High interest savings account is the most fluid, you are never going to maximize gains "safely".
 
CD at local bank
vanguard prime money market
HBSC online bank
imigrant direct online bank
 
High-interest savings is the right answer if you don't know the exact term you want.

You could do slightly better getting a CD for a year then moving it to savings for any additional time but that is more work.

I can't recommend anything offering a higher APY, not even my beloved VFINX, because the low-risk investments only (virtually) guarantee their yield if you can hold them for several years and can wait out short-term drops in value.
 
If you want savings, you can get around at least 5% and more at Presidental, HSBC, Emigrant, CitiDirect. with $500 minimum

If you want CD, I got a CD account with World Savings for about 5.5% for 6 months but with $10K minimum.
 
Originally posted by: SunnyD
I came into a bit of money last month, and finally the last of it has cleared my bank. Since we've decided not to buy a house at the moment, I'm trying to determine a good way to save a portion of it and maybe make a little bit of money off interest or what have you.

Currently, my interest-bearing checking account is rather pathetic to that cause, at 0.78%. I was thinking CD's, money market, something. Thing is, I don't really want to put it into a long term investment as I'm weighing options of possibly moving to a different state, which may need to have more liquid assets in case I find a house or something.

Any good options around these days? Obviously I'd like to maximize gains, but keep things as fluid as possible.

Thanks!
Click to expand...

I was in the same boat recently, my broker at Raymond James put me in some growth mutual funds.

I'm up about 5% over the past month. I'm pleased. You can do a hell of a lot better than less than 1%. Even a credit union will give you 5% a year in high yield checking.
 
I was in the same boat recently, my broker at Raymond James put me in some growth mutual funds. I'm up about 5% over the past month. I'm pleased.
Click to expand...

VFINX is up over 11% this year but if you'd bought in July '05 and needed to cash out in June '06 it would be only around 0% APY because of a short term dip.

That's the drawback to stock based mutual funds: they're a great long term investment, but not great if you can't pick the right time to cash them out.
 
Originally posted by: DaveSimmons
I was in the same boat recently, my broker at Raymond James put me in some growth mutual funds. I'm up about 5% over the past month. I'm pleased.
Click to expand...

VFINX is up over 11% this year but if you'd bought in July '05 and needed to cash out in June '06 it would be only around 0% APY because of a short term dip.

That's the drawback to stock based mutual funds: they're a great long term investment, but not great if you can't pick the right time to cash them out.
Click to expand...

I bought in November first. My best fund is up 10%, my worst fund is 2.5. I'm alright.
 
I'd go with online savings. The difference between that and a CD probably won't be much for the money you have. Maybe $55 of interest earned a month for online savings (at the current ~5% rate) vs. maybe $5/month more for a CD.
 
Originally posted by: FelixDeKat
$10.5 in a 7 month "bonus" cd @ 5.25 paid monthly

Rest ($4.5) in checking account for quick access.

Enjoy.
Click to expand...

Hmm... Checking account isn't an issue. I'm trying to tuck away 15k out of about 35k to simply not be usable for ~6-12mos. But still, just in case, I want to have it somewhat liquid.
 
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