High Return Bank Account?

[Svnla]

Originally posted by: mariok2006

Originally posted by: Svnla

Originally posted by: mariok2006
I think I will be doing this tomorrow... Even though I am not very experienced, I can learn while my money is getting more than 5% (hopefully)...

Currently my CU is giving me 1.97% for my savings and I have a 4,97% CD that is expiring tomorrow, so I'm thinking of starting out with $1,000 and adding a sum every month like you said.

I will probably do it online... One thing I am hazy about is the type of account I need to open... I was thinking Individual according to their website...

Remember

1. All mutual funds are NOT FDIC insured, only savings/CD are with approved banks. Go to fdic.gov to check the bank(s) you want to do business with. Based on historic returns, most stock funds are about 10% return per year but you know the old saying "past history/return is NOT an accurate indicator for future performances".

2. If you can renew that CD for similar rate, I would do that.

3. What kind of mutual funds account you need? That will have to be based on how old you are, your risk tolerate, how soon you will need the money, etc. Only you can make that call. I always told my clients to go slow and start out with low risk index mutual funds. You can go exotic and risky if you want to (International, OTC, penny stocks, etc.).

4. You can do Vanguard, or Fidelity. Those are the ones that I am using for years.

Disclaimer: I don't work for Vanguard/Fidelity or any banks/CUs.

I'd like to stick to index funds for now, until I get more knowledgeable about it... I just opened a savings account at HSBS for 4.5% so that would replace the CD and still retain more liquidity in case something comes up.

Overall, I'd like something that has a low-mid risk tolerance but >7% return (historically speaking) So, I think index funds would be a good start, I am just confused about how to pick them...

Go to Vanguard and look at the index fund section.

https://personal.vanguard.com/...w/funds/vanguard/index

Click on the funds you like to invest and they will explain everything.

 

[Miramonti]

Wtf, is the internet broke?? DaveSimmons should have been all over this thread by now.

 

[overst33r]

Originally posted by: Svnla

Originally posted by: mariok2006

Originally posted by: Svnla

Originally posted by: mariok2006
I think I will be doing this tomorrow... Even though I am not very experienced, I can learn while my money is getting more than 5% (hopefully)...

Currently my CU is giving me 1.97% for my savings and I have a 4,97% CD that is expiring tomorrow, so I'm thinking of starting out with $1,000 and adding a sum every month like you said.

I will probably do it online... One thing I am hazy about is the type of account I need to open... I was thinking Individual according to their website...

Remember

1. All mutual funds are NOT FDIC insured, only savings/CD are with approved banks. Go to fdic.gov to check the bank(s) you want to do business with. Based on historic returns, most stock funds are about 10% return per year but you know the old saying "past history/return is NOT an accurate indicator for future performances".

2. If you can renew that CD for similar rate, I would do that.

3. What kind of mutual funds account you need? That will have to be based on how old you are, your risk tolerate, how soon you will need the money, etc. Only you can make that call. I always told my clients to go slow and start out with low risk index mutual funds. You can go exotic and risky if you want to (International, OTC, penny stocks, etc.).

4. You can do Vanguard, or Fidelity. Those are the ones that I am using for years.

Disclaimer: I don't work for Vanguard/Fidelity or any banks/CUs.

I'd like to stick to index funds for now, until I get more knowledgeable about it... I just opened a savings account at HSBS for 4.5% so that would replace the CD and still retain more liquidity in case something comes up.

Overall, I'd like something that has a low-mid risk tolerance but >7% return (historically speaking) So, I think index funds would be a good start, I am just confused about how to pick them...

Go to Vanguard and look at the index fund section.

<a target=_blank class=ftalternatingbarlinklarge href="https://personal.vanguard.com/VGApp/hnw/funds/vanguard/index">https://personal.vanguard.c......nds/vanguard/index</a>

Click on the funds you like to invest and they will explain everything.

I'm not exactly sure on (i.e. ignorant) which I would like to invest in... How would I find out more about which index fund suits me better... I might just contact Vanguard, hopefully I'll get some answers...