I'm looking to put money into some sort of bank investment- such as a CD that earns interest. I do not wish to invest in anything else, as this money is my tax money that I am saving up for next tax season. Right now, I owe $450 in taxes so I have that ready in my account to do something with. I considered the money market, but I know it has limits on what you can withdraw. Saving accounts are too low in interest rates. Are there any other solutions? Figured if I had to pay taxes, I might as well make some money on it
Hsbc has online bank account that pays 5.05% right now. You can add anytime or take money out anytime. Thier are alot of online banks now that pay good. Some cd pay 4.5% and up but you lock in for 6 months or more.
No problem with the time limitations, tax season is almost a year away. Hopefully my bank gives around 5% as well. I will give them a visit tomorrow morning. Any other ways? 5% is somewhat small. Out of the couple of thousand I will probably be putting into the tax account, I'll make around $50-$100. Not bad, but could be better I guess.
bank will give you very low returns try investing online , you will surely get decent returns. in case if you still wish to go with bank then go for top names in the market who pay the best.
As mentioned in my first post, banks are the only thing I am considering. I'm not necessarily looking for anything that is going to make me rich- just something to gain while waiting for tax season to roll around.
Hello There, If you could have not been just focused towards bank investment, I could have suggested you a way by which you could gain 10% -25% monthly easily and wen you need your initial investment you just need to inform 1 week in advance. If you like to consider that option, please feel free to PM me. Cheers!
No thanks goforhunt. As I have stated twice now, I do not wish to invest in anything other than a bank. Banks are much more stable. They can guarantee me my account balance, plus a little interest through insurance and laws that prevent the next black tuesday from happening
I know. I will be adding to the fund periodically. There will probably be about $2,000 in all when it is done. I'll probably save up for $1,000 and get the CD twice. Getting taxes out of the way really lifts a burden
What I'd do is invest it into a short term mutual fund with a major bank company. My friend is doing that and is enjoying 11% interest right now with a nice reliable fund.
11% means that at least part of it is invested in the equity market. That's not what the OP is looking for.
Try ICICIbank.com..it is quite a high interest - not sure what it is currently. You'll be surprised and you can do online transactions....!
actually, I am only looking to invest in my local bank. I do not trust internet banks, no matter how much credibility they have. My local bank will do just fine
5% interest doesnt seem like much but it is very good if you keep investing that amount of money over and over. Do a search on compound interest.
Since you have decided to invest in a Bank,try to focus on the time period of the deposit compared to the interest rates.You could make your own research with various bank data rates.
You could leave it in your paypal to get 5% though youd probally get a better interest rate with your banks money market account though most of the cds/money market accounts usually require 500+ to invest