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What's the best type of savings account for me to be earning some return, but still have some money liquid and available?

November 12, 2013
I have next to nothing in terms of money, and am coming up with a tangible plan to get out of debt and save up. I have an old credit union account with very little in it, that earns only .5% annually, and two money markets that earn basically nothing, but are more liquid. I'd like to move that credit union account to something more tangible,...

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Curtis (Curt) Sheldon

Curtis (Curt) Sheldon

Certified Financial Planner, Accredited Investment Fiduciary, , Enrolled Agent
Alexandria, VA

This question reflects one of the harsh realities of today's economic environment. There are no safe, liquid accounts that provide much return. Here are some things to consider though that might help.

  • A CD Ladder. Divide your funds into 5 parts (You could pick a different number). Deposit the divided funds in CD's that mature at 1, 2, 3, 4, and 5 years. When your 1 year CD matures, deposit it in a new 5 year CD and repeat as CDs mature. The longer maturity CDs will provide more return. If you n...
  • Michael Mezheritskiy

    Michael Mezheritskiy

    Farmington, CT

    in addition to what Kurt said, since you are looking for a savings account you can explore http://bankrate.com for FDIC insured fully liquid MMK funds. I am not affiliated with Bank rate just sharing personal opinion.

    Here is the link. http://www.bankrate.com/funnel/savings/savings-results.aspx

    Best of Luck

    Sincerely

    Michael Mezheritskiy

    http://www.VisionaryWealthMgmt.com

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