SavingsTalk.com

Wastedspace · 10-31-2007, 02:03 PM

I have a couple grand that I would like to put into a savings type account and earn some interest from. I only want to put it in a saving type of account for a year. What would be the best type of account to put it in to get the best interest return? When I take it out after a year, will I get taxed on it ?<br />

Ross · 10-31-2007, 02:03 PM

Put it into a 12-month CD. And yes, you will get taxed on it. Go to bankrate.com for best rates on CDs.

newrussian · 10-31-2007, 02:03 PM

Other options would be a bank money market account (FDIC insured) or a commercial money market fund (not insured). You can check typical rates on line.

vix · 10-31-2007, 02:03 PM

I like ING. Check Kiplingers.com for a list of the highest online interest rates. All the banks they list will be FDIC insured.

taxguru · 10-31-2007, 02:03 PM

if you earn more than 10 dollars of interest, you have to pay interest

papen · 10-31-2007, 02:03 PM

online account. hey pay 10x the interest the brick and mortar banks do. CD's tie up your money and the online banks don't have minimums and paypal even pays 5.20% and gives you a free debit card that gives you 1% back everytime you use it as a credit card

Storm · 10-31-2007, 02:03 PM

An online bank may be one of your best choices. A money market fund that invests only in U.S. Treasury securities would also be an excellent choice (Vanguard has a money market fund like this).

10-31-2007, 02:03 PM	#1
Wastedspace Greenhorn Join Date: Jul 2007 Posts: 22 Rep Power: 5	What type of savings account can I get the most return from? I have a couple grand that I would like to put into a savings type account and earn some interest from. I only want to put it in a saving type of account for a year. What would be the best type of account to put it in to get the best interest return? When I take it out after a year, will I get taxed on it ?<br />

10-31-2007, 02:03 PM	#2
Ross Greenhorn Join Date: Jul 2006 Posts: 18 Rep Power: 0	What type of savings account can I get the most return from? Put it into a 12-month CD. And yes, you will get taxed on it. Go to bankrate.com for best rates on CDs.

10-31-2007, 02:03 PM	#3
newrussian Greenhorn Join Date: Jul 2006 Posts: 21 Rep Power: 6	What type of savings account can I get the most return from? Other options would be a bank money market account (FDIC insured) or a commercial money market fund (not insured). You can check typical rates on line.

10-31-2007, 02:03 PM	#4
vix Greenhorn Join Date: Jul 2006 Posts: 9 Rep Power: 0	What type of savings account can I get the most return from? I like ING. Check Kiplingers.com for a list of the highest online interest rates. All the banks they list will be FDIC insured.

10-31-2007, 02:03 PM	#5
taxguru Greenhorn Join Date: Jul 2006 Posts: 29 Rep Power: 6	What type of savings account can I get the most return from? if you earn more than 10 dollars of interest, you have to pay interest

10-31-2007, 02:03 PM	#6
papen Greenhorn Join Date: Jul 2006 Posts: 21 Rep Power: 6	What type of savings account can I get the most return from? online account. hey pay 10x the interest the brick and mortar banks do. CD's tie up your money and the online banks don't have minimums and paypal even pays 5.20% and gives you a free debit card that gives you 1% back everytime you use it as a credit card

10-31-2007, 02:03 PM	#7
Storm Greenhorn Join Date: Jul 2006 Posts: 24 Rep Power: 6	What type of savings account can I get the most return from? An online bank may be one of your best choices. A money market fund that invests only in U.S. Treasury securities would also be an excellent choice (Vanguard has a money market fund like this).

SavingsTalk.com

Your guide to saving money and making smart investments!