I have saved money, but haven't been investing it. Don't know where to start. House is payed for, little to no debt. Only making 58k a year. Are CD's the best low risk short term option?
Asked
Active
Viewed 118 times
-1
-
1There are a few similar questions on the site, but the answers depend on your needs, what's the reason for needing it to be short-term, and how short are you thinking? Do you need access to some of it periodically or comfortable/prefer to lock it away? – Hart CO Aug 08 '23 at 02:03
-
1Does this answer your question? What is the best way to invest short term without losing principal? – keshlam Aug 08 '23 at 05:50
1 Answers
0
Yes, CDs are great if you select the right one. Both Chase and Bank of America offer CDs ranging from 3.5 to 4.5% APR. However, some CDs from them have very low interest rates, like 0.5%, so you should be careful. The other low-risk short-term option would be to lend your money to a trusted borrower.
wilbur377
- 1
- 1
-
Note that right now, some banks are offering "bonus rates" if you open a CD with "new money" (that is, money which wasn't already in that bank). My credit union had an offer of 5% APR on a 6-month CD opened this way. – keshlam Aug 08 '23 at 15:28