Best place for a short term deposit (1 Viewer)

[Mr.Pack]

The daughter has $5k, a travel fund she wants to put somewhere for short term growth, maybe 6mos or so.

Do they still have CD's? Is that the best vehicle? She knows she'll only make a few bucks.

Opinions?

 

[Baloney Sandwich]

6 month CDs are basically worthless these days

 

[Ignoramus]

The daughter has $5k, a travel fund she wants to put somewhere for short term growth, maybe 6mos or so.

Do they still have CD's? Is that the best vehicle? She knows she'll only make a few bucks.

Opinions?

Yeah, for the safest option you should probably go with CDs...CDs nutz!!!!

 

[Doctor Detroit]

CDs aren't going to get you much more than a savings account, especially if it's only 6 months.

What you could do if you have a side brokerage account is take the money, guarantee her her principal back, and then hope the market goes up 4 or 5% in the next six months. IMO that is a decent bet based on the really rough start to the year for the stock market, I can see a nice recovery over the next year.

I've heard some talking heads mention Mortgage Bridge loans as a safe landing spot for yield, but I'm pretty sure that was an episode of American Greed. Seriously some financial guru was on DC's biggest talk radio show this week pushing these saying a guaranteed safe 6% yield. Why don't we all just have our money in those then? lol

 

[Ignoramus]

But seriously, just plop it in the bank. You're not going to get measurable return on only $5k without taking on significant risk.

 

[belljr]

All on Black

 

[Doctor Detroit]

All on Black

:snipes:

 

[Dan Lambskin]

Bet it on Swirve props and Goo plays

 

[Rove!]

Head down to the local watering hole and chat somebody up

 

[gianmarco]

There are high yields savings accounts that offer 1%. It's better than any CD you'll find. AMEX, for example, has one. If going safe and liquid, probably one of the best options.

 

[humpback]

6 months at 1% on $5K is $25. Not worth the paperwork IMO.

 

[eoMMan]

But seriously, just plop it in the bank. You're not going to get measurable return on only $5k without taking on significant risk.

 

[Mr.Pack]

6 months at 1% on $5K is $25. Not worth the paperwork IMO.

Yea, this is what I'm finding out.

Just going to have her keep it in a savings and be done with it.

Thanks for the he!p guys, much appreciated.

 

[Christo]

I was going to make a joke about deposits but then remembered it was someone's daughter we were talking about.

 

[eoMMan]

Is this the girl looking for an ad/marketing job?

The money might be best used for her next life or career move. This could mean apartment deposit, interview suit, additional education, etc.

 

[dickey moe]

But seriously, just plop it in the bank. You're not going to get measurable return on only $5k without taking on significant risk.

This

 

[PIK95]

Couch cushions can work in a jam. Just stick your hand in first to make sure there isn't anything sharp down there.

 

[Das Boot]

I was going to make a joke about deposits but then remembered it was someone's daughter we were talking about.

Yeah, I was all ready to say "Your mom!", but now I can't say it.

 

[wilked]

The daughter has $5k, a travel fund she wants to put somewhere for short term growth, maybe 6mos or so.

Do they still have CD's? Is that the best vehicle? She knows she'll only make a few bucks.

Opinions?

How old? Any credit history?

Likely <18 (otherwise likely you aren't asking) but if able to obtain a cc she should consider opening one with a generous bonus to use on her travel. There are many you can make $500 by spending 3k in 3 months

 

[Quez]

Wheat penny's

 

[jon_mx]

I am sure Em has some can't miss penny stock recommendations. Or maybe just hire Em to invest it.

 

[belljr]

I can turn that 5k into 4k with sound investments

 

[Mors Venit]

Fifth third bank?

 

[Ignoramus]

Wheat penny's

Wheat penny's what?

 

[matuski]

The daughter has $5k, a travel fund she wants to put somewhere for short term growth, maybe 6mos or so.

Do they still have CD's? Is that the best vehicle? She knows she'll only make a few bucks.

Opinions?

How old? Any credit history?

Likely <18 (otherwise likely you aren't asking) but if able to obtain a cc she should consider opening one with a generous bonus to use on her travel. There are many you can make $500 by spending 3k in 3 months

Great idea.. just make sure you are educating her on what a CC is and isn't.

 

[bagger]

But seriously, just plop it in the bank. You're not going to get measurable return on only $5k without taking on significant risk.

this.

 

[James Daulton]

Am Mr. Pack visit to Vegas down? You'll probably double her money. Or at least have a hell of a lot more fun with it versus it just rotting in some stupid bank.

 

[[scooter]]

First National Bank of Fox Valley has a Rewards Checking account that pays 3.05% APY. She'll be required to set up a direct deposit OR an automatic bill pay of some kind, and then use her debit card 12 times per month.