Investing $$

ddunne23 Posted: Jan 07, 2003 03:16 PM

Investing $$

I need some advice on what kind of account to put our wedding $$ in. We want to start saving for a house and therefore do not want a high risk account and one that will be easily accessible.
Any suggestions?

luvleyles Posted: Jan 07, 2003 03:18 PM

Re: Investing $$

We are not the best with money - so we just put it in a 9-month cd to get it off of our hands. We too are saving for a house.

Cira Posted: Jan 07, 2003 03:20 PM

Re: Investing $$

We put our money into a money market account ... a little higher interst than a regular savings but it left our money free, and not tied up like a cd. We did automatic payments into the account each month.

NIHA Posted: Jan 07, 2003 03:23 PM

Re: Investing $$

ING orange savings account for 2.75%.
It can be linked to your checking or savings and you have access to it all the time.
this is the best rate i found compared to other savings acounts, cds, and mutual funds that did not need a minimum balance or was not accessible.

try www.ingdirect.com

LisaT Posted: Jan 07, 2003 03:24 PM

Re: Investing $$

you could put it in a conservative mutual fund. The money's there when you want it, but there is some risk that it will go down (or up).

michele31 Posted: Jan 07, 2003 04:02 PM

Re: Investing $$

It all depends on what you want to use the money for. Don't depend on info or advise you get from this board or any other non-trained person. It is important that you figure out what your goals are for the money (ie short term vs long term, purchase a home a new car etc...)
Go to the library and get out some personal finance books and read a lot about your choses so you understand what the terms all mean and can make an informed decision.

NIHA Posted: Jan 07, 2003 04:08 PM

Re: Investing $$

I agree with Michele about doing the research. I bought a good book 'Idiots Guide to Financing in Your 20s and 30s'.

Lisa Rose Posted: Jan 07, 2003 04:40 PM

Re: Investing $$

I agree with Nina...we opened an ING direct acct right after we got married and put our wedding money in there....you get a GREaT return on your money...yet still accessiable when you need it!

Good Luck

Kris Posted: Jan 07, 2003 04:58 PM

Re: Investing $$

Another vote here for ING. We saved for our wedding by opening an account, and now all our gifts have gone in there. We opened it when it was 3.25% or something! Hubby just transferred some $$ into a mutual fund for us to start.