How Should I Invest $10,000?
Category: Articles- gotalkmoney.com- 5:26 pm/ February 21, 2008I had a question come into my e-mail today from Gary asking the following –
“I have $10,000 to invest for 6 months, how would you invest it, I’m looking to save for a house?”
First off, I would like to say congrats on looking for a house, this can be a long and tedious process. Let’s go onto the $10,000 investment. Six months isn’t a long time to get a lot for your money. In fact, if you would have invested this money about two months ago into a CD, you probably would have had almost double in your rates instead of the rates as of today.
Since I’m assuming you don’t want to touch this money for six months, you might want to go the CD route. I’m not sure if you’re familiar with a CD but a CD has the money locked in where you can’t touch it for a certain length. In your case, this would be six months. If you want to withdrawal before the six months are up, you’ll be subject to fees. Below are the top three rates I found for you that you could benefit from.
6 month CD rates as of 2/21/08
Corus Bank – 4.06% APY
Countrywide Bank – 4.00% APY
Flagstar Bank – 3.91% APY
Keep in mind that the Flagstar bank CD only requires a $500 minimum deposit. Corus and Countrywide both require a $10,000 minimum.
On the other hand, if you’re looking to store your money in a money market account, you may find yourself getting a little bit better of a return on OneUnited’s money market account. Keep in mind though that these rates aren’t locked in like CDs and can drop at a flick of a hat.
OneUnited – 5.15% APY, get $50 for opening an account too!
In my opinion, I would go with OneUnited. They have consistently been on the gotalkmoney’s top ten money market rate sheet for months now and have had nothing but great reviews. Since you’re not investing for the long term, I would stick this money into an account with them and on top of that, you’ll also get a $50 bonus just for signing up. There are more details on their website. A OneUnited money market account requires $1,000 to open.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.62 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you.
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Confused on what you should invest in? Let the GoTalkMoney.com community help you when it comes to investing into a CD. If you already know what you're going to invest in, please vote on the poll on the right. If you want to see the results and you don't know what to vote, simply hit "I'm Not Sure" to see the results.
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