5 Comments

  1. Baz
    Posted November 5, 2009 at 12:01 am | Permalink

    Go to your local bank, they will be able to advice you on which is the best account for you to open

  2. Matt G
    Posted November 5, 2009 at 4:51 am | Permalink

    To be honest with you by not investing it, your $1000 is losing value. Especially in today’s economy it’s smart to at least put it into a savings account. That way you gain some sort of interest, can add money to it at anytime, and can also take out money. Me personally if I had that laying around I would try to find a high yield savings account and put 10% of each paycheck into it until it got to somewhere I felt I could get good returns by investing in either stocks or a mutual fund.

  3. Kid Kilowatt
    Posted November 5, 2009 at 6:14 am | Permalink

    If you aren’t planning on touching it at all, there are several internet banks with very high interest rates. Also, most brick and mortar banks have risk-free CDs, though $1000 may not be enough.
    If you do go the internet route, make sure the account is FDIC insured.

  4. Anonymous
    Posted November 5, 2009 at 10:06 am | Permalink

    I subscribe to ‘WHICH’ magazine here in the, as I find it invaluable for the kind of information you are searching for.
    If you go to their website and you are not a member. You can pay fee (although lots of advice is).
    Have a look online or better still, get hold of one of your Sunday newspapers. They usually have all the financial advice and info.

  5. Anonymous
    Posted November 5, 2009 at 2:47 pm | Permalink

    ING Direct is a pretty neat and solid online bank that gives 3% interest on your money. Local banks won’t come close to touching that. That, or CDs at your local bank, but you can’t touch the money in a CD unless you’re willing to pay penalties for doing so.

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