What's the best way to make the most interest in a year on the money I'm saving each month?
Answers:
The rule of thumb is in finance: the greater the risk, greater the possible return (the interest). Yeah, a CD could is a safe bet but you say it's not enough. You could take some risk and invest into some stocks and may rake in more money but also the risk of losing money. There is no easy way to make money. So if you want a higher interest rate, take some risk and invest in some stocks. With 1 year, invest in a CD ( you may get one for 4.5%.. look around your local banks) and with 6g's, you could make $270 by doing nothing.
Moneymarket accounts are nice, although I think the shortest you can have one of them for is 3 mo., and I doubt that one that lasts that short a time will net you very much of a gain. I'd reccomend calling a stockbroker and seeing what they can do for you.
We have an ING account and a Vanguard account for our larger sums of money.
For what you want to do, a regular savings account is best; you don't have the money for a CD. The interest rates are not much, but that's the way life goes. You should be able to get 4% or so; shop around.
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