Quote:
Originally Posted by cadre
I have a high yield savings account with HSBC and last I checked the interest rate was still at 3.5%. My savings style is to keep a couple months worth of money in there, in case I lose my job or some other negative event happens and I need money right away. The excess goes into long term investments. Every month I go through my financial and make any necessary adjustments. Am I risking a lot of my money? Well, that depends on your opinion of risk. I am however growing my money faster than any other method.
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I'm right on board with cadre. My high yield savings account is with ING 3% currently (it's high was close to 5%). No account minimum, no bull fees. I put money there for a 3-6 month buffer in case of loss of job, and in seperate accounts I created within it to save for things I plan to buy within the year that I don't want to put into investment accounts because of the potential for decrease in value within that year. My long-term investments 5+ years go to investment accounts.