Best thing to invest my money in and get high interest in return?

Question

i have a couple thousands in saving account but i only get 2.65% interest a month which is very little.i am wondering where i can put my money and make money from it instead of letting sit in savings collecting nothing but dust?

thanks in advance!

Answer 1

I would say to put it in a high yield Money Market account (ingDirect has pretty decent APY) or depending on the amount (usually $10K and up) put it into a CD (Certificate of Deposit).  The difference would be that you will pay a penalty if you remove the funds before they mature in a CD, where ingDirect typically doesn't penalize for removal from their Money Market accounts.  Check with them or your local Credit Union (as they usually have the better APY's over big industry Chase, CitiBank, etc) and good luck!