I just pulled my 25K savings out of Emigrant Direct bank due to low interest. I am wondering where to put it.

Question

I am considering HSBC, Countrywide and One United. Since I have not finished research, I will consider others. I am also wondering if it is better at this point to just sock it away into my 401K plan. I do have a son in college and need access to funds at any time. Any suggestions for the best place to put this money at this time (except for under my mattress)?

Answer 1

Countrywide?.....you mean like IndyMac...?  Call me crazy but I'm thinking a non-mortgage related bank may be a better call (or heavily mortgage anyway).  Just wondering why you pulled it before you had a place to put it considering I'm that was better than your checking account or mattress.

Just some thoughts.

Answer 2

Consider opening a Roth IRA.

Answer 3

try prosper.com is a great site to invest your money and your return is great.

Answer 4

Suggest you contact a money manager. Usually your

bank or credit union will have one on staff and their

consultations are usually free. There are tax issues

regarding putting it into a 401K plan and then removing it.

You would have to have someone look at your whole financial

picture.