What is the best way to save money for about 2 years?

Question

i am saving to buy a form of transportation when i turn 18. and i have a job and i am wondering what is the best way to save my money for 2 years. what type of bank account. i have 600 rite now and i will add about 150 weekly what should i do?

Answer 1

Cool I'm 16 too so what you should do is put the money in a savings account from HSBC and you will get 3.50% APY

http://www.hsbcdirect.com/1/2/1/default/...

Answer 2

hello - try monitorbankrates.com

you may want to consider a CD with some of it as you are saving for the future.  You can afford to have it locked up and you may get slightly more interest that way.

good luck!  and great job saving and planning.  consider doing the same thing now for a retirement fund, the compound interest alone will get you so much farther.

Answer 3

Simply deposit the funds into a checking account. Your investment horizon isn't long enough to be concerned with interest. Most importantly, you need the discipline of leaving the money untouched.

Answer 4

Put it in an account that is convienient.  A money market at a local bank.

An extra few bucks for the short term doesn't outweigh convienience.