Investing $10,000 what are your options?
If you have $10,000 to invest and you have no outstanding debt what are the options that you could be considering. There are a number of great options out there but for today let’s just consider the banking options, what could you get in return for banking your money?
Many people would query why you would need to have this money in a bank and might say that there are some better options for your money, including the stock market. Whilst this is true there is also the need to have an emergency fund and finding the best place for this money is vital.
The rates that you are going to get for your money are low; there is no getting away from the fact that interest rates are poor for the savers. But the options that you are getting from Chase Bank are 0.05% for a savings account if you have another account with them and 0.01% if you have no other accounts.
Bank Of America
I was disappointed with the clarity on the information for the accounts that they offer, but the rates seem quite good. I found that the rate is between 0.03% and 0.07% which is surprisingly good.
Then there is Citi Bank with great customer service, I was on the site for less than a minute before a chat advisor asked if I needed help. She was fast and even attached a link to the rates page which was great, it mean that I didn’t have to spend any time searching for the information. The rates are not bad with the best rate for an account where you don’t need to have a relationship with a fantastic 0.10%.
To be honest I was shocked with the results, so if you are to have an emergency fund where you can access the money you can get 0.10% for your investment. This is starting to make me wonder about the amount that is required in an emergency account? What are your thoughts?