I'm looking to save up enough money for my own plane and I don't want to wait till I'm fifty. What would be the best type of savings account for the best payout in the shortest amount of time?
What is the best type of savings account for long term savings?
If you planning to buy in the next 7 years, put it in a money market account. Check out www.bankrate.com for the best current rates and min deposits. If you think it will be longer than 7 years, go with mutual funds. They are too volatile for short term but have a great track record long term.
Reply:If you definitely want to limit the account to only a savings account, online accounts such as Emigrant are currently paying about 5% which is several times what a regular bank savings account will earn.
Reply:Savings account is itself a game of information.
You know there are so many types of savings accounts, and with thier own terms and benefits.
I suggest you to contact your banker,
or financial advisor to suggest you best savings account.
It is also beneficial to get yourself informed about savings accounts options. I mean tax side and insurance side....
For best savings account information check this
http://www.accountbestsavings.co.uk
Reply:We use ING. They offer one of the highest interest rates out there. However, a savings account is not the way to go if you want to make a lot of money in a short amount of time. You should consult a financial adviser.
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