So I have been saving up for a while, from college to now maybe $20k, and I keep it in a bank and get like no interest but I can withdraw my money anytime I want.
Due to using the money to pay for my credit card per month and getting my workplace to transfer my the money there I can’t deal with savings accounts that require me to deposit a huge amount and not expect it to go up or down. I would say I can save up to 24k slowly but also quickly go back to 19-20k. (Health and vet)
I heard about a different type of savings (not Roth IRA) but similar, you put like say 20k and get interest on it so you end up with like 20k+400. Downside is I can’t withdraw my money for a year??
I’m not sure which banks have this program and how much I can invest or should invest, I feel like I’m 5.
In: Mathematics
You could try a high yield savings account. SoFi, Amex, and Marcus are all examples. But they’ll have a 6 withdrawal per month limit. However, they’re FDIC insured.
You can also try putting the money in a brokerage account in a government money market fund, like SPAXX or VMFXX at Schwab or Vanguard. These are _not_ FDIC insured but are invested in short duration government bonds, so are considered very safe.
Both options should get you ~5% yields.
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