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
My wife and I have an account just for savings. We do withdraw on it from time to time. You saved up 20k, take half throw into a high yield savings account like others have said. Or treasury bills, or what ever you like. Also credit unions can usually give you higher than banks in interest rates but not all the time.
Neither. Rolling ladder T-Bills. Higher interest paid, less taxes than banks and CDs.
Money in a bank is losing purchasing power to inflation.
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