Where's The Best Placee To Hold Short-term Savings?

Discussion in Personal Finance started by ACEP • Sep 19, 2017.

  1. ACEP

    ACEPMember

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    For money, you need to be able to access within the next year or two, advisors usually recommend for a high-yield saving accounts.

    Saving money can't be that easy. For short-term saving, where is the best place to save?
     
  2. overcast

    overcastActive Member

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    If you have some risk taking appetite then you may want to find out about short term liquid funds. You can see that such funds have good percentage of the return compared to the savings account.Also you can withdraw from these funds any time. They also offer you relatively better yearly yield than the savings account. So take a look at them if you have it in your country. I am sure that could solve your problem.
     
  3. mildredtabitha

    mildredtabithaActive Member

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    I currently do more of short-term savings than long-term savings. I save money in PayPal and my local bank account. Opening a savings account is good for short-term savings because there are no restrictions on how much you can save or when to withdraw.

    If it is a home, you can save in the piggy bank. Since it is just short-term savings, you will find this to be very convenient. :D
     
  4. littlewitch66

    littlewitch66Active Member

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    I save mine in a high interest bank account so it is making money for me as I save. It doesn't matter if it's only short term as I can transfer it to my current account any time I want. Another safe place would be a paypal account.

    My mum used to hide money all over her house and this seems common in old people. When she died we found money stashed everywhere. I would not recommend this.
     
  5. NicholasMukuha

    NicholasMukuhaActive Member

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    Well as for me, I have not yet started this, am considering investing in bonds, which I think will be a good though not entirely, a substitute to banks. Bonds allow you to lend money to an entity such as a company that has a project and needs to outsource funds to carry out the project, municipalities or even the government. After the agreed time, the borrower pays the money either at a fixed or variable interest rate. I think this is a good option, though am planning to study it first before I test the waters.
     
    #5Oct 3, 2017
    Last edited: Oct 3, 2017
  6. Heatman

    HeatmanActive Member

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    If you are looking to get interest on the money saved, I would recommend opening a savings account in any reputable bank in your country. It will definitely yield you a good amount of interest within the two years period such cash would be saved in the account without touching it or withdrawing from it.

    But if you are just looking to save your money and have access to it without needing bank involvement, then I think saving with cooperative societies would be perfect for you. You get your cash whenever you decide to terminate the saving transactions without any stress.