| From my limited experience working at a bank (for 8 months) what I would look into would be a high interest savings account for the money that you're just putting away. Call around to local banks and look for something called a "Passbook Savings Account".
PSA's are pretty much just like your normal savings accounts, except for a few hitches (depending on where you find it anyway). First, they have a minimum balance that you have to keep to be sure you get your interest rate. Normally the interest rate for PSA's are in tiers, so the more money you put it, the more you're getting in return (always remember that each bank has a limit to what is insured by the FDIC).
Second, there are a limited amount of withdraws you can make per period (either monthly or quarterly depending on how their rules are) and each transaction HAS to be made using a little booklet that they give you. So you have to go in the bank and do it each time.
Not sure why it's like this, normally it's just a gimmick to get you in the bank, but some places that do this give pretty good rates on the PSA's. The place I worked at (which is a fucking shit hole) offered 5.5% APY which was much better than the CD's that we offered (4.1%).
Hope this helps a little bit anyway. |