Investing in and securing it for a happy future is the mission of many of our earnings. But we need to look out for the best ways to do such investments and smartly make profits. We tend to make the common mistake of thinking that keeping our money in long-term investments is the best way to get a better return, being partially true in this case it also takes really a long time to get back the money. Hence this doesn’t suit everyone.
Considering investing in short-term plans can be more logical and also fetches immediate returns within months or in a year or two. Continue reading to know about the best options in these short saving methods.
The savings plans have been regularly upgraded with better options to benefit the investors in the best ways possible. Some of the well -known and popular ones are:
- Peer to peer lending: these are done through websites that are created to connect investors and the consumers who wish to borrow money. This works similar to banks performing the lending function but at much easier and better interest rates and other procedures. Hence this is a very simple and easy form of investing our money safely and quickly making a profit.
- Online savings account: if you looking for a safe investment where you get more returns and also at the time safety of it, then the online savings account could be the one for you. These are also called an online high yielding savings account. You will be guaranteed a return and at the same time not lose your principal amount.
- Certificates of deposits: another common and most [preferred option is the CD. These operate at banks which can be from 3 months up to 5 years of time. Choosing for how long you will keep your investments is up to your wish. But the longer you keep, you are eligible for better returns. And also if you wish to receive monthly interests you can opt for the same at the time of application.
- Money market account: this is a type of savings account which will help investors to make a better return out of their instruments. These provide the investors with ATM cards, cheques, and deposit slips. When the rate of the CD’s increase you can withdraw your money without any penalty.
- Online checking accounts: just similar to a savings account is this account which helps to save the money in short terms of time. Here you are guaranteed more liquidity with no restriction in the number of withdrawals.