Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Investing or high return interest accounts,help!?*Canadian moms!*

Anonymous
Posted by Anonymous
  • 4 Replies

were low income family, and I want what little we have in savings to do more then just sit in a bank account. any investing tips,or high interest account tips... were a 25k yr family. im going to school in the fall to get my DWS (disability support worker) im already working in the field, but I can make more with my DWS.

im canadian so things I can do in canadawould be best. 

Posted by Anonymous on May. 5, 2015 at 4:23 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-4):
Anonymous
by Anonymous 1 - Original Poster on May. 5, 2015 at 4:26 PM

bump

Ali5683
by Ruby Member on May. 5, 2015 at 4:28 PM

Go to your bank and discuss opening a CD (certificate of deposit). They're like savings accounts only you earn more interest and is a safer option than just a savings account. There are pros and cons. I'm not sure how it works in Canada but you should meet with a banker to discuss options, current interest rates, minimum deposits, etc. The better the stock market, the better interest rate will be.

Anonymous
by Anonymous 1 - Original Poster on May. 5, 2015 at 4:32 PM

thank you, illcheck oout after work

Quoting Ali5683:

Go to your bank and discuss opening a CD (certificate of deposit). They're like savings accounts only you earn more interest and is a safer option than just a savings account. There are pros and cons. I'm not sure how it works in Canada but you should meet with a banker to discuss options, current interest rates, minimum deposits, etc. The better the stock market, the better interest rate will be.


PinkButterfly66
by Sapphire Member on May. 5, 2015 at 4:42 PM

If you aren't averse to a bit of risk for a higher return, look into indexed mutual funds.  Some of them only require as little as $100 to open.  When my husband and I first got married almost 20 years ago, we opened a Schwab Index Mutual fund.  The annual returns will be higher than a CD and you have ready access to it  if you need it.  There is risk because you're buying stocks, but the stocks are in the S&P 500 list so the risk is less than buying individual stocks or another high growth fund.  And there aren't the fees associated with other funds.

http://money.usnews.com/funds/mutual-funds/large-blend/schwab%C2%AE-s%26p-500-index-fund/swppx

https://client.schwab.com/public/branchlocator/branchdetails.aspx?branchid=1207

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)