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Savings plan in USA

Discussion in 'General Discussions - USA & Canada' started by Varshana, Apr 3, 2010.

  1. Apr 3, 2010 #1
    Varshana

    Varshana New IL'ite

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    Dear friends,
    In USA, is there is any savings plan that doubles in some year after 5 or 10 years. In india we have this kisan vikas pathra and so on. I want to take something in USA. I know about the bonds in which you will earn some good percentage of interest but other than that is there anything else that we can take ? Please share you thoughts.
     
    Varshana, Apr 3, 2010
    Varshana, Apr 3, 2010
    #1
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  2. Apr 3, 2010 #2
    SriVidya75

    SriVidya75 Platinum IL'ite

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    Varshana

    I guess NSC or Kisan vikas patra give 8% interest rate but not double the money etc....moreover they help in tax savings thats the catch to buying those saving certificates. (as per my knowledge)

    Coming to savings in USA, you can buy different series bonds after doing a bit of research on them..however with this recession, no one is really suggesting to buy bonds...

    You can try to put money in CDs ....they are like Fixed deposits..however your money would be locked down for that period..

    My thought would be Mutual Funds..do some good research on MFs TRowe or Vanguard etc...they give some good returns both short term and long term bond funds...however as you know the returns or the performance is dependant on the stock market and inflation etc...so do some research, take suggestions before investing in any MFs.

    Also if you want to save up for your retirement..you can try opening a IRA etc.

    Pls visit the money matters forum, you would find lot of info on this topic.
     
    Last edited: Apr 3, 2010
    SriVidya75, Apr 3, 2010
    SriVidya75, Apr 3, 2010
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