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You wouldn’t use a lawn mower to trim your hedge, right? Of course not. You’d use the tool that’s designed for the job. The same goes for your finances. There’s no single strategy that’s right to meet every financial goal, or that’s perfect for every phase of your life. You need the tool — whether that’s a savings account, CD, mutual fund, or other type of account — that’s best suited to help you achieve your purpose.
Time is on your side (oh yes it is)
Timing plays an important role in how you go about meeting your financial goals. Your strategy for achieving a goal that’s many years in the future will be different from how you plan for something that’s only a year or two away. Suppose you’re planning to buy a house the year after next. You might be tempted to invest the money you’ve saved for a down payment in a stock mutual fund because of the potential for high returns. But while stocks often (not always!) increase in value over longer periods of time, they can go up and down in value over the short term.
Money in the bank
That’s why investments, such as mutual funds, can be a smart choice for meeting long-term goals — because of their potential to grow over time. But for near-term plans, your money is probably better off in a savings account so you know it’s there when you need it.
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Save Your Money with the Orange Savings Account, A high yield with no fees and no minimums means your money will really grow!
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Safe and secure
Wherever you do your banking, make sure your bank is a member of the Federal Deposit Insurance Corporation, or the FDIC.
Your deposits in accounts at a member bank are FDIC-insured up to $250,000 per depositor. Joint accounts are insured separately. So if you have both types of accounts, you have up to $500,000 in insurance — up to $250,000 for all your individual accounts and up to $250,000 for all your joint accounts. The person who shares the joint account has the same insurance.
And, if you invest your IRA in bank products, like CDs and money market funds, that account is insured separately for up to $250,000. Other IRA investments don't have FDIC coverage.
For more information on FDIC coverage, including coverage scenarios, check out our FYI about the FDIC.
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Your deposits at ING DIRECT are insured up to FDIC limits. ING DIRECT's FDIC certificate number is 35489. We are registered with the FDIC under the name ING Bank, fsb. You can learn more about the FDIC at its website, www.fdic.gov
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