IRAs — safe, secure interest rate?
I am self employed and would like to put $ in an IRA for 4 years, for tax purposes. Where can I get the best, secure interest rate?
Terry Says
The best secure interest rate is in U.S. Treasury bills, currently yielding around half of one percent. That's about what you'll get in an FDIC insured money market deposit account at a bank. Or you could get a 6-month CD through a bank. According to Bankrate.com, you can get a bit over 1 percent on a one year CD, at banks around the country. That money is insured by the FDIC. You'll get the tax deduction and earn a bit of interest, tax-deferred. Anything offering higher rates involves tying your money up for a longer term -- OR taking more risk!
