Hell, this is probably the easiest idea... seriously, http://www.getrichslowly.org/blog/2007/03/21/which-online-high-yield-savings-account-is-best/ a quick link, check it out. even if you do get interested in investing in other ways that could make you a lot more, dont ever let the money just sit anywhere when it could be making more than its worth. good luck man, I hope things work out for the best for you!
im sure rates on mutal funds and CDs vary place to place. CD rates in my area are about 5.2% for 1 year.-- I have one finishing in november at 5.3%. Id say thats a pretty decent rate given the risk of a cd compared to stocks. so yea 10k for 1 year at 5.2% is 520$ + maybe 10$ for the qrtly compounding. I do not pay any taxes on my interest. you may depending on your earned/unearned income. I would have to make $4000+ a year in interest to file taxes on the interest according to the booklet at tax filing time interest = unearned income but ya. dependin on how ballin you are, if you got $$ sittin around in a savings account making .8% interest, you might as well put it in a CD and earn 5.% **you should figure out what kind of interest its earning sitting as it is. Then maybe go to your local banks and ask for a sheet of cd/mutual fund rates. compare. You can get a cd for like 1month - 5 years. I have a 9 month cd right now. for example, i just cashed a bunk of savings bonds earning 4% and am going to reinvest that at 5% next november when my cd is up.
so its like 10k$ in the bank for 1 year at 5.2% = 520$ = a wii and 4 games. youll still have still have money for a car and a grow set up. Plus like i said, 5.2% isnt the best, but its a alot better than a normal savings account. So if its just sitting around you should try n get the best rate obviously or maybe buy 20 pounds of marijuana??
yeah not to break any forum rules or anything but given the right products you could probably double that money