Hello!
I would like to seek some advice on how to manage $220k that I have sitting in my savings right now. This morning the bank sent me an email offering me a 4.6% APY with a 12 month promotional interest rate. I'm thinking of parking $220k in there for a year. Is this a good move if I don't need the cash right now? I figured it's better than sitting in my savings as I'm accruing only $190 a month in interest.
I have no interest in stocks as I find it extremely volatile and I can't wrap my head around how it works.
EDIT: Thank you everyone for your input. Your comments have encouraged me to learn more about investing and to not be afraid of the unknown. I downloaded FIDELITY and I have also ordered a book to brush up on my financial literacy! Will post an update in the coming months!
I would like to seek some advice on how to manage $220k that I have sitting in my savings right now. This morning the bank sent me an email offering me a 4.6% APY with a 12 month promotional interest rate. I'm thinking of parking $220k in there for a year. Is this a good move if I don't need the cash right now? I figured it's better than sitting in my savings as I'm accruing only $190 a month in interest.
I have no interest in stocks as I find it extremely volatile and I can't wrap my head around how it works.
EDIT: Thank you everyone for your input. Your comments have encouraged me to learn more about investing and to not be afraid of the unknown. I downloaded FIDELITY and I have also ordered a book to brush up on my financial literacy! Will post an update in the coming months!