What’s a good way to safely invest approx. $3,000 for three years?
I currently have a Way2Save account with Wachovia. I transfer $100/month into the account with a decent interest rate: 1st year 5.00% APY, 2nd & 3rd year 3.00 APY… also a small annual bonus.
After the third year, the account reverts back to a standard savings account with 0.05% APY. At that point, I will start a new Way2Save account and start the whole cycle again. I have almost two years until this happens.
I will have saved approximately $3,000 at this point. This money is intended for a house purchase in the future. I am wondering what to do with it for the next three years, while I continue to save. I’m sure I could do better than 0.05% APY, right?
CD or Series H savings bonds.