What is the best type of savings account for long term savings?
I'm looking to save up enough money for my own plane and I don't want to wait till I'm fifty. What would be the best type of savings account for the best payout in the shortest amount of time?
If you planning to buy in the next 7 years, put it in a money market account. Check out www.bankrate.com for the best current rates and min deposits. If you think it will be longer than 7 years, go with mutual funds. They are too volatile for short term but have a great track record long term.
