One of the things you need to consider when looking for a place to put your millions of dollars is security. You don’t want to deposit your money in a place where your money will go missing the following day. Besides, even as you consider security, make sure that you also find a high interest-yielding account. This will help you earn high returns on your deposits.
Here, we are going to look at some secure places where you can deposit millions of dollars and earn interest.
Where to Put Millions of Dollars
If you have large sums of money and you are wondering where to keep it, consider the following:
1. Bank Savings Account
One of the safest places to deposit large sums of money is in the bank. There is no law that limits how much one can deposit in a bank account. Find a bank with high-interest savings accounts and open a savings account with them. Then you can go ahead and deposit your millions of dollars in that account. Most bank savings accounts pay an interest rate of about 2.5%. But, even as you keep your money in the bank for security, also make sure it is earning interest.
2. Certificates of Deposit
The other way you can keep millions of dollars is in certificates of deposits. Certificates of deposits pay higher interest rates when money is held for a prolonged period. If you withdraw money before the maturity of the CD term, then you have to forfeit a part of interest earnings.
When a certificate of deposit matures, it can be rolled over to a higher-yielding CD the following year. Therefore, it means that your interest earnings will keep on increasing the longer the certificate of deposit is held.
3. Fixed Deposit Account
Fixed deposit accounts tend to pay higher interest rates compared to bank savings accounts. However, the downside is that you can only withdraw money from a fixed deposit account after it has matured if you want to earn interest.
Look for a bank with high-interest rates and with favorable terms. Many banks are now operating online and hence they are not spending a lot on hiring staff. As a result, the amount they save on hiring clients is passed to clients through high-interest rates.
4. Invest in the Stock Market
The other way to keep millions of dollars is to invest in the stock market. You can invest in different investment vehicles like ETFs, mutual funds, or shares. If you choose to buy shares, make sure they are from high-net-worth companies. Investing in shares means you will have a unit of ownership in the company you will buy its shares.
When the company makes a profit, you will be earning dividends depending on the number of shares you have in the company. You must be very careful when choosing shares to buy. Go for shares from profitable companies so that you will be earning dividends.
Also read: Do millionaires have debts?
5. Treasury Savings Bonds
You can keep your millions of dollars in a safe place by investing in treasury bonds. By investing in treasury bonds, you are basically lending the government money. You can buy treasury bonds directly from Treasury department.
To earn high-interest rates from treasury bonds, you must not withdraw money until the maturity date of the treasury bond. However, you can still withdraw money penalty-free, but you will not earn interest.
Summary of Where to Keep Millions of Dollars
One of the things you need to consider when looking for a place to deposit your money is security. You need to find a safe and secure place to keep your millions of money. One of the safest places to keep such money is in a bank account. Besides security, you also need to consider the growth of your money. As such, look for high-interest earning accounts or invest in treasury bonds that tend to be more secure.