What to do with $10,000 now
Given the uncertain economic picture, you probably have a chunk of change squirreled away. Here's how to best use that cash.
Buy a long-term CD (really!)
Ally Bank is offering a five-year CD that pays 2.69% and imposes an early-withdrawal penalty of just two months' worth of interest. Let's say you want to take the cash out after two years. Even with the penalty, calculates Colorado financial planner Allan Roth, your effective yield would be 2.47%_ nearly six times that of a two-year T-note. Hats off to MONEY reader Ted Bullock of Delray Beach, Fla., for writing in with a similar idea.
More galleries
Last updated October 18 2010: 11:56 AM ET
