Savings account / smart investments?

[Rubes]

I went to the bank yesterday to deposit a check from an inheritance.. They talked me into opening a money marketting account with a 3.2% rather than the crappy .04% that I was getting on the regular savings account.

(I've never paid attention to the intrest rates before, because I've never had money my savings) Anyways, so is this intrest paid every month??

Also, I've been looking at some online savings accounts with higher rates... are these safe? I think that I'd rather have a branch office to take my money to.

Any other suggestions as how to turn my money into the most money ?

I have a lil over $15,000 to play with... what would my smartest move be?
I'm 24 btw.. married, no kids.. not having any kids...

[cavz4lyfe]

Interest is paid everymonth. The monthly rate of interest is 3.2% / 12. In your example you will receive 40 dollars after the first month (.032/12)*15,000 = 40.

What to do with your $15,000 depends on your goals for the money and what the time horizon for those goals are. If you aren't going to use this money for 3 or more years you may want to invest some of it into a diversified mutual fund portfolio, as they provide the hightest growth potential over the long term (around 10%). If you plan to use the money in the short term I'd keep it in the money market fund as this will yield more than any other cash investment.

I'd recommend Fidelity as a mutual fund company. It's easy to setup an account online and you can easily call their 1-800 number for help from an investment advisor. They would help you choose a few mutual funds to invest the money in. Other companies to check out would be Edward Jones, Merrill Lynch, or Charles Schwab. Many of these places have local offices if you are more comforatable dealing with someone face to face.

But remember, first you need to determine your goals for the money and the timeframe. (e.g. help pay for your children's college tuition in 8 years). Once you've identified this any advisor at a fund company could help you out.