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I'd like to get better interest than a typical savings account
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No risk tolerance at all? Not much return but it's insured and safe. Pick one,
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I like the 529 idea, assuming you are saving for education. State rules vary, but you should have lots of choices on investment's in the account. 529 isnt an investment, really just an account classification.
Take on some risk in a balanced fund? Check out VGSTX. I started buying when I was 18, it's cheap to start and fees are low. 18 yrs later it's grown to a nice little sum.