Is there a flexible investment account?

You can open a specialty savings account.

The type of account depends on the purpose of your money.

For example, it can be a health savings account, kids savings account, Christmas Club, Traditional and Roth Individual Retirement Accounts or home down payment savings account.

You can open these accounts at banks, investment companies or even credit unions.

A money market account might be something you are looking for with the long-term parameters you have set out.

Money market accounts do have the same withdrawal options like savings accounts (six per month), but they can be utilized for your tax-free individual retirement account (IRA).

Money markets pay a little more than your typical savings rates. However, you do need a minimum balance (typically $1,000) to avoid the monthly fees.

In any investment plan, money market funds are typically good to store your money away until you need the funds.

If this is something you are interested in, money market accounts also provide check writing and debit card privileges.