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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Financial question (CD)
I have about 3k that I want to put in an interest bearing account for about 6 months (when I will need the money)
what is the best way to do this? A cd? How do these work?
TIA
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Posted 2/23/09 11:20 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Financial question (CD)
many banks are offering higher rates on savings accounts where you don't have to pay a penalty if you need it right away. It's available to you at all times.
Check out ING, Citi or the credit unions.
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| Posted 2/23/09 11:23 AM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: Financial question (CD)
ING is in the Toliet right now ..they just had another rate change its less than 2% now..your probably better off with a CD unless you need the $$ right away.
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| Posted 2/23/09 11:42 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Financial question (CD)
A lot of banks are in the toilet. There are still some great rates to be had though.
Plenty of banks still offering 3% or higher savings accounts. I had my money at DollarSavingsDirect.com but their rate has dropped to 2.65% so I am starting to look for a new place to move my money to.
My goal is to get over 3% which shouldn't be too difficult.
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| Posted 2/23/09 12:05 PM |
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JC621
LIF Adolescent
Member since 8/08 616 total posts
Name:
JC
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Re: Financial question (CD)
You can check the financial pages in the paper to see what banks are offering the highest APY. Unfortunately, most CDs are offering less than 3% now from what I know, especially if you don't have a large minimum deposit. We decided to leave our $$ in our HSBC online savings account - it's 2.5% APY, and accessible if we need it.
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| Posted 2/23/09 12:05 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Financial question (CD)
Posted by Mikismom
I have about 3k that I want to put in an interest bearing account for about 6 months (when I will need the money)
what is the best way to do this? A cd? How do these work?
TIA
Shop around. A lot of banks offer a higher rate if you open the CD online. Bankrate.com also can give you the rates of banks in your area.
I was shopping around last week for some clients. Please be very diligent with "no name" banks. There are a lot of scams out there. I know you know this but I have to say it...if it seems too good to be true, it probably is.
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| Posted 2/23/09 9:29 PM |
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kaadf5
LIF Adolescent
Member since 4/08 538 total posts
Name:
anna
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Re: Financial question (CD)
I opened a cd with money I wanted to save for christmas. I did 7 months on $4000 and made about $100 dollars. I looked around for a few banks and found the one with the highest rate. You don't have to have other accounts with the bank you choose.
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| Posted 2/24/09 5:48 AM |
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