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Started By
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would you put money in a Savings or a CD?
Posted on 1/20/16 at 2:37 pm
Posted on 1/20/16 at 2:37 pm
(no message)
6
Posted on 1/20/16 at 2:41 pm to LSUvegasbombed
Both are earning next to nothing, so you just have to decide if the slightly higher rate for a CD is worth locking your money away and not being able to access it without a penalty.
Posted on 1/20/16 at 2:46 pm to LSUvegasbombed
You are better off going Ally Bank to get the 1% rate you would with a CD. You would have access to it whenever you want. Some banks offer an annual savings bonus if you have a checking/savings and do an auto draft to savings each month(doesn't matter the amount) and you get a 1% annual bonus on the total amount up to $25k(Regions offers this). Its not a bad deal if you just want to have cash on hand(emergency fund) and have it earn something.
Posted on 1/20/16 at 2:49 pm to AUtigerNOLA
Gf has a 1100 saved up that is just sitting in a hiding place. I keep recommending her to put it in something so it could at least start paying something.
I looked at Chase's CD interest rates... that seems like a great idea. How long before you can touch it?
I looked at Chase's CD interest rates... that seems like a great idea. How long before you can touch it?
Posted on 1/20/16 at 2:54 pm to slinger1317
quote:
Both are earning next to nothing, so you just have to decide if the slightly higher rate for a CD is worth locking your money away and not being able to access it without a penalty.
Posted on 1/20/16 at 4:35 pm to LSUvegasbombed
1100 would earn somewhere in the $11 range per year in a 1% savings or CD. Why not open a Roth with it and put in in a Vanguard Life Strategy fund.
This post was edited on 1/20/16 at 4:36 pm
Posted on 1/20/16 at 7:33 pm to LSUvegasbombed
Neither.
Posted on 1/20/16 at 10:01 pm to LSUvegasbombed
High interest checking. Shop credit unions.
Posted on 1/21/16 at 8:00 pm to LSUvegasbombed
If you can leave it for 7 years, I'd look at an MLCD (Market-Linked CD). Principle is FDIC insured so you can't lose money and most have a minimum yearly interest payment of 0.5 to 1.5% with a 5-8% upside if the index does well. Minimum $10k to buy though.
Posted on 1/22/16 at 8:10 am to LSUvegasbombed
I have some 2.25% CDs with barclays. It is essentially my emergency fund money so it gives me incentive to not touch it unless absolutely necessary.
Posted on 1/22/16 at 8:27 am to notsince98
So did you always have the 2.25% rate?
Your goal is to never touch but you have the option to pull it out after 3 years in case of emergency, etc?
Your goal is to never touch but you have the option to pull it out after 3 years in case of emergency, etc?
Posted on 1/22/16 at 8:36 am to LSUvegasbombed
I have just been sitting on mine for the last few years hoping that CD rates will climb back up. To think i was bitching about 4% on a 12 month cd not that many years ago 
Posted on 1/22/16 at 10:54 am to bayoudude
quote:
To think i was bitching about 4% on a 12 month cd not that many years ago
wow
I remember when money market fund were yielding 4% in the late 90's. Then it went down to 2% and now nothing basically.
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