community

all boards

my blog

my photos

The Ultimate Guide to "Happily Ever After"

Newlywed Handbook
Order The Nest Newlywed Handbook.


< Previous topic | Next topic >

All Boards > Money Matters

Sort:
08-27-2008 at 12:42 PM
KatieMc40
Not Ranked
Joined on 07-25-2008
Baltimore
29 Posts
818 Points
KatieMc40 is not online. Last active: 10-11-2008, 7:45 PMNewbie

CDs- worthwhile?

DH and I are simultaneously building an e-fund and saving for a house down payment. We were considering putting the down payment money into a CD because we're not planning on buying a home for at least 2 years. But when I checked the interest rates, I learned that a 12 month CD's interest rate was only a smidgen higher than my high-interest savings account. Do any of you keep money in a CD? Do you think it's worth it?
 
Report
Reply Quote
08-27-2008 at 12:45 PM
brideofaussie
Not Ranked
Joined on 09-04-2002
Pittsburgh
2,020 Posts
39,848 Points
brideofaussie is not online. Last active: 12-04-2008, 3:26 PMSilver

Make sure you check with different banks.  We found some significant differences between banks.

We are in a similar situation (needing to park downpayment money for a while) and we put half in a 6 mo. and half in a 12 mo. 










We have a future olympic gymnast on our hands. Knees to nose, feet above head. OR a yogi. That looks like a pretty good plow to me.

In contrast to earlier times, our state now recognizes that an individual's capacity to establish a loving and long-term committed relationship with another person and responsibly to care for and raise children does not depend upon the individual's sexual orientation.

California Supreme Court Chief Justice Ronald George 
Report
Reply Quote
08-27-2008 at 12:51 PM
Mrs.Webster
Not Ranked
Joined on 06-10-2006
Kansas City and Zurich Switzerland
340 Posts
6,493 Points
Mrs.Webster is not online. Last active: 12-03-2008, 9:47 AMNewbie

IMO interest rates will only start to go up. If you're locked into a CD you will be 'losing interest'. I suggest an online savings account and/or CD. I switch my money around every 8-9 months and right now my money is in Countrywide Bank earning 3.5% or you can get an ING 12 month CD for 4%...but IMO having it in a savings account is a better bet right now.

Check out my Real Estate website

or my personal blog

and don't forget KC's Young Professional Networking Society 
Report
Reply Quote
08-27-2008 at 2:56 PM
njmdguy
Not Ranked
Joined on 06-28-2007
281 Posts
5,953 Points
njmdguy is not online. Last active: 12-03-2008, 3:04 PMNewbie
We started using CD's to stash money away only because it makes the money harder to access. I know we may "lose" some interest, but I think the built-in discipline is good for me.
 
Report
Reply Quote
08-27-2008 at 5:20 PM
CurbsideProphet
Top 200 Contributor
Joined on 06-19-2004
NC
3,617 Posts
68,491 Points
CurbsideProphet is online. Last active: 12-04-2008, 7:34 PMSilver
with a CD you will lock in the rate for the term of the CD. This can be good or bad depending on if rates are going up or down. You could ladder the money into multiple cds.



Knot Bio 
Report
Reply Quote
09-04-2008 at 4:43 PM
christinandbrad
Not Ranked
Joined on 04-03-2008
1 Posts
15 Points
christinandbrad is not online. Last active: 11-13-2008, 5:26 PMNewbie
Try a credit union. Their rates are much higher than banks and you don't have to worry about all the extra fees!
 
Report
Reply Quote

search boards

choose another board

hot topics

Choose a market:
Insurance & Financial Services

>> Liberty Mutual - Dana Temple [Baltimore]
Chances are, Liberty Mutual may be able to offer you more savings and benefits than

>> H.E. Freeman Enterprises, LLC [Dc Area]
H.E. Freeman Enterprises in Bethesda caters to couples just like you. H.E. Freeman

Mortgages & Banks

>> California Community Credit Union [Northern California]
We have been serving our community since 1939. Our service goes beyond savings and

Legal Services

>> Davis & Millard, Llc [Atlanta]
Moving on means never having to talk to your mother-in-law again! Davis & Millard,

>> See resources in another market

SPONSORED LINKS