6 Comments

  1. $so fresh so clean$ (3 for 3)
    Posted November 27, 2009 at 1:45 pm | Permalink

    Certificate of deposit
    The fee for early withdrawal is 10% plus tax, so you won’t be tempted to do it.

  2. J Mac
    Posted November 27, 2009 at 3:23 pm | Permalink

    Yes a CD or certificate of depost. requires that your money stay in the bank until a predetermined maturity date. The benefit is that CDs typically pay higher interest than general savings account.
    If you withdraw early you will be charged a penalty. Check into that before you sign!
    Lets say you have a 5 year CD (it can be as low as 3 months). If at the end of those 5 years you don’t want to take the money out you can simply renew the CD for another length of time.

  3. Nick
    Posted November 27, 2009 at 7:09 pm | Permalink

    Yup…
    CDs…Certificate of Deposit.
    This is how they work
    You put in a certain amount and get a return of interest. They are locked in for 6 months to a year or more.
    Ex. Put in $1k into a 6 month CD at an annual rate of 3%
    You cannot touch it until 6 months are over at which point you will have $1,015
    Yup…rates are not great now!

  4. Anonymous
    Posted November 27, 2009 at 11:05 pm | Permalink

    yeah, CDs (certificates of deposit) typically pay a higher rate than even the highest savings accounts do. you should be able to get 2.5-3% APY.
    there are penalties for early withdrawals, and you can get them for different amounts of time – 6 months, a year etc.

  5. ☼Astrolo
    Posted November 28, 2009 at 2:12 am | Permalink

    CD’s
    There is a penalty if you do try to withdraw before the term is up.

  6. Alyssa G
    Posted November 28, 2009 at 4:01 am | Permalink

    try CDs. I remember learning about them and I think you get interest on them or something. haha ask your bank

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