A cd is a certificate of deposit. It refers to money you have given to a bank for a certain amount of time in order to get a good interest rate. The problem with these is you cannot touch the money until the time is up or you will be charged a fee.
For a good savings account I would check out FNBO Direct.com. I just opened one recently and I am definitely satisfied because I am getting 3.5%. Hope I helped.
Related posts:
- With The Economy In Its Bad State And All, What Would Be A Good Bank To Open A Savings/checking Account?
- If You Know You Are Getting Laid Off, Is It A Good Idea To Use Your Savings To Pay Off Your Current Bills?
- What Is The Current Minium Interest Rate Available For A Savings Account?
- What Do You Mean By Current Account And Savings Account In A Bank?
- What Is The Best And Safest Savings Account In The Current Uk Market?
As long as you don’t have more than $100,000 in one account, it doesn’t matter. The FDIC insures your savings up to that amount – although I think the amount was increased by the bailout bill. That being said, ING offers a really good interest rate – much higher than you’d get on a regular savings account at a bank.
The FDIC insures up to $250,000 and that is per individual per accounts at a bank. No matter savings how much you have in CD’s or any account that one bank. Up to $250,000.00 since the $700 billion bail out passed on Friday.
If you have more than $250,000. Break up your funds into different banks. A CD is a great way to grow your money. All of Capital One accounts grow interest. A great bank to bank with. Checking & Saving are interest bearing accounts.
Good luck!
Buy gold silver while you still can… this is true money. Dont be fooled by the media. Where in a dollar crises… also, inflation is skyrocketing.. if your CD gives you 3% at best and inflation is probably 8-9% (government says its much lower) then you are losing purchasing power… which means you lost money.
CD
you won’t earn a huge interest rate, but it’s safer than most money markets and mutual funds right now