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Offlinegluke bastid
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CD vs. online savings?
    #8419595 - 05/19/08 10:25 AM (15 years, 8 months ago)

Right now, CDs and online savings accounts seem to be at about the same interest rates.

So if the interest rate on a CD is the same as a saving account, than is there any incentive to open a CD?


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InvisibleVeritas
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Re: CD vs. online savings? [Re: gluke bastid]
    #8419663 - 05/19/08 10:55 AM (15 years, 8 months ago)

Only if you think that interest rates will go down during the term of your CD. If interest rates go up, you would be better off with a savings account.


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Offlinegluke bastid
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Re: CD vs. online savings? [Re: Veritas]
    #8419677 - 05/19/08 10:59 AM (15 years, 8 months ago)

Ok, that makes sense. Unfortunately I am not market savvy enough to be able to make any interest rate predictions. One day perhaps.


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InvisibleVeritas
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Re: CD vs. online savings? [Re: gluke bastid]
    #8419743 - 05/19/08 11:23 AM (15 years, 8 months ago)

If you have enough to meet the minimum balance requirements, why not do both?  Check with your bank to see if they have any special promotional CD rates, also, as these rates are often .5 to 1 point higher than their advertised rates. 

Online savings accounts are offering the best rates right now. Look for one with a low or no minimum balance requirement to avoid a monthly account fee, as these fees can "erase" your interest. 

I have two accounts with Emigrant Direct for my sons. They are currently earning 2.5% with no minimum balance and no monthly fee.

I also have a statement savings account with WAMU, which is my Rainy Day fund, earning 3.25% with no minimum balance or monthly fees.  I received this special rate because I used their online banking to open a free checking account along with a savings account.  Usually, they pay .25% on their statement savings accounts. :tongue:

Citibank and Capital One both offer high-rate online savings accounts, but I think that Citibank has a minimum balance requirement.


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OfflineRedstorm
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Re: CD vs. online savings? [Re: Veritas]
    #8421304 - 05/19/08 06:56 PM (15 years, 8 months ago)

I have an E*trade savings account that earns 3.something with no minimum balance. I have it linked to my checking account so I can transfer money back and forth as needed.


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Offlinegluke bastid
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Re: CD vs. online savings? [Re: Veritas]
    #8427985 - 05/21/08 09:21 AM (15 years, 8 months ago)

Thanks for your sage advice :money:


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Invisiblepinc
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Re: CD vs. online savings? [Re: gluke bastid]
    #8494648 - 06/06/08 11:30 PM (15 years, 7 months ago)

You can get some CDs that have higher interest rate than saving accounts. Depends on what CD you get, the time you lock your money into one...


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