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"I will put a minimum of $100 each month into a CD rather than a savings account if 8 other people do the same."

- Posted by Laura LuBahn
on March 20, 2008
Tagged: ,

I realized that my regular savings account is only making me .025% a month, whereas a recent purchase of a short term CD gives 3.5% a month. Each month, I am able to add up to the amount of the initial deposit. When the CD expires, I plan to use some of it for a vacation and then rest will go into another CD. My bank also offers a "Savings for Success" account with an interest rate of 5.37% that I am not allowed to touch for one year, unless I pay penalties to take it out early. I have some cash reserves, but rather than adding to it each month, I will evenly divide my "overflow" between my savings account, "Savings for Success" account, and the CD.

This pact ended at September 20, 2008.

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2 Comments

Laura Lu Bahn
07/02/08 12:18 PM

WAMU - Washington Mutual. I called (to save on gas) several different banks to find out their rates before I decided. Now, I am seeing Bank of America with a couple of good options as well. I hope you decided to do something like this since checking and saving accounts are not great interest bearing accounts. I never thought I was able to put away as much I do for a 401K Roth plan, but found out that I was also able to save about $200+ each month. My accounts are set up autmatically, $50 goes into savings each pay period so that I have easy access to it if I need it. On a monthly basis, $50 goes into my Savings for Success account and $100 into the CD.

Amber
06/27/08 08:22 AM

Which bank is this precisely?

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