I have $2000 in my savings account? Should I put it into a cd?

Question

What type of CD should I look for. I shouldn't need the money for a least 6 months? Do you want to get a shorter term cd or a longer one? Should I use my bank (US Bank) or shop around? Any advice or references would be appreciated. thanks.

Answer 1

If you absolutely do not need the money for 6 months then I'd put it in a CD if the interest rate is better than your savings account's percentage. Definitely shop around for the best rate.

Answer 2

CDs don't stay up with inflation, especially small ones. Find a good mutual fund company with no-load funds and start a savings program. In six months, try to have saved up another two thousand which you are anticipating a need. With your short term cd, all you are doing is letting your bank loan your money to some other person, make money on your money, and give you a small amount of taxable income to report next year.

Answer 3

You can compare the CD rates at:

http://www.bankrate.com/brm/default.asp

A good method is to try CD Ladddering:
With CD laddering, you buy a number of CDs for different terms. For example, if you have $10,000 to invest and need access to $2000 every year, you buy 5 $2000 CDs, with terms of one, two, three, four and five years. When your 1-year CD matures, you roll it over into a 5-year CD, and so on. This way, you get most of your money in higher-yielding CDs, but every year one CD matures, so you have access to part of your investment.

You can adjust the amount to your situation.

Answer 4

Put it into treasurydirect.gov (us savings bond). put it into the 3 months bonds and you get the best rate and dont pay state/local taxes. Plus backed by the US govt.

Also wait till the next fed meeting, which I think is next week.

Answer 5

you're able to desire to renowned in the journey that your state has an "anti-deficiency statute". In California, whilst a house is offered at a foreclosures sale, the quantity of funds it quite is "undesirable" from the quantity owed, is, extremely, "knocked out". the former house proprietor isn't answerable for the deficiency. now and returned the 2d have faith deed would be thoroughly knocked out and get not something. there is an exception if, case in point, there's a 2d have faith deed that took funds out. in spite of the shown fact that, even then, there remains a criminal technique in the previous each and every guy or woman can get something. A lender might might desire to report a lawsuit, get a judgment, get a judgment lien and restore your cash interior the financial business enterprise. In different words, there gained’t be any surprises. basically the government can ask your self you by using taking money without word. :-) as quickly as the valuables is offered at public sale the hot proprietor might grant your cash to circulate voluntarily. this could be as much as $5,000 - relies upon on the value of your place and how undesirable they desire you out without needing to circulate to court docket. in the event that they don't grant your cash, advise them of your desire to circulate as quickly as achieveable yet you like additional funds. in the event that they don't grant your cash to circulate, it quite is an rather clever expectation - to get a minimum of something - then they supplies you a word to vacate - report an unlawful detainer (eviction) and circulate to court docket. once you get served the summons and criticism for the unlawful detainer - answer IT - you have basically 5 days - i don't comprehend approximately the place you're - yet - in case you report an answer (a style which you will discover on line) it supplies you greater time in the previous attempt to be out of your place. you're able to as properly have the skill to get an extension on the court docket date in case you like greater time.

Answer 6

check out www.ingdirect.com

i think putting it into a cd will yield higher %

Answer 7

$2,000, that is all? I doubt I'd go through such trouble for weekend spending money.

Answer 8

video cd..lol .. :D for 2pts..