cd accounts or regular savings etc
2007-03-22 06:50:21 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
It depends on how much money you are talking about. Most CD's have minimum purchase requiremenst, so if you have $2500 and you wont need access to it for at least 3 months, A CD is probably best. If you have say $50-$200 dollars a week, save that is a savings account until it accumultaes, then you can buy a CD with it.
If you are talking about saving $25-$50 at a time, another option is US SAVINGS bonds, available at any bank.
Good Luck!
2007-03-25 05:05:37 · answer #1 · answered by myfinancialmentor.com 2 · 0⤊ 0⤋
Neither is a great way to get a return on the investments but the main difference is accessibility to the funds. A savings account is a good place to put money you may need access to for emergencies, or for short term savings for a vacation or Christmas. A CD has a set term that you can not withdraw from without penalty. The longer the term of the CD the better the rate you get.
For long term savings, you want to look at money markets or Roth IRA.
Check with your local bank about speaking with a financial planner or personal banker. Most offer them free to their customers and they can talk to you in depth about your personal financial goals.
2007-03-22 13:58:06 · answer #2 · answered by Jennifer W 1 · 0⤊ 0⤋
You should put as much as you can into a CD and leave just enough liquid cash in a regular savings for emergencies. ING direct has online accounts with some of the higher rates. If you wanted to bank in real time, credit unions usually offer the best rates.
2007-03-22 13:54:53 · answer #3 · answered by jenzee 2 · 0⤊ 0⤋
It depends on how liquid you need the money to be. CDs usually pay higher interest rates, but your money is tied up until the CD matures (or you risk paying a penalty). If you need to have access to the funds, look into online savings accounts with reputable banks. They pay higher interests rates than storefront banks, and you have easy access to your funds via electronic transfer when you need them.
2007-03-22 13:57:02 · answer #4 · answered by yet_another_realist 3 · 0⤊ 0⤋
The truly best way to save money - not to spend money!!
:)
Secondly, putting it into something that isn't easy to take out - like real estate.
2007-03-22 13:58:14 · answer #5 · answered by Loulabelle 4 · 1⤊ 1⤋
REGULAR
2007-03-22 13:57:35 · answer #6 · answered by blah 2 · 0⤊ 0⤋