I am making my first step beyond a traditional savings account Friday. I am taking $500 in my savings account and putting it into a 3 month CD at 3.75%. I know that does not seem like a lot of money to you diehard savers and I know I can get 5% at an internet bank, but I just have not done enough research on the internet banks to make me happy. I figure this way, I'll have 3 months to research and if I still need more time, I can up it to another 3 months.
Plus, a 3 month CD seems like a good start, it won't tie the money up for too long, and I'll get used to it as being untouchable. Yet, I'll still have $300 instantly available to me in my regular savings account. I don't need this money before April at the earliest, so I think I can safely do this.
This is a very simple step and yet it is so scary to me. Not so scary that I won't do it, though. Hmm, and maybe if I push real hard, I can have another $500 to put into a 3 month CD by January 1st. They don't do $1000 CD's for less than 9 months at this CU, so if I want the money in April, that's the best I can do. But I am happy with the decision.
First Step to Real Savings
August 31st, 2006 at 12:34 am
August 31st, 2006 at 12:54 am 1156985661
August 31st, 2006 at 01:00 am 1156986049
Good luck with your goal of a 2nd CD, sounds like a great goal to me
August 31st, 2006 at 01:47 pm 1157032030
August 31st, 2006 at 06:04 pm 1157047443
http://www.bankdeals.blogspot.com/
August 31st, 2006 at 07:50 pm 1157053830