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First Step to Real Savings

August 30th, 2006 at 05:34 pm

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.

5 Responses to “First Step to Real Savings”

  1. LuxLiving Says:

    Yeah Lucky Robin - that's how the waltz begins...one slow step at a time! You must be so proud of yourself! Ta-da! You're Doing It!!!

  2. shadon Says:

    The most important thing is that you do what you feel comfortable with regardless of interest rates or anything else Smile
    Good luck with your goal of a 2nd CD, sounds like a great goal to me Smile

  3. ima saver Says:

    Good for you robin!

  4. LdyFaile Says:

    I understand your hesitance with Internet banks. I've been really pleased with ING, and yes I know there are better rates out there but once I get all set up with something I'm not prone to change unless it's a really really really good deal. But I did find this the other day that might be of interest to you:

    http://www.bankdeals.blogspot.com/

  5. homebody Says:

    Our local Washington Mutual (don't know if it is national or not) is running a great rate for a year 5.75, must be $1000.00 and must be "new money", like from another bank account.

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