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Is there any down sides to getting a cd (bank)?
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Is there any down sides to getting a cd (bank)?
I have some money that I won't need to use until next year and looked into cd's at my credit union. The interest is over 5% compared to leaving the money in the bank at 1%.
Is there any cons to doing this?
Thanks!
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Posted 1/22/07 4:24 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is there any down sides to getting a cd (bank)?
just that you can't access the money if you should need it w/o pentaly
citi bank has a 5% savings account
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| Posted 1/22/07 4:25 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Is there any down sides to getting a cd (bank)?
the only con is if you do need the money - there is a fee to pull it out. But you can withdraw the interest at no charge.
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| Posted 1/22/07 4:25 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Is there any down sides to getting a cd (bank)?
Thanks. No, I will not need it until next tax season, 2008 to pay some taxes.
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| Posted 1/22/07 4:26 PM |
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Nicole728
My Happy Girl
Member since 7/06 8198 total posts
Name:
Me
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Re: Is there any down sides to getting a cd (bank)?
if you want you could put it into a high yield savings acct, that way its liquid and if you NEED it you have access to it. I think ING is 4.5 %
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| Posted 1/22/07 4:27 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Is there any down sides to getting a cd (bank)?
Posted by Nicole728
if you want you could put it into a high yield savings acct, that way its liquid and if you NEED it you have access to it. I think ING is 4.5 %
Thanks. I will not need it though until next year for taxes. It is money that I will owe next year.
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| Posted 1/22/07 6:00 PM |
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