CDS / Questions - HELP!?

Question

I am going to be opening a CD account, what should I look for any suggestions? I looked online and found Bank of America , they offer a High risk account however, it looks like it will only compound 85.00? Why would I wait 9months after investing 5,000 for 85.00? Am I not calculating right? HELP! I am a communications art major - I like colors and words LOL

Answer 1

High risk account  earning 2.27% APR???? Wow!

You really don't have to wait 9 months after investing 5,000 for $85 :-)

My grandmother is very conservative with investing. She puts all her money in the high yielding bank account at 12% apr paid monthly (1% every month) though I offered her many times to invest with me in business at 40% per year.

You deserve something better. Email me at: pupking(at)luckymail(dot)com for a professional advice.

I wish you success!

Answer 2

That's equivalent to a 1.7% return (85/5000) which is less than you would earn by choosing an online savings account like INGDirect.com which currently offers 3.00% APY, almost twice as much and with total liquidity. There is a 2-3 day processing time to make transfers to/from your current checking account, but its not an account you would use to withdrawal money for clubbing. There is no minimum balances and no minimum to open. It's also FDIC insured.