How much can I make on a Certifacate of Deposit?

Question

If I put in like 1000 dollars for two years how much can I make. Are banks the way to go. I heard there are other ways to make better money on CD's . Ar certificates of deposits even that good.

Answer 1

They are going about 3% now days

Answer 2

I'd not do CDs at this time since the rate is so low. You can open an account with ING. Their rate is 3% for regular savings account. Why lock your money in a low CD account. They even give you $25 bonus if you open it with $250+.

http://home.ingdirect.com/promo/promo_se...

Answer 3

Try this website and the ad links on it. It will tell you all that you wish to know about CDs

http://www.financecd.blogspot.com

Answer 4

Not too much.  Usually a little bit more than your savings account.

Answer 5

Truly, everyone has been right. Interest rates are pretty low to lock your hard earned money in. If you find better interest rates later, you either have to suffer watching those rates pass by or pull out your low rate CD and suffer a great penalty. Online savings accounts are the way to go as stated above. I am personally with hsbc for my online saving (nothing else with them). I chose them because they give you a free ATM card for the account as well. That is nice for 'emergency' situations, and do not take a couple of days that a bank to bank transfer would consume.

Still if you are very curious as to what a CD would bring you......just check out a bank website. Most banks have an interest calculator. Check rates every Wednesday for updated info as they change weekly.