Question:

Putting money into a cd.?

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i want to put money in a Cd. I dont know anything about this and was wondering if some one can explain it. My banks currently is Wachovia and commerce. Commerce is a bank i just keep money into a savings account i dont want to spend but the interest is wack i think .25% . And wachovia i keep all my money in and that is a checking account. I want to manage my money, plus i am about to have a baby. I want to put like maybe 3.000 in a cd for like 3 months so i can have my money for me after my son is born he is due in 10 days. whats the interest? how do i do that? please help some tips on managing money.

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  1. I do not want you to get discouraged but keep your money in the checking account for now. It would tie it up for three months and if you needed it you would be charged a surcharge to get it out. With the baby coming it is not the time to be close on money. The best place to start managing money is with a budget not with a bank.


  2. If you think that you may need the money before the three months is up, you can go to Bank of America and get a "Risk Free" CD.  That CD has no interest penalty if you need to take the money out early. If you just go down to the bank and speak to one of the new accounts people at the desks, they will be happy to help you.

  3. The longer your CD is , the better interest rate.  Also, higher interest rates are offered on larger amounts as well.  Check online to see what banks are offering.  I am not sure if a three month CD is available.  The shorter time I've seen is six months. Check out a money market account.

  4. CDs suck basically, i had $10,000 in a CD for 8 months and made 300 bucks, and that was at the highest interest my bank (Bank of America) was offering. And thats 300 in total, not 300 every month, it was a waste of time. I'd say look into something else. or a really long term CD

  5. I have a CD. And you need to go and sit down with someone at your bank to set up one. There is a certant minimum amount you need to put in and you need to keep it in your CD for the amount of time you choose. There are different amounts of time you can choose to keep the money in it and each amount of time has a different percentage. I hope this helped. Good luck

  6. Rather than putting money in a CD, why not put it in an Online Savings Account.  They have similar rates as CDs and some even better!  The ability to withdraw or deposit extra money at any time without any penalties is an added bonus.  Check out HSBC rates

    https://www.us.hsbc.com/1/2/3/personal/s...

    might also want to check with ING and Washington Mutual.  I heard they also have good rates for online savings.  But you can do a web search for "Online Savings" to compare multiple rates.

  7. Emergency money shoudl be easy to access.  A bank account is the correct place for this.

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