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chello | CD or Money Market Account? |
I have $1500 I would like to invest becasue right now it's sitting in a basic savings account. but i don't want to do any risky investments until i have a lot of cushion money saved up (in case i lost money)
Anyway, which is best for this amount of cash.
If i got a CD I'd probabaly pick a maturation period of 2-3 yrs. (I know...that's nothing.)
your thoughts.
Additional Details
do money market accounts and CDs earn the same amount of interest? |
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Chad
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Neither, go with a high yield online savings account from one of the following:
INGDirect.com
EmigrantDirect.com
HSBCDirect.com
You will get similar returns without all the restrictions on your money. Plus they are FDIC insured. |
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jon b
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If you truly don't need the money for several years, in most cases the interest on a CD is higher than offered on a money market and I would suggest it goes there. That being said, the difference in your return is $15 per percent difference per year, so if you got a 3% money market versus a 4% CD, and the interest is taxable, then your net realized difference is about $11. To me, the liquidity of the money market is worth that.
I suggest looking at accounts at online banks for savings since their lower overhead allows them to pay customers more in interest. Also, I tend to have less of an impulse to spend if I have to wait two days to get the money back to me. |
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Anti_Censorship
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CDs usually pay less because they are FDIC Insured. Money markets pay more but if the company goes out of business, you lose your money. |
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$so fresh so clean$
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A money market account would probably yield a bit more, but researching online would get you better yields. |
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bullet b
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heh.. its the worst times to hold currencies as all commodities have been increasing in price other than currency. the currency sector is down the poop hole. too much supply. |
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Brian S
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My suggestion is to look online to find some of the higher yielding money market accounts. There are a couple listed on Bankrate.com that are more than 5% even after the latest shock to interest rates. The yield curve is so flat right now that there is not that much benefit in losing your liquidity to a longer term investment. If you do have a longer term goal with the money, you should always consider making an IRA contribution with it first to get the immediate tax relief but that does depend on your income level. |
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Doc
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I am assuming the $1,500 is most of your savings. If so, I would put the money in a CD. Because interest rates are volatile right now, I would only use a one year CD and no longer. Your money will not be accessible unless you pay a penalty, however, if you get desperate you can always borrow against the CD. After one year you can look at the market again. In the mean time, you can build back your savings while the CD is maturing. Then at the end of one year, you may have enough cash to continue with your CD and also obtain a money market account. It's always best to be versatile. |
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Angie
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You really need to evaluate whether or not you'll need those funds at all over the next 2-3 years. If you don't, putting it in a CD is not a bad idea. However, if there's a chance that you might need the money to be more accessible, then the money market would be a better bet. |
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