Anybody own CDs? (Certificates of Deposit)?

[(--LazerScope-->>]

Been looking into this lately. Unsure if it's a wise investment for now.

Anybody own any? What kind of rate is usually offered? Should I obtain them through my bank, or some better institution with a higher rate of return?

[KRUMB]

lol not the cd's I was thinking of , I personally don't checking account is all.

[Sosa]

I do...on ING Direct....

The interest rate depends on how long you choose to keep it in CD....the longer the time, the higher the interest rate...you can usually find them for 4.5%-5% if you get a 3-5 year CD...

[(--LazerScope-->>]

^^^oh, good looking. I'll check it out.

BTW, is there a limit to how much you can put into a CD? What about penalties?

[Sosa]

idk about limits...there is a penalty if you withdraw it early though

[ElCount]

Yeah pretty much don't put shit into CD's if it's money you might need to take out within the term of the CD (6 months, 1 year, 2 years, etc...) because you get punished for it.

I usually see CD's around 4%.

As for whether it's a good investment, I don't think it's good at all. But it is better than a low yield savings account or keeping your money under the mattress.

[Sosa]

CD are good if you have alot of extra money and you dont want to take a big risk....money that you dont need anytime soon...getting a CD is playing it safe, its a good investment option if you have alot of money because the % is pretty low considering other options you have.

[Zaleel Larka]

In the current economic situation I would suggest you keep all your money liquid....meaning dont commit to any short or long term CDs.....u r better off putting that money in a savings account which yields 2-3% but atleast you can take it otu wheenever you want to.

[Luse_Fiasco]

short term debts have less interest security risk than long term debts

lets be clear on the situation now

if u put money on a CD, its good if you have a lot of money on the side, if u put some away on a CD until it matures then its a good investment

[Zaleel Larka]

you have to do the math yourself...for example right now i have half of my savings in the stock market and the rest in an ING account.....im not into CDs cuz i hate that 4-5% yield....id rather buy and sell shit to double up my money....ive done that....I use to buy shit online for lets say 100 and sell it on craigslist for 150+ and make 50% in one go.....but if u have a lot of money and dono what to do with it then yeah put it in a CD.

[Luse_Fiasco]

yea but most people dont have the same mentality to flip money like that on craigslist or ebay or some other forum...u know what im saying?

[Zaleel Larka]

to tell u the truth though.....too many banks offer you the same interest rate a CD would get you....so look around to seee which bank would be good for what you are looking for.