Summer Money

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
0L Hoping for 1
Posts: 1325
Joined: Sun Jan 25, 2009 9:36 pm

Summer Money

Postby 0L Hoping for 1 » Wed Apr 04, 2012 8:42 pm

I am planning on working 16 weeks this summer at a firm and then using that money for living expenses next year. I was wondering what people's thoughts were on what I should do with the money until I use it, just throw it in a savings account?

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MrPapagiorgio
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Joined: Sat Feb 13, 2010 2:36 am

Re: Summer Money

Postby MrPapagiorgio » Wed Apr 04, 2012 8:44 pm

0L Hoping for 1 wrote:Just throw it in a savings account.

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dingbat
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Joined: Wed Jan 11, 2012 9:12 pm

Re: Summer Money

Postby dingbat » Wed Apr 04, 2012 9:15 pm

Certificate of Deposit.
It'll pay slightly higher rates than a savings account. you can buy 1, 3, 6, 9 or 12 months (or a combination thereof). The longer the term, the higher the rate (it'll be low regardless, but slightly less low)

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Mr. Pancakes
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Joined: Thu Nov 24, 2011 1:11 pm

Re: Summer Money

Postby Mr. Pancakes » Wed Apr 04, 2012 9:16 pm

http://www.bankrate.com

on this website you can research money market, cd, savings, and checking accounts with the best interest rates.

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MrPapagiorgio
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Joined: Sat Feb 13, 2010 2:36 am

Re: Summer Money

Postby MrPapagiorgio » Wed Apr 04, 2012 9:19 pm

dingbat wrote:Certificate of Deposit.
It'll pay slightly higher rates than a savings account. you can buy 1, 3, 6, 9 or 12 months (or a combination thereof). The longer the term, the higher the rate (it'll be low regardless, but slightly less low)

CD rates, especially those less than one year, are absolute shit right now. And the ones that are halfway decent for the current rates requires absurd deposits. Not even worth tying up the money for a few months. I remember getting 3 to 5 percent on a 9 month CD 5 years ago. I miss those days.

shoeshine
Posts: 1241
Joined: Wed May 04, 2011 10:58 pm

Re: Summer Money

Postby shoeshine » Wed Apr 04, 2012 9:24 pm

Gamble.

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Mr. Pancakes
Posts: 1234
Joined: Thu Nov 24, 2011 1:11 pm

Re: Summer Money

Postby Mr. Pancakes » Wed Apr 04, 2012 9:34 pm

ever bank has a money market account that will give you 1% interest. that's really the best you are going to in terms of interest bearing products that will keep your money liquid.

This place gives you a one year CD for 1.08%
--LinkRemoved--

Ally bank has a checking account that will give 1% interest as well.

All of these aren't great

If I were you I would play around on http://www.bankrate.com

0L Hoping for 1
Posts: 1325
Joined: Sun Jan 25, 2009 9:36 pm

Re: Summer Money

Postby 0L Hoping for 1 » Thu Apr 05, 2012 12:52 am

Thanks guys, i didn't realize how terrible the interest rates were all around.

EdgarWinter
Posts: 160
Joined: Tue Oct 25, 2011 7:47 pm

Re: Summer Money

Postby EdgarWinter » Fri Apr 06, 2012 11:43 am

.




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