Summer Money Forum

[0L Hoping for 1]

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?

[MrPapagiorgio]

Just throw it in a savings account.

[dingbat]

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)

[Mr. Pancakes]

http://www.bankrate.com

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

[MrPapagiorgio]

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]

Gamble.

[Mr. Pancakes]

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]

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

[EdgarWinter]

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