CD question

[eddymvp]

If I open a CD for $1,000 balance at this rates, how much would I get at the end of the 3 months.

Term ...........APY    Interest Rate  Compounds     Minimum Deposit
3 months.... 1.50 ... 1.50                    Simple             $500.00
6 months.... 1.75     1.75                    Simple             $500.00
9 months.... 2.00     2.00                    Simple            $500.00
12 months.. 2.50     2.47                    Daily               $500.00

[Junejer]

Not enough to make me want to lock up $1000. It's simple interest so $1000 X .015 = $15 / 4 = $3.75

[eddymvp]

Thanks for the reply byrdman

[Anonymous]

You can find HY savings accounts that offer the same or more APR than those and you wont have to tie the $ up.  Shop around.

If you are looking at internet banks just remember the time it may take to get the funds out of an account should you need them for anything.  On top of that, if you wire the funds, the fees to do so might wipe out (or cost more) than the total interest earned.

FYI in the state the economy is is in, don't expect to earn a lot on investments, unless you invest risky.

[Anonymous]

you can open an HSBC savings and get about 3.00 i think..no locking at all

[Anonymous]

Here is a rate calculator. My online savings account at Wamu is 4%.

http://www.bankrate.com/brm/calculators/autos.asp

Message Edited by ilovepizza on 03-20-2008 12:22 AM

[Anonymous]

Good luck getting 3% anywhere after the latest move by the Fed......Prime is now 5.25% and CD rates are mostly under 3%.  Savings are about .5% believe it or not.

[Anonymous]

I've been researching this as well and found a bank in my area that has these rates: (ok, this sucks -- I can't make this look not stupid but here it is anyhow ...

Type and Term Minimum Balance to Earn APY Dividend Rate Annual Percentage Yield

3 month     $500       2.87%        2.90%

6 month     $500       3.11%        3.15%

9 month     $500       3.11%        3.15%

12 month   $500       3.11%        3.15%

http://www.summitcreditunion.com/summit.php?page=20