Will it hurt my credit score to apply for CDs and a savings account around the same time?

[Anonymous]

In general, do banks conduct a hard pull when we apply for CDS, money market funds and savings accounts?

I want a start a CD and a new savings account with higher yield asap.

I'm pretty disciplined financially, but I don't know enough as I should. I've been trying to research it but no clear answers came up.

I just got approved for a new credit card and the bank did a hard pull on all three bureaus. I still have a pretty good credit score for my age.

Should I wait a little while? What would be a good strategy?

I'm probably going to use a different bank for each one.

[Anonymous]

Most banks only pull ChexSystems when you open a new account. Very few hard pull one of the three CRA's.

[Anonymous]

Thanks. I'll call and ask. The bank I'm interested supposedly does a hard pull.

[Revelate]

I wouldn't buy a CD now under any circumstances, not even a short-term one.  Rates will almost assuredly be going upwards and still suck currently for CD's anyway, and locking yourself into a fixed interest rate that will have a penalty to cancel early, bad mojo.  Stick money elsewhere, least savings account is liquid in this case.

[Anonymous]

I agree with Revelate.  Look carefully at some online banks who will likely give you a very conparable rate while not requiring you to lock it in.  GECB is one option:

https://www.gecapitalbank.com/en.html

[CreditDunce]

If we are talking about CapitalOne, I would agree with the others that CDs are not a good idea.  They will not HP your credit to open the CD, but their rates aren't that great.  Their savings rate (0.75%) is ok if you want to stick with one bank.   Or even good if you count the sign up bonus for the first year (it is up to $500 for 50k deposit after 90 days).  .  But the ongoing interest rate is easily beat with Ally, Amex, Discover, Synchrony, etc.  Not to mention CCU if you are willing to go through the various hoops. 

But there is nothing wrong with starting a CD ladder now.  You can find CDs that are paying a little bit more than a savings account.   Next year you add more CDs at a higher rate, etc.  Over time, your average return will be higher than keeping it in a savings account.   However, I would probably max out my I-Bonds first.  Plus, I would think about muni bonds or even normal bonds depending on your tax situation.

[Anonymous]

What's clear is that you have some extra money and you'd like to see it being more productive than it would be in a run of the mill savings account.  (Which earn virtually no interest.)

You can get better advice (here and elsewhere) if you answer a few more questions:

   * How much money are you (currently) talking about?

   * Do you see yourself having more cash like this every year?  If so how much?

   * Do you see yourself saving up toward a goal in the short to medium term, where you will need to withdraw and spend the cash?  (Examples would be saving toward buying a car or a down payment on a house.)

   * Or (by way of contrast) would you be comfortable locking up some or all of it for a decage or more, for a long term goal like retiirement?

   * Do you currently have a Roth IRA set up?  If so have you made your maximum contribution for this year?

You may have just wanted a very specific "hard pull" question answered.  Which is fine.  But writing down the answers to these questions -- at least for yourself -- might help you make the best choice.  There are many options besides a CD, but there's no good way to know what option is best for you without answering these kinds of questions first.  Web forums like the Bogleheads have a lot of people who are eager to help people like you make the best choice for yourself.