Help Your Savings Grow With CD's

If you have money in an ordinary statement or passbook savings account, you are probably getting about 3% less then if you put in CD's (certificate of deposits). CD's range from 6 month to years so get one that fits your needs and you'll be making more money each month in interest.

By Carol from Massachusetts

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June 5, 20070 found this helpful

CD's were a big help to me, I opened one whenever I could and had a string of them going. My passbook savings account was too easy to raid! so the CD's came in handy when I found a house to buy, they were the down payment! Great tip.

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June 5, 20070 found this helpful

Online bank savings accounts also have competitive interest rates. Usually the rates are just as good as CDs but it works like a regular savings account so there's no penalty if you have to take the money out early and you can put in any amount at any time. hsbcdirect.com is the one I have used for the past few years.

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June 5, 20070 found this helpful

You might also look into moving your savings into PayPal, which is currently paying 5.04% and your money is avaialble immediately if needed. Also, ING Direct is paying similar interest rates, with the same availability.

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June 6, 20070 found this helpful

oops

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June 6, 20070 found this helpful

Pentagon Federal Credit Union gives great interest rates (over 6% quite often). You can join Pentagon Federal by joining an orgnization for 1 year (costs $25 and you will make that up in interest in no time). Once you have a Pentagon Federal account you can add IRAs or CDs without having to renew that organization membership. All the info is on their website.

https://www.penfed.org/index.asp

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