Formerly Black Trash
Philosopher, Connoisseur, Future Legend
Like the companies with best interest rates and how much money I would have to invest to get 100k?
Can someone educate me on CD accounts?
- Thread starter Formerly Black Trash
- Start date
Well it is a certificate of deposit end I see a lot of the rates right now at close to 3%.
2.65 was the highest I've seen recently.
So you basically would receive $30 yearly for every $1,000 you deposit.
I doubt you were going to reach $100,000 using this type of investment account you might as well just get a high-yield savings account because if you get a CD I don't think you can touch your money for certain amount of time.
Google "best CD rates NerdWallet" and start there
2.65 was the highest I've seen recently.
So you basically would receive $30 yearly for every $1,000 you deposit.
I doubt you were going to reach $100,000 using this type of investment account you might as well just get a high-yield savings account because if you get a CD I don't think you can touch your money for certain amount of time.
Google "best CD rates NerdWallet" and start there
Freedman
Choppers For Karate Nggas
You let the bank or some financial entity hold your money and in return you earn interest. Usual the longer you let them hold it the more interest you earn. A quick google search said the average interest rate is 3% so if you wanted to earn a 100k in interest you would need to deposit around 3.33 million 
CDs are the poor man's treasury bills
CDs are good for short term savings goals, like you're saving up for a car in the next 6 months and you want to make a little money on it. It's also good if you're a bad saver because you can't touch it once you put it in. It's like the next step above putting money in your mattress.
Surround yourself with more people from the 6 Figs, 6 Certs forum
Safer investment, bullshyt returns, biggest drawback is you can't touch money without penalties and the return is so low, any penalty will kill your investment
Try high yield savings, Roth IRA or money market account instead
Try high yield savings, Roth IRA or money market account instead
the cac mamba
Veteran
i just moved most of my money into CIT Bank online savings account. it's giving a 2.45% return, but you can take your money out if you want. getting a CD for an extra .5% where you cant touch your money isnt worth it, because if you're really looking for returns like that you should get into stocks
It annoys me how rates have gone up for everything else substantially in the past 18 months but CD rates have crept up by only so little.
Right now, my second savings account has the exact same rate as a no-penalty CD, without the requirement of a 25k initial deposit.
About this 20 months ago this would have been an impossible statement
Heafcliffe
Hope there's puddin' in the clink...
At the current CD rates, best you holla at a money market account (i.e. Ally, etc). Allowed 6 withdrawals a month.
Because it has no brick and mortar (less accessibility), you may find that you won't touch it.
Because it has no brick and mortar (less accessibility), you may find that you won't touch it.
Right and I am kind of late to the game but I am making $300 a year from my Discover savings account alone.
I just really got focused financially in the past year or two.
Better late than never
Diondon
Thanks to the lawyers uh, I marbled the foyer
Better interest rates than regular accounts but its far from a lick
Basically use it to put money away you don't wanna touch
Basically use it to put money away you don't wanna touch
CDs are almost pointless unless you have a shyt load of money to put in it, and if you did have a shyt load of money there are way better options than a CD.