Bogley

Mtnman1830 · Joined: 28 Feb 2006 Posts: 1128

I am looking at putting some money away (like the 'George W' money) for a trip to Peru next year.

I am looking at putting it in a Dedicated Savings account or a CD.

Is one better than the other? Is there a better option?

Just looking at a 12 month deal, putting $ away monthly, then kicking back on the Inca Trail, Machu Pichu, eating Cuy, enjoying the scenery...

rockgremlin · Joined: 09 Dec 2004 Posts: 3824 Location: Hotel California

mmmmmmmmm Cuy.....tastes like chicken

jumar · Joined: 02 Dec 2005 Posts: 1426 Location: Lehi, UT

I'm no guru, but I like the ING savings account. I get about the same rate as some CD's but it's liquid. I think it's at 3% right now (used to be 4.6% :frustrated: ).
There are probably some other online savings accounts still that are 3% or better. There were some up to 5 and 6% a year or so ago.
I like ING's because I also get interest on my checking account. :2thumbs:
www.ingdirect.com

rockgremlin · Joined: 09 Dec 2004 Posts: 3824 Location: Hotel California

CDs are a pretty good way to go. Pretty decent rates if you're willing to go 5 years or longer. Curious if there's anything out there that offers a higher rate of return, as well as offering the same level of security as a CD. :ne_nau:

FROGGER · Joined: 25 Sep 2007 Posts: 115 Location: Riverton

For the short amount of time we are talking it really does not matter.. If you can trust yourself not to touch it then put it into a savings account.. If you think you will be tempted to touch it, slap it in a CD and know that if you do your going to pay for it...

Iceaxe · Joined: 07 Mar 2005 Posts: 7628 Location: Local Bordello

rockgremlin wrote: CDs are a pretty good way to go. Pretty decent rates if you're willing to go 5 years or longer.

Actually.... short term CD's are paying the highest rate at the moment. a 6 month cd is paying about 1% better then a long term CD.

:cool2:

rockgremlin wrote: Curious if there's anything out there that offers a higher rate of return, as well as offering the same level of security as a CD. :ne_nau:

A money market account is what you would be looking at.... They offer a descent return and the money is liquid.... only down side is they usually have a minimum balance required. The bright side is a lot of Credit Unions offer Money markets with a $2000 minimum balance....

If I were going to stash $2000 bucks away for 6 month's I'd dump it into my Money Market.... but It's no big deal to me since I already have one, it works just like a savings account only with a much better return.

Hope that helps....

:cool2:

rockgremlin · Joined: 09 Dec 2004 Posts: 3824 Location: Hotel California

Iceaxe wrote: Actually.... short term CD's are paying the highest rate at the moment. a 6 month cd is paying about 1% better then a long term CD.

That's interesting...it's just the opposite where I bank. Currently they're offering 3.45% for 12 months, or 3.93% for 5 years.

Iceaxe · Joined: 07 Mar 2005 Posts: 7628 Location: Local Bordello

Last time I checked CD's was mid January so things could have changed some. At the time short term was better then long term.

Here you can shop the top 25 CD rates currently available.
http://cdrates.bankaholic.com/

FWIW: My money market is currently paying 3% and I'm not locked into any time frame. Nice if you want to stay liquid.

And I'm not a financial guru.... but I did stay at a Holiday Inn express last night.

:cool2:

jumar · Joined: 02 Dec 2005 Posts: 1426 Location: Lehi, UT

Iceaxe wrote:
FWIW: My money market is currently paying 3% and I'm not locked into any time frame. Nice if you want to stay liquid.

I would have expected it to be higher than my savings. :2thumbs:

Iceaxe · Joined: 07 Mar 2005 Posts: 7628 Location: Local Bordello

jumar wrote: I would have expected it to be higher than my savings.

Hey.... I'm good at making money.... but I never said I was any good at investing or holding on to it. :lol8:

Hell.... I spent 80% of my last pay check on strippers, booze and parties, the other 20% I just wasted.....

:five:

savanna3313 · Posted: Fri Apr 18, 2008 12:00 pm Post subject:

Your time frame for when you need your money is key for a decision. Check to make sure you don't have any withdrawal penalties wherever you decide to place your money. It could wipe out a huge portion of the interest earned.

James_B_Wads2000 · Posted: Sun Apr 20, 2008 3:49 pm Post subject:

Speaking of gurus, can someone explain/manage my 401(k) for me?

James

DiscGo · Joined: 07 Nov 2006 Posts: 3140 Location: Orem, Utah

As far as a good stock tip goes, I just heard that a company called SUNOVIA is supposed to do very well and is only 50 cents a share right now. I invested a couple of hundred dollars just in case, and I thought I would pass that on.

rockgremlin · Joined: 09 Dec 2004 Posts: 3824 Location: Hotel California

James_B_Wads2000 wrote: Speaking of gurus, can someone explain/manage my 401(k) for me?

James

That's what the HR person at your place of employment is for.

DiscGo · Joined: 07 Nov 2006 Posts: 3140 Location: Orem, Utah

James_B_Wads2000 wrote: Speaking of gurus, can someone explain/manage my 401(k) for me?

James, I struggle with my own financial security for retirement, so I just could not possibly be equal to the task of trying to manage yours. Sorry friend.