Re: Agree, consider online savings... - Saab General Bulletin Board - Saabnet.com
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Re: Agree, consider online savings...
Posted by Alf [Email] (more from Alf) on Wed, 16 Jan 2008 16:21:45
In Reply to: Agree, consider online savings..., Craig, Mon, 14 Jan 2008 13:13:19
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Any rate that is not contractual is variable (regular savings and Money Market) and more likely to move quicker with Federal Reserve Board actions on rates. CDs are contractual so your rate is guaranteed for the term. CD rates also move with the direction of the Federal Reserve action but with a 3-4 week lag. With the Fed likely to move rates 1/4 to 1/2 percent downward at their next meeting coming up shortly, you might consider locking your money up in an insured CD now. Credit Unions historically have higher savings rates. Consider the FDIC (Banks)or NCUA (Credit Union) insurance as a safety net. Also, if you are concerned about safety, look at the terms of interest payment. A $100K initial deposit may not return the full value $100K plus interest if the institution you invest in carries insurance to $100K, which is the norm, goes under.
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