I am seeing online savings account at around 3.2%. I’m seeing CDs between 3.5-4.5% for 8-12 months. And what amount and length would you consider a CD? Best to forgo the higher interest rate with a CD and just do an online savings account for the flexibility of not being tied to a particular time period?
> At what rate and what length would you do a CD?
For as long as Treasury bill of the same length pays more and is state tax exempt, never.
* 4.84% for half year
* 4.77% for 1 year
If you’re absolutely sure you won’t need the money in 8-12 months, CD. Otherwise savings.
How much money are we talking? 4.5% is 40% more money vs 3.2%. But this means a lot less if you’re going from $5/mo interest income to $7/mo.
Think about the $ difference and ask yourself if you’re willing to pay that premium for flexibility. $2 difference? I’d do the HYSA. $200? I’d do the CD.
Check out the Amex high savings yield account.
– its NEVER a choice of one or the other. You can have a high apr paying savings as well as CDs. Currently I use Capital One for both, Getting 3+% on savings and 4% on 12month CDs. In a perfect scenario I would do a ladder approach so I have options available all the time with CD renewals
Fidelity has 1 month CDs in the 4% range. Higher for 2 or 3 month.
Depends. If you are ignoring your Roth, I would buy some stocks with that. Everything is on sale right, now. History has told us the return will be fairly large. Plus, you can get dividends. You’ll end up paying taxes on your CD interest. Pocketing ~3% is not the best use of your money. I wouldn’t consider a CD unless it was at least 7%. Even then, still probably not.
An alternative to HYSAs and CDs are money market mutual funds (MMMFs). They do not lock you in to a time period, and are quicker to respond to rising interest rates (such as now), and at present are yielding more than HYSAs. You buy into an MMMF, and if you want the money, you sell some shares, and the cash is available the next day. An example is SWVXX, currently yielding 4.27%. Other examples are SPRXX and VFMXX.
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