Expert advice on CD programs needed

**Scribes** · April 23rd, 2008, 04:06 PM

Hello. I'm about to start a freelance project which will pay a nice monthly income for us. My question is on CDs. Can I get started with $1,000 and slowly add funds into it every month? Are there recommended programs I can get started in? I want to make as much money with the money I deposit that I can. :-)

**smcc** · April 23rd, 2008, 06:41 PM

Good evening Scribes. Now Eric can correct me here if I'm wrong but if you open a basic CD for whatever the time may be, i.e. 6, 12, 18 months, you can't add money to the CD on its way to maturity. Now once it matures, you can add to it and go for another term. Problem is Scribes as the Federal Reserve makes it easier for the banks to borrow money, the banks in turn pay less on the CD's. Have you thought about Savings Bonds, Money Market Accounts, or other low risk ventures? You don't speak about how much risk your willing to take with your money

**alpha** · April 23rd, 2008, 07:02 PM

Hi
I've seen ads for CD's that you could add to -- but it's not the usual way. They make a big deal about it when they do run one that you can put additional money in. Usually it's only a specific amount though. If you want to be adding money over a period of time, I'd try a money market or maybe even a savings account with a high rate.

**hjm331** · April 23rd, 2008, 08:04 PM

It really depends on the agreement at the time of signing up. Different banks offer different types of CD accounts. Some banks allow you to open a CD $1k or $2k and some require more. They also state the amount of time your money will have to stay in your account. Usually, the longer your money stays in your CD, the higher the interest rate the bank will offer you.

Here's an example of a short term, low interest rate CD:

http://www.bankofamerica.com/deposit...=cd_investment

**stiletto** · April 23rd, 2008, 09:28 PM

I actually have a CD with Wachovia that I add to on a monthly basis. I started out with $1000 and I add $150 to it every month. This is what I am using for my long term savings. I have had this CD for 2 years now. Also, ING did have a CD that you could add to each month. If you can't find a CD, I would consider a on-line savings account. They are paying alot more than a bank savings. I have one with HSBC and it is doing fine compared to the one that I have at my bank. Just a thought.

**hjm331** · April 23rd, 2008, 09:50 PM

HSBC paying up?

No way!

**Scribes** · April 24th, 2008, 05:48 AM

Thanks. What I'd really love to do is add $1,000 or so a month into one tight program that will make me the most on my return. I heard CDs were a good way to go, but after some research I was also looking at hedge funds. Some hedge funds you can join for $500 to $1,000 starting. Of course, the more you put in, the more you get out.

**Eldarwen** · June 2nd, 2008, 09:21 AM

I am thinking about getting a CD. I was looking at certian banks and the requirements and interest rate. The smallest amount that I could put into a CD was $1,000, the next was $2,000.

**rwmtd** · July 29th, 2008, 08:45 PM

Originally Posted by Eldarwen

I am thinking about getting a CD. I was looking at certian banks and the requirements and interest rate. The smallest amount that I could put into a CD was $1,000, the next was $2,000.

Hello Eldarwen, don't know whether or not you found a CD but if you go to http://www.bankrate.com you can search for banks that may offer one with a lower starting balance.

Hope, this helps.

**Meya** · May 11th, 2009, 07:33 PM

5/11/2009

**mathman** · May 13th, 2009, 11:58 PM

right now, cds are not paying good rates. you'll be lucky to get 2.5% for 1 year.

i would recommend doing a combination of wachovia way2save (5% APY + 5% one-year anniversary match) and a netspend prepaid debit (5% APY with some minor inconveniences).

also, i've opened up a few extra checking accounts for the sake of signup bonuses. but this is fairly big inconvenience for most.

edit: oh gosh! i thought the date said 2009 not 2008.

**Meya** · May 15th, 2009, 02:30 AM

LOL Mathman! This is just a sign to verify how an old post can still be updated as new. Thanks for your feedback, it was very valuable and is appreciated by the thread started, and the new readers. Here is the link for further details about brining old postings up to date. http://www.financeglobe.com/SocialNe...ighlight=bring

**Wanderer** · September 18th, 2009, 09:33 PM

Hey everyone I have chased quite a few CD's. My experience has been to find motivated regional banks and credit unions NOT the big boy banks. They have been more willing to do promos open with $500 to $5,000 dollars and pay up to 3%. You have to dig around in the newspaper, internet and look at the financial institutions in your own market area. My experience with Bankrate.com is a more limited market (they can't be everywhere). Look around your own geographic areas and dig some. The rewards just may be there! Works for me!