High rate CD's? How does that work? - Mothering Forums

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#1 of 3 Old 12-27-2008, 05:59 PM - Thread Starter
 
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DS received some money for Christmas that I'd like to put in a high interest CD for a few years for him (until it seems like the market is a bit more stabilized). How do I go about finding a good one? Anyone have recc's?
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#2 of 3 Old 12-27-2008, 06:18 PM
 
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I would not recommend putting money into long-term CDs because I believe that interest rates will rise a lot once we get out of this recession (that's one way the fed tries to control inflation). I would try "laddering", where you divide the money up into chunks and put each chunk in a CD, maturing at different times. When one matures, you roll it over into the new one.

www.bankrate.com lists CD rates. Most are around 2-3%. You could also just stick it in a savings account (bankrate lists those too) -- rates aren't much lower there and you have more flexibility.

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#3 of 3 Old 12-27-2008, 06:49 PM - Thread Starter
 
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Oh, I didn't realize CD rates were so low - we earn almost 3% in our regular savings account through ING so i'll just put DS's money in a separate sub account for now and wait a bit for the market to stabilize before putting it in his college fund.
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