My new savings plans & DCU

[DHK]

I've had the HARDEST time trying to discipline myself to save money. I've NEVER been good at it, which is why I like to SPEND money (usually before I've earned it).

Well, I think I've found a new way to help me get started with a better habit and my credit union is going to help me. Digital Credit Union isn't just for auto loans & visa approvals. They offer free checking accounts and the best CD terms I've ever seen.

If you open a CD with DCU, the minimum opening deposit is $500. If you open it with a 12-month term or less, you are able to make "Add-On" contributions to your CD account at any time ($100 min per transaction).

So, if I open a CD account with $500... I could add an additional $100 every month and make that money grow. And since it's going into a CD, I CAN'T TOUCH IT (at least not without a penalty).

http://www.dcu.org

BTW, if you're under 23, you can open a CD account with as little as $100 and take advantage of the "add-on" contributions.

OT - I know in the past I didn't recommend DCU's banking services because of their billpay system. Well, I fixed that too. I now have 2 checking accounts with DCU. 1 for paying bills & writing checks, and the other for ATM cash access.

[Ravenous Wolf]

I can definitely admit that "saving" money is the most difficult thing in the world.

Although I believe it has to be taught at a young age with savings accounts and the eventual CD. And it become habit forming at a young age.

And not being able to touch it is the biggest advantage.

In some ways, my 401k works fine because I don't even touch the money.

However, I do want to get a CD because I want to be able to have some sort of portability of the asset (like use it for collateral, etc... in the event of an urgent need).

I think that would almost make an interesting poll. Like, how many people have ever had a CD or currently have one.