get A·non·y·mous Posted June 29, 2005 Report Share Posted June 29, 2005 If the interest rates will effectively be the same, that is 3% over what you are earning on either savings or CD, are there any pros or cons to using savings instead of a CD. It seems like there is a benefit to using savings because then you can access the secured funds as you're balance diminishes, as oppossed to a CD which means you have to wait until maturity no matter how much you've paid towards the loan.I'm doing this to get some positive TLs. Any thoughts? Link to comment Share on other sites More sharing options...
DHK Posted June 29, 2005 Report Share Posted June 29, 2005 Pro CD - usually a higher rate of return.Con CD - have to wait until maturity to take out the available funds (those funds that are not secured by the loan).Pro Savings - can ADD to the savings account at any time; does NOT affect your secured loan because the loan is already secured by other funds in the account.Con Savings - your rate of return isn't as high as a CD could offer.I would say that it's all your preference. Link to comment Share on other sites More sharing options...
jq26 Posted July 27, 2005 Report Share Posted July 27, 2005 something to add- received an email yesterday from my ING savings account. They now pay 3.25% on my savings w/ no minimums. Its almost as much as a lot of CDs pay without tying up your cash Link to comment Share on other sites More sharing options...
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