finance gurus

[Journer]

Ok, I'm leaving the country in sep. and I need to save as much as I can until then. That leaves me about 3-4 months to do something with my money. I'm wondering what is going to be in my best advantage, a 3-mo CD or a savings account. I've never had any kind of savings account and really the purpose is to keep the money out of my checking so I won't spend it. I should pull in about 4-6k this summer and receive about 17k in august, but i'll lose about 10k in Sep. Should I try to open up a CD, pull my money out when it is up, then put it in a savings or just open a savings?

The purpose of the savings:
1) Keep money out of my checking account
2) hopefully earn enough interest to combat the failing dollar, since i'm going abroad

Some questions:
1) Are there usually fees to transfer money from savings to checking?
a) what if the checking account is overseas and in a different currency?
2) can you increase the amount of your CD over the length of it's contract? (i.e. deposit more money in month 2/3)
3) who has the best savings account plans for opening balances under 2500?
4) tips?

 

[Capt Caveman]

Based on your short-time frame, put the money into an online savings account.

 

[krunchykrome]

Online savings rates are offering better interest rates than cd's. It's been this way for a while now.

 

[Journer]

Originally posted by: Capt Caveman
Based on your short-time frame, put the money into an online savings account.

well thats what i'm thinking, but a 3-mo CD tends to have higher yields

krunchy: really? i never realized this... Are they FDIC insured? the last thing i want is to get pwned by thieves

 

[Journer]

what about this guy: http://www.emoneycentral.com/5...cking-at-M.2171.0.html
seems like a pretty high apy, especially for a checking account. maybe they are going under??

 

[Journer]

no one else?

 

[Beattie]

You aren't going to make any significant money in that short time frame. Just leave it in savings somewhere that you can access from where you are going. Probably want to transfer it to a local bank in that area when you are there.

 

[JS80]

all that hassle for $90 in interest? Take your money with you and deposit it in your foreign country. You will probably earn more interest and appreciation on the dollar.

 

[zinfamous]

Originally posted by: Journer

Originally posted by: Capt Caveman
Based on your short-time frame, put the money into an online savings account.

well thats what i'm thinking, but a 3-mo CD tends to have higher yields

krunchy: really? i never realized this... Are they FDIC insured? the last thing i want is to get pwned by thieves

all ING accounts are insured up to 100k

 

[Journer]

ok...well then...what type of account would i need to access my funds abroad? should i just go with a local bank and wire transfer my money?

 

[Scarpozzi]

Originally posted by: Journer
ok...well then...what type of account would i need to access my funds abroad? should i just go with a local bank and wire transfer my money?

That's the best....just make sure you understand any transfer costs between banks...and know how long they take. Some transfers are instant and some take a few weeks. It just depends on the banks and what systems they use. I would expect my money to be stuck in a transfer for at least 6 days....never transfer on a Friday....it just adds 2 more days to the transfer.

 

[davestar]

i'm trying really hard not to point out the OP's lack of financial sense and his support of Ron Paul... :beer:

 

[Journer]

Originally posted by: Scarpozzi

Originally posted by: Journer
ok...well then...what type of account would i need to access my funds abroad? should i just go with a local bank and wire transfer my money?

That's the best....just make sure you understand any transfer costs between banks...and know how long they take. Some transfers are instant and some take a few weeks. It just depends on the banks and what systems they use. I would expect my money to be stuck in a transfer for at least 6 days....never transfer on a Friday....it just adds 2 more days to the transfer.

thanks for the tips. i'd really like to start stashing my cash in some kind of interest account now though. i've got a feeling that the dollar isnt going to be doing any better and if it falls below 100jpy by the time i leave it is going to fuck up my finances :/ a 4jpy to USD drop causes me almost 700USD in losses :'(