Starting a money market / CD with DiscoverCard?

[TJN23]

YAIT: Yet Another Investment Thread

Hopefully I'll have a job soon and will be making some cash - I carry a discover card and use it as much as possible as it gives you cash back with no membership fees or anything like that

I see they have services where you can start up a MoneyMarket account or even a CD account - I'd see this as being really convenient as you can access them online along with your credit card statement, and make deposits and withdrawals all electronically

However not having experience with these type of funds, I am not sure whether or not other providers are better, etc?

Tim

 

[Ameesh]

just compare the rates they give you with the ones youc an get at other places, i was able to get a couple of CDs at my BankOfAmerica for a good rate

 

[TJN23]

whats a good rate these days?

 

[Orsorum]

Originally posted by: TJN23
whats a good rate these days?

Maybe 3.5% tops, for a 5 year CD.

I opened up about six CDs when I was in my senior year of high school (2000-2001) and I got rates at about 7%. It ruled.

 

[TJN23]

thanks, i'll use 3.5 as a benchmark

 

[Orsorum]

Originally posted by: TJN23
thanks, i'll use 3.5 as a benchmark

For a 5-year CD, remember that.

Here is a list of the CD rates for my credit union, whose CD rates have been among the best I've found.

 

[sandmanwake]

Go to http://www.penfed.com/, I believe the 5 year CD rate currently (till April) is 5.25%.

If you or a family member is in the military, you can join the credit union for free. If not, you can still join by getting a one year membership to the national military family association. Fee is $20. Here's a link the the joint application: Text