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@nothinges oh okay thanks I may just stick to the savings account then. also I’m not looking to buy, just to stop living with my parents and start renting 😅

@sensesfailed okay that makes sense. I think I might actually do this

@slow what if I’m adding money twice a month though? so like for half the month it is a certain amount and interest is calculated and then suddenly one day there is $1000 more and it remains the new higher amount for the second half of the month. would monthly compound take that into account or...

@slow it is compounded daily and is credited monthly

@mosfet do you know if CDs can lose value? one website said they can but it said if you’re ok with keeping your money in the CD for 1-2 years, the value should go back up but I don’t have 1-2 years

I’m a bit uneducated about investing so apologies in advance. I currently have a savings account where I deposit around $2000 a month and plan to do so for another 10 months or so. the interest rate is 4.26% compounded daily and APY is 4.35%. however, someone told me it may be better to invest...