laterrainfot
New member
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 in a 6 month CD, but looking at things online, I’m not so sure. it seems like I wouldn’t be able to get a much better interest rate on a CD and I wouldn’t want to deposit a full $2000 a month into a CD since I’d want to save some money for emergencies. additionally, I don’t believe interest on a CD is compounded daily, and as I’m adding money every 2 weeks, I’d ideally want something that compounds at least monthly.
I can only do a 6 month CD because I plan to use some of the money in 10-12 months to get my own place.
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 in a 6 month CD, but looking at things online, I’m not so sure. it seems like I wouldn’t be able to get a much better interest rate on a CD and I wouldn’t want to deposit a full $2000 a month into a CD since I’d want to save some money for emergencies. additionally, I don’t believe interest on a CD is compounded daily, and as I’m adding money every 2 weeks, I’d ideally want something that compounds at least monthly.
I can only do a 6 month CD because I plan to use some of the money in 10-12 months to get my own place.