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I want to open a CD to save money. I heard you can open one

 
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hey u
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PostPosted: Wed Jun 25, 2008 6:38 am    Post subject: Reply with quote

The highest intrest rate WAMU or wells fargo can offer me is 3.00%. I need to save to buy a home but I am scared to open one up online that is not secure. How can i tell it is for real and they will not steal my money?


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coach
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PostPosted: Wed Jun 25, 2008 6:46 am    Post subject: Reply with quote

If the bank is FDIC insured, then it is legitimate. A legitimate bank will have a link to the FDIC website, also. Wachovia has 4.00% for 7 months right now; check with bankrate.com to see rates. They list legitimate banks, as well.

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Ronko
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PostPosted: Wed Jun 25, 2008 6:46 am    Post subject: Reply with quote

How much money are you investing and how long of a cd do you want? i get them online a couple of time's a year but they are for long term.

And if you take your cd out early there are big penalties.

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Smartass
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PostPosted: Thu Jun 26, 2008 1:44 am    Post subject: Reply with quote

Just take a trip to WAMU or Wells Fargo and they'll take care of you. There's nothing wrong with being careful about doing things online. But yes, it's common that major banks will allow you to do simple things online.

BUT, I will warn you that 3% a year will not help you much. Last year, if you did the same, they'd offer you 5% for a the year. But cost of living has gone up at least 10% (ask yourself how much food and gas costs last summer compared to today).

BUT, the good news is, wait for the housing bubble, that'll be to your benefit. I'll send you a private message on a better way to save money.

Check this out. All I did last year (and the few years before) was buy silver coins (or gold if you can afford it), do a little research and reading and you'll see the appreciate of silver is competitive to inflation, thus can preserve a good portion of your money's purchasing power. Don't take my word for it, read about it yourself!

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