Emigrant Bank's 4.0% Savings Account

Vindikation,

You definately don't want to go with a CD right now. Rates are increasing steadily and locking up your money is the last thing that you want to do. Ing Direct has a savings account at 3.4% that is extremely easy to set up. Also, if their rate increases, yours does too. You might find Ing more welcoming and/or accesible if Emigrant scares you.

You can link your ING account to your ED account, but you must do it at the time you open your ED account. When you first setup your ED account you need to provide you ING account number and routing number, both of which you can get from ING's site. Look for the directions on how to setup direct deposit to your ing account and you should find the routing info. I guess it might be a little late for you unfortunately.

[Sniper]

[ QUOTE ]
So would you wait now before putting money into a 1 year CD?

[/ QUOTE ]

Vind, to be honest, I never (unless your an old man) recommend that anyone put money into a savings account or lock it up for a year in a CD. You can do much more with it in an investment account.

However, if you are dead set on locking your money up, you should wait until the Fed completes its cycle of raising rates.

[vindikation]

Thanks for the CD advice. After researching the past month, I'm starting to see no real benefits of doing a CD. My parents do this (that's why I was interested in them), but I want to be a little more aggressive in my investing and savings so I think I'm going to avoid CD's right now.

I'm very, very close to posting my 1 month "NOOB" investing update post. probably in a week or so after some financial documnets and deposits go through.

Thanks again for the feedback, greatly appreciated.