CDs

[DWarrior]

I've taken advice from an article I read a while ago, which suggested I save 10% of every winning session into a separate bank account. So, I opened an account and made sure it wasn't linked to my debit card or anything, so I wouldn't waste it on pointless crap. This is supposed to be money I save to invest in securities (I posted a thread a little while ago about this).

Well, now I have about $500. I just got accepted into a 4-yr university, so I may need the money pretty soon, and I think the brokerage fees would kill me if I invest in an Index and then sell it back at the end of the summer. My dad has recently started buying short-term CDs at about 3.5x or 3.6% (they're going up, I'm not sure which one he has), and he suggested that I do the same. Now, my dad knows very little about investing, so I figured it's better that I ask you guys.

Basically, a CD will be better than keeping it in my Savings account, but I'm not sure if there's anything better. I also realize that we're talking about like $10 return, so perhaps this is just irrelevant and I should just go with a 3-month CD.

[eric5148]

If you might need the money, why not get an ING savings account? It's 3% interest and you can transfer it to/from a checking account in 2-3 days.