• Hi, I am the owner and main administrator of Styleforum. If you find the forum useful and fun, please help support it by buying through the posted links on the forum. Our main, very popular sales thread, where the latest and best sales are listed, are posted HERE

    Purchases made through some of our links earns a commission for the forum and allows us to do the work of maintaining and improving it. Finally, thanks for being a part of this community. We realize that there are many choices today on the internet, and we have all of you to thank for making Styleforum the foremost destination for discussions of menswear.
  • This site contains affiliate links for which Styleforum may be compensated.
  • We would like to welcome House of Huntington as an official Affiliate Vendor. Shop past season Drake's, Nigel Cabourn, Private White V.C. and other menswear luxury brands at exceptional prices below retail. Please visit the Houise of Huntington thread and welcome them to the forum.

  • STYLE. COMMUNITY. GREAT CLOTHING.

    Bored of counting likes on social networks? At Styleforum, you’ll find rousing discussions that go beyond strings of emojis.

    Click Here to join Styleforum's thousands of style enthusiasts today!

    Styleforum is supported in part by commission earning affiliate links sitewide. Please support us by using them. You may learn more here.

Place to keep money for emergencies?

Tck13

Distinguished Member
Joined
Mar 9, 2006
Messages
5,296
Reaction score
62
I need to open a CD or Money Market Account to put my emergency cash. This is money I'm not going to touch unless there's an emergency or I lose my job or something like that. I don't need it in my savings account but would like to keep it somewhat liquid for when I need to get to it.

I assume that a CD or MMA is the easiest to get to if something happens. Any other suggestions? I'll just keep rolling the interest over back into the account and I'll probably just ignore the account (while putting a weekly sum into it to continue building...).
 

MsMcGillicuddy

Senior Member
Joined
Jun 16, 2009
Messages
263
Reaction score
0
Of those two options I'd go the MMA route. A CD, I believe, has a maturity date, so if the emergency takes place before that and you need to access the money, you would pay a penalty. An MMA has some limits, like the number of withdrawls you can have per month, but that probably wouldn't be as big a deal, as you could make one large withdrawl if necessary.
 

Benzito

Senior Member
Joined
Aug 9, 2009
Messages
734
Reaction score
4
Not a traditional CD - those have set terms and usually hefty penalties if you need access early. Some banks have changed the rules and allow early withdrawals, but those are really glorified savings accounts.

If you want to beat the standard bank rate and want to do CDs, you can "ladder" your CDs so a little of the principal matures each month or each quarter. What are the odds you'll need all that dough all at once?
 

Rambo

Timed Out
Timed Out
Joined
Oct 3, 2007
Messages
24,706
Reaction score
1,347
Originally Posted by Benzito
If you want to beat the standard bank rate and want to do CDs, you can "ladder" your CDs so a little of the principal matures each month or each quarter. What are the odds you'll need all that dough all at once?
That's what I'd do if I was going to go the CD route. A 3month, 2 6month, and 1 1year. If you're going to go MMA you won't get as high of a return but it will beat a savings account by a mile.
 

tiecollector

Distinguished Member
Joined
Sep 8, 2006
Messages
6,790
Reaction score
25
Don't get a CD. We had a 2 year one that we pulled out 3 months early to buy a house with. We got back less money than we put in!
 

Featured Sponsor

How important is full vs half canvas to you for heavier sport jackets?

  • Definitely full canvas only

    Votes: 55 35.5%
  • Half canvas is fine

    Votes: 60 38.7%
  • Really don't care

    Votes: 17 11.0%
  • Depends on fabric

    Votes: 27 17.4%
  • Depends on price

    Votes: 28 18.1%

Staff online

Forum statistics

Threads
505,161
Messages
10,579,042
Members
223,884
Latest member
khabirspells
Top