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    wai1480's Avatar
    wai1480 Posts: 22, Reputation: 2
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    #1

    Aug 30, 2007, 12:43 PM
    Can I make a monthly deposit to a cd account?
    Is there any bank that will allow to do that?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Aug 30, 2007, 12:45 PM
    Actually WaMu has a CD that you can add to. Not sure if anyone else does. But then I don't like WaMu.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Aug 30, 2007, 07:54 PM
    Most certificates of deposit are a purchase of the certificate ( your deposit) with a promise of an interest rate for your promise to leave that amount in that account for a certain time frame, The best rates I found today was for 16 months with fairly good rates on 11 months and the lowerr rates on the 4 months. So it is your bet on what you think interest rates are going to do, if you think over 12 months interest rates will rise, then you get a shorter term, if you think they will go down, a longer term.

    I was not aware or WAMU but as with Scott I have had some issues with them, so I guess they will base your interest off a promise to deposit a certain amount each month, but in real life, it sounds like nothing more than a savings account with a fancy name for marketing.

    Which is what most people do, put money into a savings account, get up to a certain amount then purchase their CD's
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