CDs vs Savings Account – Two Ways To Save; Which Is Best?

CDs vs Savings Account – Two Ways To Save; Which Is Best?Trying to figure out where to keep your money can be a daunting task. Your hard earned revenue deserves to be saved in the most beneficial way to you possible.

In this post we are going to analyze the two main ways of saving; CD’s (Certificates of Deposit), and Savings AccountsBe sure to keep on reading so that you can earn the money that you deserve!

CIT Bank Savings Builder Account
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Certificates of Deposit

CD’s are timed deposits with the promise of leaving your cash in them until a certain amount of time has gone by. CD’s tend to have higher rates than savings accounts, and won’t be effected by decreasing interest rates.

Whether it be 6 months or 6 years, the depositor will be rewarded for not touching their money until the date that was agreed upon. Banks or credit unions will pay higher rates for higher maturity dates. Although you get better rates, your deposits cannot be touched. If you were to withdraw the money from CD’s you will incur a penalty/fee or potentially lose the interest that you have accumulated.

  • When should I use CD’s?
    • CD’s are best used when you know you have to make a payment in advance. For example, if you know you have to pay back a loan in 12 months, then you could set up a CD for that same amount of time.
    • Not only will this keep your money secure, but the increased rate that you get from setting up a CD will give more money for the user to pay with. CD’s are also great for increasing money you may want to set aside and have no intention of spending in the near future
  • How are the rates?
    • As mentioned previously, CD’s almost always have higher rates than savings accounts. The longer the time deposited, the bigger the return. Additionally, you can always predict how much you will earn with a CD. The rate is set at the beginning of the deposit, and won’t change for the remainder of the time period.
    • The ability to figure out exactly how much money you will have by the end of the deposit is a great way to time payments. This will also work in your favor if the interest rate drops. However, if the interest rate increases by a large amount, this feature can work against you.
  • What if I need to make an early withdrawal?
    • Don’t panic. If you need some emergency cash, you can usually take from your deposit, but this is a pretty bad idea and should be avoided if possible. Usually you will have to pay early withdrawal penalties, which can eat away at your earned interest and even into your initial deposit.
    • It’s important to have enough money outside of CD’s to use on rainy days, so be careful with how much you put into your CD.
If you’re searching to open a CD account, we recommend Discover Bank’s Certificate of Deposit Account.

Savings Accounts

Savings accounts are the most standard way to store your money. They’re simple to understand, and won’t break the bank if you need make to make any sudden withdrawals.

Savings accounts can change the interest rate on your account as time goes by, so it’s important to understand the effects the economy can have on interest rates, and when it’s a smart idea to deposit. On another note, saving accounts are easily accessible anytime you want.

  • When should I use Savings Accounts?
    • Savings accounts are simple to use, but can be hard to master. In general, it’s a smart idea to keep more money in your savings then it is to deposit using CD’s. This is because savings accounts are much more flexible and can be withdrawn from at any time.
    • Savings accounts are the perfect place to store emergency funds for whenever you have a rainy financial day. They are also great to use when interest rates are expected to increase, as the interest on your account can changes over time.
  • How are the rates?
    • The rates for savings accounts work differently than CD’s. The amount of return you get back on your deposit will fluctuate constantly, meaning that savings accounts won’t be a great way to earn a consistent amount of money back.
    • However this can work to your favor if interest rates are expected to increase in the near future. Unlikes CD’s, there is no minimum deposit that must be made for savings accounts, so you can start small and try your luck with this method of saving.

Savings Accounts and CD’s

  • Which method should I use?
    • The answer is quite simple: both. By using both these methods, you can make your cash work for you, without you actually doing anything! CD’s are the best way to get more return on your money, but investing too much could leave you without enough money for emergency situations.
    • That’s where savings accounts come in! Allocating your cash to have enough on standby in a savings accounts while also getting a big return through CD’s will be a hard technique to master, with some trial and error involved. Balance your cash wisely, you deserve to have your earnings maximized!
Discover CD
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.35% APY up to 3.10% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.

Bottom Line

Trying to figure out where to keep your money can be a daunting task, but having the information over these 2 important methods of savings will hopefully make it a little easier on you. Both methods have their positives and negatives, it’s up to you to determine how you want to use them.

If you don’t have a CD or savings account, then be sure to sign up and start one today so that you can earn interest on your hard earned money! If you find these posts informative, be sure to check out more of the on HMB! Also check out our posts for the Best CD Rates and Best Bank Savings Rates!

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Newegg Lowe’s Gift Card Promotion: $50 eGift Card for $45

Newegg Lowe’s Gift Card PromotionSummer is here so take advantage of this Newegg Lowe’s eGift card promotion and help get started on your next project. Newegg is currently offering a $50 Lowe’s eGift card for only $45 until May 31, 2019 or while supplies last!

Save up to 10% on the gift cards when you purchase the limit of 2. If you need a gift or simply have something in your home that needs fixing, take advantage of this gift card promotion and get the most out of your money! Deals like these gift cards don’t last very long!

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Newegg Lowe’s Gift Card Promotion

  • Buy Now at Newegg!
  • Promotion: $50 Lowe’s Gift Card for $45
  • Expiration: May 31, 2019
  • Availability: Nationwide
  • Terms & Conditions: Expires May 31, 2019. Limit 2 per customer.

Get Lowe’s Gift Card Promotion

  1. Go onto Newegg’s Lowe’s gift card page
  2. Purchase the $50 gift card for only $45 (limit of 2)
  3. Enjoy saving money on your next home improvement!

Bottom Line

If you have need to fix a leaky sink or buy a new washer then check out Lowe’s for all you home improvement needs. Newegg is currently offering a $50 Lowe’s eGift card for only $45 until May 31, 2019 or while supplies last, so make your purchase today.

This Newegg Lowe’s gift card promotion won’t last long, so grab one or two for your next home improvement project today! If you love deals like this, check out our list of Best Gift Cards or check out other ways to save money.

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Baskin Robbins Promotion: $1.70 Scoops All Day on 5/31

Baskin Robins PromotionLife is better with sprinkles, so celebrate the end of this year with this promotion! Baskin Robbins currently has a promotion where you can get $1.70 scoops all day on May 31, 2019. 

This is a great way to cool of in this upcoming heat. All you have to do is head to a participating Baskin Robbins and has them for the sample! Set your reminders so that you don’t forget this awesome money saving deal!

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Get $1.70 Scoops All Day

  1. Grab your kids and head into a Baskin Robbins near you
  2. Make sure you go on May 31, 2019
  3. Enjoy your $1.70 scoops all day!

Bottom Line

If you live near a Baskin Robbins, be sure to join in their promotion on May 31, 2019 to grab $1.70 scoops all day! Be sure to head there on time to have some dessert and fun!

Not every location will be participating so please check accordingly. If you like freebies like this, check out Free Food Deals and see our section on how you can Eat Free On Your Birthday!

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Chase Sapphire Checking Bonus Chase SapphireSMChecking: Enjoy 60,000 Chase Ultimate Rewards bonus points when you join SapphireSM Banking. Within 45 days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain the balance for at least 90 days.
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MAS rebuts US Treasury’s latest report’s conclusion regarding Singapore’s role as a currency manipulator

The Monetary Authority of Singapore (MAS) has rejected the United States’ Treasury’s conclusion on Singapore as a currency manipulator in the latter’s newest report on macroeconomic and foreign exchange policies of the US’ major trading partners.

Responding to media queries in a press release on Wed (29 May), the same day the report was released, MAS stressed that the Republic’s “monetary policy framework, which is centred on the exchange rate, has always been aimed at ensuring medium-term price stability, and will continue to do so”.

Citing the US Treasury’s report, MAS highlighted that it “manages the Singapore dollar nominal effective exchange rate (S$NEER) within a policy band, just as other central banks conduct monetary policy by targeting interest rates”.

“Whether they target the exchange rate or the interest rate, central banks aim to keep consumer price inflation low and stable as their primary mandate,” added the Authority.

MAS also rebutted the assumption that it has been using currency manipulation “to gain an export advantage or achieve a current account surplus”, stating that “a deliberate weakening of the Singapore dollar would cause inflation to spike and compromise MAS’ price stability objective”.

“Singapore’s current account balance should be viewed in context. In its early years of development, Singapore ran persistently large current account deficits averaging close to 10% of GDP between 1965-84, when its investment needs were greater than available saving.

“As the economy matured, its investment needs tapered off, while national saving rose. Consequently, the current account turned into a surplus position,” MAS explained.

The reduction of Singapore’s current account surplus, the Authority predicted, will be tangential upon “rising affluence that will raise consumption” and the drawing down of “public and private savings” to accommodate “the needs of an ageing population”.

US Treasury adds Singapore to currency manipulation watchlist for “large current account surplus” and at least S$17bil “net foreign currency purchases”

Singapore’s “large current account surplus and net foreign currency purchases of at least US$17 billion [approximately S$23.5bil]” last year were among the factors that compelled the US Treasury to place the Republic on its currency manipulation watchlist, adding that Singapore’s foreign currency purchases in 2018 accounted for 4.6 per cent of its GDP.

The Treasury also noted in its report that Singapore “should undertake reforms that will lower its high saving rate and boost low domestic consumption, while striving to ensure that its real exchange rate is in line with economic fundamentals, to help narrow its large and persistent external surpluses”.

However, it acknowledged that Singapore has pledged to report more intervention data.

Head of markets strategy at National Australia Bank Christy Tan told Bloomberg: “Singapore’s monetary policy adjustments are primarily made through its currency, hence, intervention activities are relatively heavier.”

She is sceptical that being placed on the watchlist would have “meaningful impact,” adding that Singapore is “still very export-oriented” following the U.S. urging the Republic to boost domestic consumption.

Economist at NH Investment & Securities in Seoul Kim Hwan told Bloomberg that the trade war between the U.S. and China may have influenced the outcome of the Treasury’s report, as Singapore’s addition to the list signals the continuous pressure placed on China by the US.

“These countries [Singapore, Malaysia, and Vietnam] are all Southeast Asian countries that have close economic correlations with China,” said Kim.

Countries with a current account surplus with the U.S. equivalent to 2 per cent of GDP are now eligible for the list, down from 3 per cent. Other thresholds include persistent intervention in markets for a nation’s currency, and a trade surplus of at least US$20bil [approximately S$27.6bil].

Countries that meet two of the three criteria are placed on the watch list. China only met one of the criteria, but the Treasury said it’s on the list because of its large trade surplus with the U.S.

While being listed as a currency manipulator does not come with “immediate” sanctions, it may “rattle financial markets”, Bloomberg observed.

However, CNBC reported that countries found to have engaged in currency manipulation “may face trade sanctions”, as the Treasury Department is required under a 1988 law to report to Congress every six months on whether any countries are manipulating their currencies to gain trade advantages over the US.

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Netizens doubtful with report that ranks Singapore as the best country for children

According to the annual Global Childhood Report by non-governmental organisation Save The Children, Singapore has been declared as the best country in the world for a child to live in. This is the second year in a row the Republic took the title after it shared the first place with Slovenia last year.

Out of 176 countries, Singapore beats eight Western European nations as well as South Korea – the only other Asian country that is in the top 10 list – and took the first spot in terms of providing healthcare, education, nutrition and protection for its children.

Scoring 989 out of 1,000 in the End of Childhood Index, Singapore clinched the top in all eight categories – child death, malnutrition, access to education, child labour, child marriage, teen pregnancy, displacement due to conflicts and child homicide.

“While it is highly competitive, the school system (in Singapore) is regularly ranked as among the best in the world. Singapore also has a very high GDP (gross domestic product) per capita, which it invests in high-quality public services like education and healthcare. These policies are conductive to creating an environment that protect children from the moment they are born,” said Hassan Muhammad Saadi Noor, regional director of Save the Children Singapore.

The report also revealed that the city-state has the lowest out-of school rate in the world at only 0.1 per cent. This include children who are primary and secondary school but are not attending school, as well as school dropouts.

Alfred Tan, Singapore Children’s Society chief executive said “very baseline and fundamental criteria” were used in the index. He added, “I believe we can take the next step by developing higher benchmarks for raising kids, in areas such as building characters and resilience for children in the cyberworld today.”

However, Mr Tan also noted that sexual grooming and cyber bullying are worrying treats that kids this generation are exposed to. “We can be the pacesetter for their overall well-being in future challengers.”

Looking at the report, a Ministry of Social and Family Development (MSF) spokesperson said that the ranking that the country had achieved is testament “to the strides we have made in our development as a country, and also to the significant investments in our children from as early as the prenatal period of their development”.

In May this year, Senior Parliamentary Secretary for MSF Muhammad Faisal Ibrahim spearheaded different agencies in a dialogue with the United Nations Convention on the Rights of the Child (UNCRC) committee, in which he emphasised Singapore’s commitment to ensure children’ well-being are taken care off, including providing them with a healthy and nurturing environment.

The Ministry is looking at increasing the Children and Young Persons Act age limit to 18 years as per UNCRC’s definition of a child. Currently, the Act protects kids below the age of 16 only.

However, after reading the report, many netizens remain sceptical of the ranking as they don’t believe in reality the country is the best place for a child to be raised. In the comment section of ST’s Facebook, they opined that the reality is different as kids don’t have a conducive environment for them to run and play, and some kids don’t even wish to have their own children in Singapore in the future.

Some online users felt that the situation was a lot better in the past where everyone played and talked to people from different races, but it’s very different now. In today’s world, everyone only mind their own business, emphasising that Singapore back then was a better place to raise kids. If that is not all, many expressed that the current education system is bad where children are put in a very stressful situation to score well in their exams. As such, they question how can Singapore be a good place for them when they are living in a ‘pressure cooker’ environment.

   

Editor’s note – I have got friends who have been compelled to leave the country to work elsewhere such as New Zealand and Australia because they want their children to have a decent childhood. What kind of childhood do you have when 80% of it is about going to school, enrichment classes, studying for exams? And where there is no work life balance for the parents to spend time with their children?

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