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Originally Posted by gavinmccallister
I heard someone say that you will earn more money on a CD if you have the interested earned deposited in a savings account, if you do that does that affect your APY of 5% (In order to earn the APY do you need to keep the interest in the CD) Is this true you only earn interest on your initial deposit and not the interest so if that is true would it be best to have the interest deposited directly into a savings account?
Who would of thought saving money could get some complex.
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I have to agree about the complexity of saving money...from balance transfers to CDs to the highest yield on which savings account. The main thing is reading the fine print and getting correct advice as to what to do with the movement of your funds; where to invest and when. I know timing the market isn't advised because of the uncertainty, but it would be wonderful to make something worthwhile for a good amount of time without moving one's funds continuously.