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On Mon, 22 May 2006, Jennifer Dozar wrote:
What is the difference between a Share Certificate and a money market?
my bank has share certificates with these rates:
Term 1000-74,999
Div Rate APY
3 mo 4.00% 4.07%
6 mo 4.55% 4.65%
12 4.70% 4.80%
18 mo 4.75% 4.85%
24 mo 4.80% 4.91%
36 4.90% 5.01%
48 mo 5.85% 6.01%
60 5.25% 5.38%
Ah, those would be like a CD but for a credit union. Technically, when
you deposit your money in a credit union you're buying shares. You then
redeem your shares when you withdraw. That said, there are better rates
out there if you shop around.
Are those good rates? what do they mean? They have these payday Saver
certificates too, which i guess is similiar to the share certificates,
but shorter only 1 and 2 years and only need to start with $100 instead
of $2,500.
That sounds not horrible, but your money is locked up for a while unless
you want to forfeit your interest. A money market might be better for
you right now, or, better yet, paying off high interest credit card
balances.
--dlloyd
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