Certificates of Deposit/Money Markets?

[King Malachite]

Have any of you guys ever used a CD or Money Market to help save for your top surgery (or just used one in general)?  I have been thinking about using one of those to maybe earn a little bit of interest for my top surgery fund, but I have no clue where to start.  I never had even a regular bank account account before so I'm VERY ignorant of the terms and how all of that banking stuff works.  It's even hard for me to tell the difference between a CD and a MM or which would be better for me, even after reading up on them  I'm a little bit weary of getting a CD because I have no clue when I'd be able to afford top surgery, and I say that because it depends on when I'm able to get a job.  I've been applying to several places, but with no luck so far.  I may be able to get one in two weeks, two months, o maybe even two years.  I don't know, and it would suck to not be able to touch that money for top surgery without a penalty if I am able to afford it before when the contract says I can use it without penalties.  Perhaps it's best if I just continue to just keep all of my money in the house (not a good idea I know), but having it sitting here wouldn't draw it any interest, and if I ever need to dip into it for emergencies, I could access that without a hassle.

[Bimmer Guy]

Have any of you guys ever used a CD or Money Market to help save for your top surgery (or just used one in general)?  I have been thinking about using one of those to maybe earn a little bit of interest for my top surgery fund, but I have no clue where to start.  I never had even a regular bank account account before so I'm VERY ignorant of the terms and how all of that banking stuff works.  It's even hard for me to tell the difference between a CD and a MM or which would be better for me, even after reading up on them  I'm a little bit weary of getting a CD because I have no clue when I'd be able to afford top surgery, and I say that because it depends on when I'm able to get a job.  I've been applying to several places, but with no luck so far.  I may be able to get one in two weeks, two months, o maybe even two years.  I don't know, and it would suck to not be able to touch that money for top surgery without a penalty if I am able to afford it before when the contract says I can use it without penalties.  Perhaps it's best if I just continue to just keep all of my money in the house (not a good idea I know), but having it sitting here wouldn't draw it any interest, and if I ever need to dip into it for emergencies, I could access that without a hassle.

Use a money market.  A CD is for longer term savings.  Now a days there is little interest to be gained in either.  A money market is similar to a savings account, but I think that if you have a separate account for top surgery you will be less likely to touch it.  Every penny counts!  Head to your local bank and set one up.

[aleon515]

The other good thing is that there is a penalty for early withdrawal, so it makes it less easy to use the money. I did not but I think a money market is a really good idea. Love to see this kind of question btw, shows there are adults out there transitioning. LOL.

This is nice little explanation, not too complicated:
http://budgeting.thenest.com/differences-between-cds-money-market-accounts-3452.html


--Jay