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.

Quote from: Malachite on May 01, 2014, 12:18:51 AM
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.

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