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Do you think this is a good idea?

I have 500.00 dollars if I were to put it in the bank in one of those accounts where you open an acct. but lock it for 10 years, then use it as we need it. Would that be worth it?
The reason I ask is bc my dh is so bad at holding on to money he is not a big spender but if he wants something he's gonna get it and worry about it later.
I want us to have some money when we get older as a cushion.
Thanks Ladies!

Answer Question
 
Anonymous

Asked by Anonymous at 9:39 AM on May. 31, 2011 in Money & Work

Answers (8)
  • If he is that irresposible with money you need to step up and protect your financial future.
    pookiekins34

    Answer by pookiekins34 at 9:41 AM on May. 31, 2011

  • I'm curious, what kind of account is that?
    emmyandlisa

    Answer by emmyandlisa at 9:42 AM on May. 31, 2011

  • how about a short term cd
    mkdirector2011

    Answer by mkdirector2011 at 9:44 AM on May. 31, 2011

  • I probably wouldn't do it for $500. Do you have your own account? If not I would open one so that only YOU have access to it. You can also add money to it, like $50 a week (or whatever you can afford and then you'll have a nice little savings that your husband can't blow.
    fireeyes81

    Answer by fireeyes81 at 9:44 AM on May. 31, 2011

  • I wouldn't put ANYTHING in a long term cd these days, the rates are too low. I am not fond of long term cd's for emergency cash anyway..there is a penalty if you make an early withdrawal. I suggest you put the money in a a regular savings account for now. Put the account in YOUR name and have it POD (payable on death) to your husband..that way he can get it without a lot of hassle if you should pass. You will be able to ADD to the account easily and if you have an emergency there is no penalty for withdrawal. I used to be a Trust Officer in a bank so I have lots of experience with investments. Good luck!
    yourspecialkid

    Answer by yourspecialkid at 9:53 AM on May. 31, 2011

  • If you do a regular savings accounts, check into a credit union - they usually have higher interest rates.
    missanc

    Answer by missanc at 10:02 AM on May. 31, 2011

  • hi
    is a very good idea to asve with the bank.
    just made sure you dont withdarw the whole amount as you will be haveing intrests on the mony in the bank.
    go ahead .
    Vesta559

    Answer by Vesta559 at 10:07 AM on May. 31, 2011

  • I would tell your husband about the money
    I wouldn't put his name on the account
    and I wouldn't put it into a CD- they will charge you for accessing the money. And let's face it, if you lock in for 10 years, chances are you're going to need that money before the time is up. And with interest rates the way they are- the penalty for early withdrawal could easily wipe that out and then some.

    I would look into a regular savings account or a short term CD. Either way you won't be making much with interest.
    Erica_Smerica

    Answer by Erica_Smerica at 11:14 AM on May. 31, 2011

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