My CD has matured.?

I had a 15 month CD (initial deposit $1,000) that is now worth a whopping $1,059.55. I have a week to decide if I want to renew it or withdraw the funds. The interest rate is currently at 3.778% APY 3.850% (the introductory rate was a little higher). Is there somewhere else I would be better off investing this for a relatively short amount of time, like the online checking/savings accounts with interest or something else? I'm not interested in playing the stock market but I'm open to other suggestions.|||ING Direct has the Orange account, which is (and has been) hovering around 4.5 to 5 percent interest monthly, which would be a lot better than the 3.7 that your bank is offering. Try them out at ingdirect dot com.





Citibank also has an e-savings account that is between the same range 4.5 to 5 percent. The issue there is that you must have another Citibank account to open it, and it must be opened online. www.citibank.com





The other option is to go for a shorter or longer life of your CD. For example, one of my banks only offers 3.5 percent for a 24 month CD, but 4.8 for a 6 month CD. This is kind of wonky and backwards of what I would expect, but I keep "rolling over" my 6 month because it gets more than the 24 month.





Oh, and Capital One has an online money market/savings account with a 200 buck minimum balance and its doling out 4 to 5 percent monthly. check www.capitalone.com





Good Luck!!|||Check out INGDirect. They have a 5.25% 9 month CD right now.





No minimum. No fine print.|||You have some time, so I would call around to other banks to see what they are offering as far as interest rates go. The offers online usually have fine print and earn little in the way of interest. You may want to check out the Credit Unions in your area, they tend to offer higher rates.





If you do consider the online accounts READ THE FINE PRINT!! Minimum investment amounts, terms and conditions.





Money Market accounts generally require a minimum investment of $2,500.00, and you don't earn the best rate until you hit the 3rd tier which is balances from 50,000.00 on up.|||You might wanna try looking into a money market account. You could use an on-line bank or a local bank in your area. Money market accounts usually have have check writing capabilities. Right now it possible to find 5% APY on money market accounts. I recommend Capitol One. You have seen their credit card commercials on TV. They are a reputable company. You can check them out on-line. Good Luck!|||Agree with above, try an online bank. They can offer better rates since they have lower overhead.





Also, Savings Bank's typically offer better rates than a Commercial Bank.





There;s so much competition, it would be wise to rate shop.





Good Luck!|||with a $1,000 there are not really many options just because no matter what the rate is it won't chock up to all that much. you earned 59.55 at 3.77. If you opened a CD for 5.00 at a 12 months you would earn 50.00. You mention online savings/checking. ING, Emigrant Direct, CitiBank, HSBC all offer attractive rates on savings accounts between 4.50 and 5.00 APY the last time I looked.|||I personally would not put the money back into another CD if the APY is 3.85%. That is not such a bad interest rate I suppose, but there are more competitive rates if you shop around.





I found the best option for me was to open a Washington Mutual online savings account (currently APY is 5.00% -- but the catch is you must open a free checking account at the same time in order to get the good interest rate, and this must be opened online.) The advantage over other high interest online savings accounts, is local access to the money. It depends on if you have this bank locally where you live if that would be the case for you.





The advantage to online savings accounts in general, is you can easily move your money around to a different institution when you find a good deal. For example, I put some money briefly into HSBC online savings when they had a $25 signup bonus... it was earning around 5% APY in the account, but coupled with the bonus money a lot more yield for the short amount of time it was there.





It looks as though Citibank has a $50 signup bonus at the moment -- it might be worth looking into, and after you meet the terms for the bonus to be credited, you could shop around again for a good deal if you are so inclined. (Or, split your money into more than one bank if you don't mind the greater complexity.)





I expect to put my money into a CD or similar at some point, but there is no compelling reason to when there a lot of good deals in online savings at the moment.