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Melrose interest

April 1st, 2014 at 08:30 pm

I received credit for my Melrose credit Union interest today. I have 2- 5year c.d.'s paying 2.9% and 2.8%. So far, that has been a smart decision.

Prev. total $4003.00
today 1921.00
new total $5924.00

Posted in $20 Challenge | 3 Comments »

3 Responses to “Melrose interest”

  1. snafu Says:
    April 1st, 2014 at 09:34 pm 1396388044
    1396388044

    Julie, I respect your age and don't wish to be argumentative but point out that you receive 2% on your CDs while inflation for food, heating, electric, gas and the dozens of items we need each month hovers between 3-4%. You regularly list dividend payments. I was surprised your not re-investing dividends for free if there is a Dividend ReInvestment Program [DRIP].

    Is your $ 5,924. an Emergency Fund?

  2. Another Reader Says:
    April 1st, 2014 at 10:18 pm 1396390726
    1396390726

    There are not a lot of options for cash that pay high interest rates right now. For money that needs to be fairly liquid, I think Julie is doing very well with those interest rates. She collects Social Security and is mortgage free, so she has less to worry about than most folks, including worrying about inflation. She has other stock and mutual fund investments and she and her husband have a nice homebuilding business. We could all probably learn something from what she is doing.

    Be sure to keep an eye on PenFed's CD rates if you will have some available cash come December. Last year the APR was 3.04 percent for 5 and 7 year CD's during their winter "promotion."

  3. Ima saver Says:
    April 2nd, 2014 at 01:10 pm 1396444221
    1396444221

    snafu, no the $5924 is not an emergency fund. It is the money I have saved thus far this year in my $20 challenge.

    I do have several mutual funds and stocks (and drip plans) We build spec houses and need a lot of liquid cash. 2.9% interest is about the highest rate I can find right now. I am debt free.

    Thanks for the tip, another reader. I will watch PenFed's rates.

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