CD or Savings account?
By Lena Kovadlo
@lovebuglena (51444)
Staten Island, New York
April 27, 2026 11:18am CST
I saw that I can earn 3.7% APY for a 6-month CD at Chase.
Since I am a Chase customer I thought maybe I can take advantage of this.
And then I learned that to open this CD I need to put in a minimum of $100,000.
I don’t have that kind of money so that’s out.
Putting in anything less than that will earn 3.2%.
That is still not a bad percentage, though I’d prefer higher.
Capital One—I am a customer there as well—offers 3.2% for six months, just like Chase.
But if I opt for a 12-month CD instead I can earn 3.9%.
And they don’t require you to put in such a high amount of money as Chase to earn this rate.
The downside to a CD is you can’t take money out until it matures or you have to pay a penalty.
Perhaps it’s best to look into opening a savings account instead.
You earn good interest and can withdraw money any time.
Capital One has a savings account that pays 3.2% but I think it’s an online account.
Does that mean I can’t go to the bank and withdraw money and instead have to transfer money from this bank to another and then withdraw the funds?
4 people like this
4 responses
@DaddyEvil (172836)
• United States
2h
Hmm... I was sending a friend some money through PayPal yesterday and saw they have a savings account that pays 3.4% interest but I didn't look at the details.
Since we all have PayPal to get paid by myLot, have you thought about using them as your savings account?
Image from PayPal.
1 person likes this
@DaddyEvil (172836)
• United States
1h
@lovebuglena As safe as any other bank. It's FDIC insured.
I actually use their Debit card to access my myLot money and Pretty and I both deposit money into my account before we go out of town or do anything since it's easier and safer than carrying cash. (We both do carry some cash around but not a whole lot of it.)
1 person likes this
@lovebuglena (51444)
• Staten Island, New York
47m
@DaddyEvil I didn’t even know they have a debit card.
1 person likes this
@lovebuglena (51444)
• Staten Island, New York
1h
I didn’t even know you can do that. How safe is it?
1 person likes this
@TheHorse (237127)
• Walnut Creek, California
3h
@lovebuglena As mentioned elsewhere, rates have been going down overall over the past few months. Would a 3 month CD be a good compromise?
1 person likes this
@lovebuglena (51444)
• Staten Island, New York
3h
@TheHorse I am not even sure there is a three month CD. But what I wanna figure out—and I’m not sure how to do that—is it better to put money into a shorter term CD with a little higher rate or put money into a bit longer term CD with a little lower rate?
1 person likes this
@lovebuglena (51444)
• Staten Island, New York
3h
I’d rather get a little bit lower percentage, but have the ability to withdraw my money whenever I need it. The downside is that the savings account rate is not fixed so I have no idea for how long the 3.2% is gonna last.
2 people like this
@TheHorse (237127)
• Walnut Creek, California
3h
@lovebuglena It's a good rate. Rates have been going down over the past few months, though.
1 person likes this
@Ineeddentures (30000)
•
Just now
Go raid the joint account.
Invest it all with Chase
Don't tell Lenny
