AboutJohn D Smith, CFP Expertise I can answer detailed questions regarding mutual fund investing, retirement planning, education planning and related financial planning/investment issues. I have a B.S. degree in Financial Planning & Counseling. I am also a Certified Financial Planner practitioner and have performed fee only investment management and financial planning services for the past 11 years.
And I did not see anything related to cd OR money market you mentioned .. From that chart, the guranteed investment account pays the most, 2.8% ..
Can u tell me more about the money market & CD ..in terms of if I will be loosing anything (risk) ..etc? --Any estimate on how much the 6 month of 12 month CD will pay? ..does CD stand for compounded daily? I just want to be sure..
Answer You may want to check and see what their money market accounts are paying. Average rate right now is around 4%. Also, it is possible that a 6 month or 12 month CD will pay more than this. I hope this helps.
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Followup To
Question -
Hello,
I am a student, working part time, and have about $20 000, and currently with TD Bank, and saving through the TD Guranteed Investment Account where I get about $45/month in interest..
I was wondering if you can suggest any other investments I can take part in with no risk (possibly with TD Canada)..Just for information purposes.
Thanks!
Answer -
You may want to check and see what their money market accounts are paying. Average rate right now is around 4%. Also, it is possible that a 6 month or 12 month CD will pay more than this. I hope this helps.
Answer The reason you do not see money market on the information you are looking at is because your $$ are in a savings account which has the Guaranteed Investment account option. This may be different in Canada, but you should be able to move your money from a savings account into a money market mutual fund account that pays more. Regarding a CD, this stands for certificate of deposit. A CD is a bank instrument that has a guraranteed rate of return for the term on the CD. The onw drawback is that if you pull money out prior to the CD maturity date, you lose some interest and may be charged a small penalty. For more specific information, go to http://www.tdcanadatrust.com and click on the investing link instead of the banking link. I hope this helps.
