AboutShane Expertise Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations American Association of Medical Assistants
Education/Credentials High School Graduate and Medical Assisting Diploma
Awards and Honors Significantly exceeds expectations annual review from the bank I presently work at
Question I have $5,000 that I am willing to put into a cd, however I don't understand how they work, how does it pay off? What should I do with my $5,000?
Answer Hi jim,
cds are time deposits. You first have to select a term some places start off at 32 days. We will use 2.25% here as a normal figure. If you chose to put $5000 in a 32 day cd. Your money would increase by 2.25% by the time it comes due. Mind you, you are not able to add to or withdraw out of the account during the timeframe specified, in this case would be 32 days. There are longer terms out there, some that earn 4% for a year, etc. It pays off in the sense that you will definetly have a higher dollar amount in the account by the time the money comes available to you. The other option would be a money market savings account, these tend to pay decent interest rates as well, however the rate you open the account with is not guaranteed, it will fluctuate based on economy. So the CD may be the better choice since the rate is guaranteed. I would start off with something short like a 32 day cd to see how it works for you, then change into something else if it does not. If you live in Michigan, Illinois, Missouri, Wisconsin, Indiana, Ohio, Pennsylvania, Kentucky, or Florida, National City definetly offers a 32 day cd. Like I said before some banks dont offer that. Please let me know if you would like some more precise contact information.
