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Old 09-03-2007, 12:03 PM   #8
piemaker720
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Quote:
Originally Posted by Pocahontas View Post
It's not the best way but you can use a credit card too Pie and pay it off over time. Isn't that similar to layaway? I'm not real sure how it works?
No, on credit cards you pay interest on the balance you owe each month, so you are paying more money for items. On a layaway you are not paying interest, you make a payment and you can see exactly what you owe each time. As for the can, if people would admit it, if you had a can and was putting $5.00 a week in for something special. If something came up you would not be tempted to use the money, if your child came in and needed money for something you would not use the can money thinking I'll put it back later. Now for savings account, I have figured this for everyone to see.

Capital One Savings 5.00% ? <-> $100 min

ING Direct Savings 4.50% QFX OFX $25 bonus for new accts with $250 deposit

CitiBank eSavings Savings 4.75% ? ? Requires CitiBank EZ-Checking account
which may charge fees

HSBC Direct Savings 5.05% QFX OFX New money promotion: 6.0%

Regular Passbook Savings: An interest bearing savings account available to anyone. Interest is added to the account quarterly.

$10.00 a week for 3 months equals $120.00 that's 1 quarter
5% interest on $120.00 a quarter equals $6.00
That is if they pay 5%, some pay less than that.
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Last edited by piemaker720; 09-03-2007 at 12:18 PM.
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