Instead of an iPhone now, how about deposting your $500 (or $600) into an online savings account. If you go with ING and use the $25 signup offer by the time iPhone 2.0 comes out you’ll have enough money for the phone and some iTunes as well. Current rate on an ING savings account: 4.5%
Chart for money growth:
Deposit Interest Earned Bonus End of Year Total
Year 1 $500 4.5% $25 $547.50
Year 2 $500 4.5% $25 $572.14
Year 1 $600 4.5% $25 $652.00
Year 2 $600 4.5% $25 $681.34
ING CDs are also an option though your money will be locked up for a minimum of 6 months… likely still a short enough time before even an iPhone 1.5 comes out. Tip here is to first sign up for the savings account so you can get the bonus $25 then use the total to open a CD, there is no charge on doing this and CDs have no minimum amounts.
Starting money Interest Rate End of 12 month Term
$525 5.0% $551.25
$625 5.0% $656.25
If you want the bonus $25 for opening a savings account use this ING refer-a-friend link. You’ll get $25 bonus with a deposit of $250 or more and I’ll get $10. Comment if the code is used up and I’ll post more, there is a limit though.
Technorati Tags: iphone, finances, savings, ing
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