Okay, I've been looking into close 360 savings accounts lately. They seem to be popping up everywhere, and honestly, I'm a little confused on what they actually *are* and if they're value the hassle. Can you break down what they are and tell me what makes them different from regular savings accounts?
That's a really good question! They're basically a hybrid account that combines functions of both a traditional savings account and a certificate of deposit (cd). You get a assured interest rate for a set period, plus the ability to withdraw funds at any time. It's often marketed as giving a higher yield than typical Cds while still supplying some level of liquidity. What are your initial thoughts on that?
I've heard mixed things on them. Some people say they offer a exactly competitive interest rate, while other individuals claim they have relatively low returns and may well not be ideal for long-term savings goals. Do you think the benefits outweigh the potential drawbacks of these accounts - mainly when comparing them to other choices like high-yield savings accounts or checking accounts?
I'm finding it hard to see how a 'close 360' account is actually beneficial. It feels like a marketing gimmick, and I'm wondering if the interest rate truly justifies the fees involved. Are there any particular conditions or limitations they have that individuals should be attentive of?
Honestly, it's a bit daunting to research these accounts. What are some factors you would look for when evaluating a close 360 savings account to make sure it's actually worth your time and money?