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#1
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What kind of savings instrument is this?
Forgive me: this is not really an Excel question. But
I know there are a lot of savvy financial people lurking in these newsgroups. I hope one of you will be kind enough to respond. Someone described the following savings alternative offered by a bank. I cannot find any information on their web site. Can someone tell me what kind of a savings instrument this is ...? You contribute a fixed amount each month over a finite period (e.g, 5 years) for a fixed APR. You pay a penalty for early withdrawal. I am not sure about any other details about the plan. In fact, that is what I am looking for. But I need a term to search for. My efforts have been fruitless so far. TIA. |
#2
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What kind of savings instrument is this?
RRSP??
Mutual Funds?? |
#3
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What kind of savings instrument is this?
damorrison wrote:
RRSP?? Mutual Funds?? It is certainly not a mutual fund. If by RRSP, you mean a Registered Retirement Savings Plan, it should not be that either. An RRSP sounds like the Canadian equivalent of the US IRA. I forgot to mention that the savings instrument in question is offered by a US bank. I'm "sure" that the instrument in question is something like a CD or a restricted money market account. But the description does not fit either, at least not as know them. BTW, I am guessing that there is a penalty for missing a monthly payment. I don't know that for a fact. That is why I want to find details online. |
#4
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What kind of savings instrument is this?
I wrote:
Can someone tell me what kind of a savings instrument this is ...? You contribute a fixed amount each month over a finite period (e.g, 5 years) for a fixed APR. You pay a penalty for early withdrawal. Aha! It is simply a savings annuity with a fixed term. |
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