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Engineering student asking for Financial Help

etmdesai said: "Hey guys! I was on this forum a couple of months back, but I guess they accidentally de-activated my account and posts. I have a pretty nice internship (where i am writing this email from) and i want to put the money i have from that into a high interest savings account. i have an ING account and it was collecting 3.0 apy and today i just opened a hsbc account with 3.5apy. Is hsbc good and does it hurt me to have many savings accounts. Also I want to open a CD. Here is my question would it be better to have four three-month CDs with say 3.00% which totals 12%(say i start with 3k and put it into a cd. then after that three months i take whatever i make plus the original 3k and put it into another three month cd then so on and so-forth) Would this be better than a yearly CD of only say 4.57%"

hasse_john@yahoo.com said: "First, if a CD pays 3%, and is for 4 months, it actually pays 1%. (The 3% is the annual rate) Second. Check out EVERBANK. They give you the option of buying a CD in Australian dollars (for example) at the going interest rate, and you then can make money on the depreciation of the USD."

etmdesai said: "oh wow thats a good idea. I get the whole apy thing. i thought they give you 3% over the 3 or 4 months you have the cd. I looked up the everbank and it looks awesome. Would australian currency be smart to invest in?"