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Thread: saving for Hawaii

  1. #1
    Senior Member burnedrose's Avatar
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    Default saving for Hawaii

    Im currently saving my money I make for when I move out to Hawaii in July. However, the big issue is how to save it. I generally take all my fives and singles, put them in a coffee can, and I plan on putting those into a savings account. Good idea or no? I have about $400 in there, right now.

    I want to be able to save it until july, but I want some way that will have a good return to it. I dont want to just leave it all in a savings account...argh..so confusing!

    anyone have some good finacial tips for what to do with my cash?
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  2. #2
    Banned Melonie's Avatar
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    Default Re: saving for Hawaii

    Certificates of Deposit pay higher interest rates than 'zero maturity' deposits i.e. bank savings accounts and money market accounts. However, if you plan on moving in less than 3 months, you'll probably want to withdraw your money and take it with you to Hawaii which essentially removes the CD alternative from the table. Under those circumstances, a bank savings account is not a bad option. Be aware however that if the amount you save up and withdraw when you move exceeds $3000, a cash transaction report will be made to the CT tax dep't and the IRS (to the best of my knowledge, all of the 'northeast' states have enacted a $3000 state reporting limit).

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