The Instigator
xxx200
Pro (for)
Losing
0 Points
The Contender
Spritle
Con (against)
Winning
7 Points

is bank deposit a better way of money making

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Post Voting Period
The voting period for this debate has ended.
after 1 vote the winner is...
Spritle
Voting Style: Open Point System: 7 Point
Started: 11/1/2011 Category: Economics
Updated: 5 years ago Status: Post Voting Period
Viewed: 1,282 times Debate No: 19091
Debate Rounds (4)
Comments (5)
Votes (1)

 

xxx200

Pro

money making way = way which increases money and not decreses money

to me, bank deposits are the only way of making money since there is no decrease in the money deposited.

all other options like stock market, commodity market etc. increases and decreases money thats whythey are not money making way.

bank deposits only increases money and not decreases money, so its the only way.
Spritle

Con

Thanks to my opponent for this debate!

I am arguing that a bank desposit is NOT a better way to make money and that there is another method in which to gain money.

To clear things up I am assuming that my opponent means a savings account.

Argument

The best way to make money without losing any in the process is to invest in a bank CD, otherwise known as a certificate of desposit. A CD is a time deposit, a financial product commonly offered to consumers in the United States by banks, thrift institutions, and credit unions [1]. CDs are virtually risk free. They are insured by the Federal Deposit Insurance Corporation (FDIC) for banks and by the National Credit Union Administration (NCUA) for credit unions. Basically, they are just like a bank account in the sense that they will insure your money up to a certain amount. Cds have a fixed term (often three months, six months, or one to five years) and, usually a fixed interest rate. Cd's purpose are to be held until they mature and then the money may be withdrawn with all available interest. Institutions usually grant higher interest rates than they do on bank accounts in exchange for keeping the money on deposit for the agreed-on term. Withdrawals before maturity are usually subject to a penalty. For example, a five-year CD that has money withdrawn before maturity often has the loss of six months' interest as a penalty. These penalties ensure that iis usually not in a holder's best interest to withdraw the money before maturity. When closing a CD, banks will charge a penalty fee if the money is withdrawn from the CD before it matures. Usually if you do not withdraw your money or tell the bank what you plan on doing with the CD they will automatically put it into another certificate of desposit for you. Generally, a "window" is allowed after maturity where the CD holder can cash in the CD without penalty (10-15) [2].

In my third source you can see the rates and min. deposits for a few different institutions. As you can see, the interest rates are all roughly 1.000% compared to a savings acount of anywhere from .50-1.00%. Some of these rates can be seen here: http://www.money-rates.com...

In conclusion a CD is far better than a savings account because of the high interest rates. The owner is guaranteed a greater investment than a savings account. Although cds are more of a long-term savings investment, the holder can make a greater deal of money in the end than he/she would with a savings account at a bank or institution. All in all, cds are an excellent money maker as long as you abide by the terms or maturity. You just can't beat the interest rates and the money you gain.

Thank you.

Sources:

[1] http://en.wikipedia.org...
[2] http://banking.about.com...
[3] http://www.bankrate.com...
[4] http://www.money-rates.com...
Debate Round No. 1
xxx200

Pro

xxx200 forfeited this round.
Spritle

Con

I extend my argument.
Debate Round No. 2
xxx200

Pro

xxx200 forfeited this round.
Spritle

Con

Saddening.

Extending my argument yet again.
Debate Round No. 3
xxx200

Pro

xxx200 forfeited this round.
Spritle

Con

Vote Con!
Debate Round No. 4
5 comments have been posted on this debate. Showing 1 through 5 records.
Posted by caveat 5 years ago
caveat
Well then...
Posted by Spritle 5 years ago
Spritle
I really wanted to debate this guy...
Posted by Spritle 5 years ago
Spritle
Moist...
Posted by Spritle 5 years ago
Spritle
Early bird gets to eat first when the worms come out of the moise dark ground.
Posted by PartamRuhem 5 years ago
PartamRuhem
and I was going to take this one...
1 votes has been placed for this debate.
Vote Placed by RoyLatham 5 years ago
RoyLatham
xxx200SpritleTied
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Total points awarded:07 
Reasons for voting decision: Pro lost conduct by forfeiting, lost S