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How does Ing Direct post interest?

Hm..so for example if I put in $10,000, next proceeding month I'll have $10,380? ($10,000 x 1.038 = $10,380)

The 2nd month it'll be $10,380 x 1.0380 = $10,774.44? (interest compounded??)

Any catches? (other than reporting 1099?)
 
Originally posted by: deathkoba
Hm..so for example if I put in $10,000, next proceeding month I'll have $10,380? ($10,000 x 1.038 = $10,380)

The 2nd month it'll be $10,380 x 1.0380 = $10,774.44? (interest compounded??)

Any catches? (other than reporting 1099?)
Click to expand...

No, 3.80 is the Annual percentage yield. You have to divide 3.8% by 12 to get the monthly rate. Below is what you would have after a year.

10031.66667
10063.43361
10095.30115
10127.2696
10159.33929
10191.51053
10223.78365
10256.15896
10288.6368
10321.21748
10353.90134
10386.68869
 
Originally posted by: deathkoba
Hm..so for example if I put in $10,000, next proceeding month I'll have $10,380? ($10,000 x 1.038 = $10,380)

The 2nd month it'll be $10,380 x 1.0380 = $10,774.44? (interest compounded??)

Any catches? (other than reporting 1099?)
Click to expand...

oh wow you're so clueless.

and no that does not suck. suckage is leaving it in a bank acct with 0.49% APY.
 
Originally posted by: dethman
Originally posted by: deathkoba
Hm..so for example if I put in $10,000, next proceeding month I'll have $10,380? ($10,000 x 1.038 = $10,380)

The 2nd month it'll be $10,380 x 1.0380 = $10,774.44? (interest compounded??)

Any catches? (other than reporting 1099?)
Click to expand...

oh wow you're so clueless.

and no that does not suck. suckage is leaving it in a bank acct with 0.49% APY.
Click to expand...

Hence me aksing the question...
 
Originally posted by: KLin
Originally posted by: deathkoba
Hm..so for example if I put in $10,000, next proceeding month I'll have $10,380? ($10,000 x 1.038 = $10,380)

The 2nd month it'll be $10,380 x 1.0380 = $10,774.44? (interest compounded??)

Any catches? (other than reporting 1099?)
Click to expand...

No, 3.80 is the Annual percentage yield. You have to divide 3.8% by 12 to get the monthly rate. Below is what you would have after a year.

10031.66667
10063.43361
10095.30115
10127.2696
10159.33929
10191.51053
10223.78365
10256.15896
10288.6368
10321.21748
10353.90134
10386.68869
Click to expand...

No. This way your APY becomes 3.86. The interest rate is less than 3.8. Say x and then with compunded interest (monthly x/12) 10000 becomes 10380 at the end of the year.
 
Originally posted by: CaesaR
Originally posted by: KLin
Originally posted by: deathkoba
Hm..so for example if I put in $10,000, next proceeding month I'll have $10,380? ($10,000 x 1.038 = $10,380)

The 2nd month it'll be $10,380 x 1.0380 = $10,774.44? (interest compounded??)

Any catches? (other than reporting 1099?)
Click to expand...

No, 3.80 is the Annual percentage yield. You have to divide 3.8% by 12 to get the monthly rate. Below is what you would have after a year.

10031.66667
10063.43361
10095.30115
10127.2696
10159.33929
10191.51053
10223.78365
10256.15896
10288.6368
10321.21748
10353.90134
10386.68869
Click to expand...

No. This way your APY becomes 3.86. The interest rate is less than 3.8. Say x and then with compunded interest (monthly x/12) 10000 becomes 10380 at the end of the year.
Click to expand...

Yea you're right, I wasn't paying attention. the APR is slightly lower than 3.8%.
 
Originally posted by: drnickriviera
Man, i'd give my left nut for 3.8% a month
Click to expand...
You don't have to man. Opening an ING account is free and easy (compared to the HSBC account).

There are plenty of people around here (me included) who'll offer you a referral email, and ING will toss in an extra $20 or $25 as long as you start up an account with $200 or something like that.

Try it. It's fun!
 
Originally posted by: Rumpltzer
Originally posted by: drnickriviera
Man, i'd give my left nut for 3.8% a month
Click to expand...
You don't have to man. Opening an ING account is free and easy (compared to the HSBC account).

There are plenty of people around here (me included) who'll offer you a referral email, and ING will toss in an extra $20 or $25 as long as you start up an account with $200 or something like that.

Try it. It's fun!
Click to expand...


Read his post again.
 
Originally posted by: KLin
Originally posted by: Rumpltzer
Originally posted by: drnickriviera
Man, i'd give my left nut for 3.8% a month
Click to expand...
You don't have to man. Opening an ING account is free and easy (compared to the HSBC account).

There are plenty of people around here (me included) who'll offer you a referral email, and ING will toss in an extra $20 or $25 as long as you start up an account with $200 or something like that.

Try it. It's fun!
Click to expand...
Read his post again.
Click to expand...
Got it.
 
Originally posted by: Rumpltzer
Originally posted by: drnickriviera
Man, i'd give my left nut for 3.8% a month
Click to expand...
You don't have to man. Opening an ING account is free and easy (compared to the HSBC account).

There are plenty of people around here (me included) who'll offer you a referral email, and ING will toss in an extra $20 or $25 as long as you start up an account with $200 or something like that.

Try it. It's fun!
Click to expand...

He said 3.8% a month, not a year. That's A LOT more than ING is offerring. So yeah, I'd give his left nut for 3.8% interest a month too.

EDIT: d'oh. too slow.
 
Originally posted by: ultimatebob
Originally posted by: Radical Ans
3.8% APY is the best!
Click to expand...

Nope. It's good, but 4.25% is the best right now for a savings account. Both HSBC and Emigrant Direct offer that rate now.
Click to expand...

actually ING now has 4.75% APY until april or something on all new funds. i transferred everything to there.
 
Originally posted by: sniperruff
Originally posted by: ultimatebob
Originally posted by: Radical Ans
3.8% APY is the best!
Click to expand...

Nope. It's good, but 4.25% is the best right now for a savings account. Both HSBC and Emigrant Direct offer that rate now.
Click to expand...

actually ING now has 4.75% APY until april or something on all new funds. i transferred everything to there.
Click to expand...

Yeah, that's awesome. My next savings deposit isn't until Feb 15, so I'll have to wait, but it will be nice getting an extra 1% during this time. 1% isn't much, but it's better than 0%.
 
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