ING Direct up to 4.00%

[VWhed]

I saw this this morning when I checked my acct bal. (Orange Savings)

 

[Maximus96]

cool beans

 

[dfedders]

Great, now they are only at LEAST .5% behind everyone else.

 

[Kaido]

Great, now I just need $2 million to put in and I can live on the interest every year

 

[ctcsoft]

whats the big deal. even if you put 20k in the account, you only net $800 after a year.

BIG DEAL. $800 on 20k investment is crap.

 

[ECartman]

Originally posted by: dfedders
Great, now they are only at LEAST .5% behind everyone else.

and .75% behind themselves on the winter rate special deal

 

[Scagnetti]

Originally posted by: ctcsoft
BIG DEAL. $800 on 20k investment is crap.

 

[Scagnetti]

btw - Citi has 4.5%

 

[esquared]

Originally posted by: ctcsoft
whats the big deal. even if you put 20k in the account, you only net $800 after a year.

BIG DEAL. $800 on 20k investment is crap.

What about COURTESY?

No thread crapping. If the subject matter of a deal does not interest you, do not post negative comments about it, or about other members, in the thread.

 

[GeneValgene]

Originally posted by: ctcsoft
whats the big deal. even if you put 20k in the account, you only net $800 after a year.

BIG DEAL. $800 on 20k investment is crap.

don't think of it as an investment. it's not bad if you need your money completely liquid..

 

[saxophonoia]

Nice.

 

[BaNzaiDags]

Originally posted by: Scagnetti
btw - Citi has 4.5%

yea, i saw that when i went to there site.... i have cit cc.... anyone have any experience with citi savings? i like the cc service... thinking about moving here... get application started so when the 4.75% runs out... i can move....

 

[Schfifty Five]

Well, it's good that it's going up....but man is it behind everyone else still by a long shot.

 

[FrustratedUser]

Nice.

 

[Toadster]

Originally posted by: ctcsoft
whats the big deal. even if you put 20k in the account, you only net $800 after a year.

BIG DEAL. $800 on 20k investment is crap.

better than someone keeping 20k in a .9% account

 

[jasonja]

Originally posted by: Toadster

Originally posted by: ctcsoft
whats the big deal. even if you put 20k in the account, you only net $800 after a year.

BIG DEAL. $800 on 20k investment is crap.

better than someone keeping 20k in a .9% account

No kidding... it's guaranteed money. Better than losing your shorts in the market with your safety net savings.

 

[Mean MrMustard]

Capital One is at 4.25% I believe.

 

[middlehead]

How often does ING compound the interest on an Orange account? I checked the orange listing and the FAQ on ingdirect.com, but I saw no trace of the word 'compound.' I don't imagine it'll be any faster than monthly, but I'm curious.

 

[FrustratedUser]

Originally posted by: middlehead
How often does ING compound the interest on an Orange account? I checked the orange listing and the FAQ on ingdirect.com, but I saw no trace of the word 'compound.' I don't imagine it'll be any faster than monthly, but I'm curious.

You get paid every month.

 

[esquared]

Originally posted by: middlehead
How often does ING compound the interest on an Orange account? I checked the orange listing and the FAQ on ingdirect.com, but I saw no trace of the word 'compound.' I don't imagine it'll be any faster than monthly, but I'm curious.

It's compounded daily. When you have an account you can see the interest that is earned, change daily. It's under Interest Earned This Month category, and they also have an Interest Paid Year to Date category.

 

[Bullhonkie]

Originally posted by: esquared

Originally posted by: middlehead
How often does ING compound the interest on an Orange account? I checked the orange listing and the FAQ on ingdirect.com, but I saw no trace of the word 'compound.' I don't imagine it'll be any faster than monthly, but I'm curious.

It's compounded daily. When you have an account you can see the interest that is earned, change daily. It's under Interest Earned This Month category, and they also have an Interest Paid Year to Date category.

It's compounded monthly. You can see the interest accrue daily, but you won't get credited with it until the end of the month.

 

[esquared]

Originally posted by: Bullhonkie

Originally posted by: esquared

Originally posted by: middlehead
How often does ING compound the interest on an Orange account? I checked the orange listing and the FAQ on ingdirect.com, but I saw no trace of the word 'compound.' I don't imagine it'll be any faster than monthly, but I'm curious.

It's compounded daily. When you have an account you can see the interest that is earned, change daily. It's under Interest Earned This Month category, and they also have an Interest Paid Year to Date category.

It's compounded monthly. You can see the interest accrue daily, but you won't get credited with it until the end of the month.

I am pretty sure it's compounded daily, otherwise you could not see the daily interest accrue. I think the term is compounded daily and paid monthly. If you compounded your interest once a month there's no way you would see a daily charge in the interest earned. The amount earned would be based on your average monthly balance.

Here's an example from CalFed, It's all I could find at the moment that explains it.
Calfed interest rates

Here's something else:
How money works
"How does interest work?
Interest on savings accounts is usually compounded daily and paid monthly. The thing about compounded interest is that the bank is paying you interest on the money they've paid you in interest! That means that if your account earns one percent interest then each day 1/365th of that one percent of the amount of money you have in your savings account is then added to your total. Here is the calculation:

Daily compounding = Principal (1 + interest rate/365)365 = (daily compounded amount)"

 

[FrustratedUser]

Originally posted by: esquared

Originally posted by: middlehead
How often does ING compound the interest on an Orange account? I checked the orange listing and the FAQ on ingdirect.com, but I saw no trace of the word 'compound.' I don't imagine it'll be any faster than monthly, but I'm curious.

It's compounded daily. When you have an account you can see the interest that is earned, change daily. It's under Interest Earned This Month category, and they also have an Interest Paid Year to Date category.

Correct. I misunderstood the question.
You can see how much you earned to date but you get paid monthly.

 

[Bullhonkie]

Originally posted by: esquared

Originally posted by: Bullhonkie

Originally posted by: esquared

Originally posted by: middlehead
How often does ING compound the interest on an Orange account? I checked the orange listing and the FAQ on ingdirect.com, but I saw no trace of the word 'compound.' I don't imagine it'll be any faster than monthly, but I'm curious.

It's compounded daily. When you have an account you can see the interest that is earned, change daily. It's under Interest Earned This Month category, and they also have an Interest Paid Year to Date category.

It's compounded monthly. You can see the interest accrue daily, but you won't get credited with it until the end of the month.

I am pretty sure it's compounded daily, otherwise you could not see the daily interest accrue. I think the term is compounded daily and paid monthly. If you compounded your interest once a month there's no way you would see a daily charge in the interest earned. The amount earned would be based on your average monthly balance.

Here's an example from CalFed, It's all I could find at the moment that explains it.
Calfed interest rates

Here's something else:
How money works
"How does interest work?
Interest on savings accounts is usually compounded daily and paid monthly. The thing about compounded interest is that the bank is paying you interest on the money they've paid you in interest! That means that if your account earns one percent interest then each day 1/365th of that one percent of the amount of money you have in your savings account is then added to your total. Here is the calculation:

Daily compounding = Principal (1 + interest rate/365)365 = (daily compounded amount)"

http://home.ingdirect.com/faqs/faqs.asp?s=OrangeSavings

How do you calculate the interest on my account?
Interest on your savings account is accrued daily, compounded monthly and credited to your available balance at the end of each month.

 

[esquared]

You're right. I was getting my terms a little mixed up. I said compounded daily paid monthly. I should have said accrued daily, paid (compounded), monthly.