• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Ouch! ING savings interest rate took a hit today.

S

squeeg22

Senior member
Just logged on to check my account status and saw that ING just lowered their savings account interest rate to 3.65%. I checked wamu and emigrantdirect and they're both ~1% higher. Maybe it's time to think about switching.
 
Ouchie. They've been below the other online banks for a long time now. >1% difference is going to make quite a few people actually switch.
 
I'm getting 8% on one of my savings accounts 😉

7.2% on my other, and 5% on my transaction account.
 
Makes me think I should have jumped in on a cd. My local bank two days ago was offering 4.75%, yesterday it was 4.50%, this morning it's 4.25%. Dropped half a percentage in two days.
 
3.75% on ING Direct

although i don't really use that account

31-Dec-2007 Interest Paid 0.01 1.29

31-Oct-2007 Interest Paid 0.01 1.28

31-Aug-2007 Interest Paid 0.01 1.27
 
You will probably see a lot of the banks dropping rates since the FED cut interest rates yesterday. It is just the rules of the game.
 
Other banks will be sure to follow soon. I took most of the cash I had in ING and put it into CDs yielding 4.50%.

More Fed rate cuts on the way too.
 
that sucks because i just signed up with then last week. its really ok though because its alot better then the .35% interest rate that i got on my normal savings account.
 
1% isn't nearly enough to change my direct deposit and get used to a new setup.
I'm stayin' orange.
 
Originally posted by: dug777
I'm getting 8% on one of my savings accounts 😉

7.2% on my other, and 5% on my transaction account.
Click to expand...

is it an australia only thing to have an 8% savings account? I need that.
 
Originally posted by: phreaqe
that sucks because i just signed up with then last week. its really ok though because its alot better then the .35% interest rate that i got on my normal savings account.
Click to expand...

Same situation here, opened the account last week with the $25 promotion, still higher than my credit union though.
 
walked into hsbc branch yesterday actually to open up some new CD's and was shocked at how quickly rates had fallen. best they could give me in person was about 3.3%. online accounts dropping quick too.

oh well, at the same time, it's a good time to refinance your mortgage!
 
Got a 5.65% APY CD a few months ago. At first I was hesitant for locking my money up for so long, but now it looks like it will pay off.
 
FYI. Here are some of the internet banks savings rates (rates are APY as of today 1-23-08)

Emigrant 4.55
Citi 4.5
Presidential 4.4
HSBC 4.25

If you are getting pay less than 4% APY for your savings/CD, you need to change banks or at least move your money to higher paying banks (as long as they are FDIC insured).
 
thank god I extended one of my CDs. Oh wells, Im not too concerned, I started with ING when it was 2% and that is still a huge improvement over the 0.25% of my Home B&M savings account.
 
Originally posted by: Tiamat
thank god I extended one of my CDs. Oh wells, Im not too concerned, I started with ING when it was 2% and that is still a huge improvement over the 0.25% of my Home B&M savings account.
Click to expand...

QFT

I <3 ING
 
I can't confirm that it's still running (I just opened a CD last night, so it was alive as of yesterday), but Wamu has a promo where you can get a 5.10% APY on a 7-month CD with an add-on feature, which basically means you can add more money into your CD at any time at the same rate (up to the original amount, so say you open with $10k, you can add up to another $10k later on). This is especially useful since the Feds could cut rates again next week. It has to be new money, and if you don't already have a checking account, you have to open one with them (it's free anyways). Officially, it's running until the end of the month, but it's likely to get cancelled by Friday if not earlier. I read that this may be available in all states now (the ads I've seen mention a lot of states, but not all of them).

On a slightly related note, Apple got the shit knocked out of them today:Q. They were at about 170 a week ago, now they're trading at under 130 AFTER reporting much better than expected earnings.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top