Ouch! ING savings interest rate took a hit today.

[edro]

Originally posted by: beat mania
Putting money in ING's low interest rate account is essentially throwing money away.

Find me another liquid account with significantly higher interest and I'll move.

 

[Mermaidman]

I *almost* opened an eTrade savings acct last week, but the variable rate bothered me, so I parked the money in a WAMU CD. Whew!

 

[beat mania]

Originally posted by: edro

Originally posted by: beat mania
Putting money in ING's low interest rate account is essentially throwing money away.

Find me another liquid account with significantly higher interest and I'll move.

Why does it have to be significantly higher? Any percentage point higher is a good thing.
People already mentioned etrade at 4.4%.

 

[ultimatebob]

Originally posted by: beat mania
Putting money in ING's low interest rate account is essentially throwing money away.

It's still not as bad as leaving it in a Wachovia account that has been giving 0.10% interest for years now 🙁

 

[tfinch2]

I'm thinking about ditching BoA checking/ING Orange combo and going with the Charles Schwab High Yield Investor Checking. I've had a Schwab Visa for 3 years now and their customer service is excellent.

 

[Dacalo]

Originally posted by: beat mania

Originally posted by: edro

Originally posted by: beat mania
Putting money in ING's low interest rate account is essentially throwing money away.

Find me another liquid account with significantly higher interest and I'll move.

Why does it have to be significantly higher? Any percentage point higher is a good thing.
People already mentioned etrade at 4.4%.

Eh, his loss if he feels it's not worth it for him. *shrug*

I personally use Fidelity mySmart Cash + FSLXX MMF + Emigrant Direct.

 

[Mermaidman]

Originally posted by: tfinch2
I'm thinking about ditching BoA checking/ING Orange combo and going with the Charles Schwab High Yield Investor Checking. I've had a Schwab Visa for 3 years now and their customer service is excellent.

I'd be wary of all the variable rate accounts at this time. If the money can be parked away for at least 6 months, it seems that a CD is safer. WAMU's 6-month CD is 4.85% earlier today, and a little lower for 12-month.

 

[beat mania]

Originally posted by: Dacalo

Originally posted by: beat mania

Originally posted by: edro

Originally posted by: beat mania
Putting money in ING's low interest rate account is essentially throwing money away.

Find me another liquid account with significantly higher interest and I'll move.

Why does it have to be significantly higher? Any percentage point higher is a good thing.
People already mentioned etrade at 4.4%.

Eh, his loss if he feels it's not worth it for him. *shrug*

I personally use Fidelity mySmart Cash + FSLXX MMF + Emigrant Direct.

I just feel bad that people stick with ING just because ING was one of the first to offer a good rate many years ago, even though they are no long offering competitive rates now.

Of course, all these people are the reason why ING doesn't need to offer good rates anymore ...

 

[tfinch2]

Originally posted by: Mermaidman

Originally posted by: tfinch2
I'm thinking about ditching BoA checking/ING Orange combo and going with the Charles Schwab High Yield Investor Checking. I've had a Schwab Visa for 3 years now and their customer service is excellent.

I'd be wary of all the variable rate accounts at this time. If the money can be parked away for at least 6 months, it seems that a CD is safer. WAMU's 6-month CD is 4.85% earlier today, and a little lower for 12-month.

I want to open a brokerage account as well and starting buying these stocks that are on sale. 😉 I might as well get their Checking account as well that will get me some interest. In the 6 years I've been with BoA, I haven't made a dime of interest on my checking.

 

[Svnla]

Originally posted by: edro

Originally posted by: beat mania
Putting money in ING's low interest rate account is essentially throwing money away.

Find me another liquid account with significantly higher interest and I'll move.

See my post about other banks a few posts above your post. Update: CountryWide is 5.0 APY.

Last time I check 5 is HIGHER than 3.65

 

[sciencewhiz]

Originally posted by: Svnla
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).

I bet all will be below 4 by the end of the month.

 

[imported_ThinkPad]

Honestly is it worth it to switch to another online savings account? Unless you have A LOT of money in your savings, that 1-2% difference will only be able to buy you a nice dinner.

 

[imported_Lothar]

Originally posted by: tfinch2

Originally posted by: Mermaidman

Originally posted by: tfinch2
I'm thinking about ditching BoA checking/ING Orange combo and going with the Charles Schwab High Yield Investor Checking. I've had a Schwab Visa for 3 years now and their customer service is excellent.

I'd be wary of all the variable rate accounts at this time. If the money can be parked away for at least 6 months, it seems that a CD is safer. WAMU's 6-month CD is 4.85% earlier today, and a little lower for 12-month.

I want to open a brokerage account as well and starting buying these stocks that are on sale. 😉 I might as well get their Checking account as well that will get me some interest. In the 6 years I've been with BoA, I haven't made a dime of interest on my checking.

Why would anyone care about earning interest in a checking account?

 

[edro]

Originally posted by: Svnla

Originally posted by: edro

Originally posted by: beat mania
Putting money in ING's low interest rate account is essentially throwing money away.

Find me another liquid account with significantly higher interest and I'll move.

See my post about other banks a few posts above your post. Update: CountryWide is 5.0 APY.
Last time I check 5 is HIGHER than 3.65

The difference is like $100/year, if you have $10,000.
Also, like others have said, the other online banks will follow suit very shortly.

 

[cubby1223]

Originally posted by: sciencewhiz

Originally posted by: Svnla
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).

I bet all will be below 4 by the end of the month.

Emigrant just dropped their CD to 3.5%. Expect the savings to drop below that within a day or two.

 

[edro]

Updated Today:

Emigrant - 3.6%
Citi - 3.25%
Presidential - 3.5%
HSBC - 3.55%
INGDirect - 3.348%
FNBO Direct - 3.85%
Eloan - 3.75%
Etrade - 4.4%

They're all falling like rocks!

Edit: Added more banks.

 

[edro]

dp

 

[Pabster]

FNBO Direct to 3.85% today.

 

[edro]

They should really have a site dedicated to this... one that updates through RSS or something.

Why don't one of you website geniuses whip one up in 5min?

How can you get a current rate feed from the various banks?

 

[Mxylplyx]

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.

shens

 

[Capt Caveman]

Originally posted by: edro
Updated Today:

Emigrant - 3.6%
Citi - 3.25%
Presidential - 3.5%
HSBC - 3.55%
INGDirect - 3.348%
FNBO Direct - 3.85%

They're all falling like rocks!

Edit: Added FNBO, thanks Pabster.

Etrade is at 4.4% as of today.

 

[Special K]

Originally posted by: edro
They should really have a site dedicated to this... one that updates through RSS or something.

Why don't one of you website geniuses whip one up in 5min?

How can you get a current rate feed from the various banks?

FWF - All Liquid Accounts Rates

That's about as good as it gets. It's not real time, but the FWF members do a pretty good job of keeping it up to date.

 

[Mxylplyx]

Originally posted by: edro
Updated Today:

Emigrant - 3.6%
Citi - 3.25%
Presidential - 3.5%
HSBC - 3.55%
INGDirect - 3.348%
FNBO Direct - 3.85%

They're all falling like rocks!

Edit: Added FNBO, thanks Pabster.

You should add eloan. I'm at 3.75 there.
Etrade is 4.4

 

[Jeff7]

Makes me wish I had the money available to put into a CD now, before the rates really drop.🙁
I had money in the Alger fund, which I think is some sort of mutual fund. I had it for 7 years, gifted to me from my grandmother. It was bought right before the dot-com bust. It lost about 60% of its value in that time. I finally cashed it in for $20 less than its purchase price - it just reached a peak in late December, and that stock price is dropping again.

This year is probably when I'll need it, and I didn't want to need it in the summer, only to find that it's down 50% again. I'd sooner have it in a savings account where it's safe, rather than a higher risk account. Once I'm out of college, and have extra income available, then I'll probably get back into some sort of investing. Right now, none of my money is my own, I'm in debt for more than the value of all of my assets.🙁

 

[Tommouse]

Yea I just got my email from FNBO saying they are now 3.85%

Bummer 🙁

edit: typos