Question about ING Direct Savings Account

[desiplaya4life]

so my mom has savings piled up in her fidelity investment account which gets her little to none back. so then i saw that ING offers 4.15% interest in their savings account. my question is?

is 4.15% fixed rate for the entity of the account or it changes based on economy?

how does it work? basically you get the interest return every month?


anything complaints?
anything better than ING? (international financial institution/banks that have online banking?)

 

[bhanson]

HSBC and EmigrantDirect are popular here. I personally use HSBC and am happy with them. (4.5%)

If you search around a little you can find a few others with slightly higher rates (lesser known).

 

[pyonir]

the percentage is not fixed. It is variable. You get the interest added to your account every month.

 

[drnickriviera]

Uhh if she already has it in Fidelity then put it in a money market or cash reserve. FDRXX is yielding 4.51%

 

[desiplaya4life]

i need to talk with their reps about whats the status on my mom's account is. all i know is she is not earning as much as she should be w/ the balance she has in the acct.

 

[enyce2k9]

Originally posted by: pyonir
the percentage is not fixed. It is variable. You get the interest added to your account every month.

but its 4.5% every year right?

 

[manlymatt83]

Originally posted by: desiplaya4life
so my mom has savings piled up in her fidelity investment account which gets her little to none back. so then i saw that ING offers 4.15% interest in their savings account. my question is?

is 4.15% fixed rate for the entity of the account or it changes based on economy?

how does it work? basically you get the interest return every month?


anything complaints?
anything better than ING? (international financial institution/banks that have online banking?)

variable, and no, ING FTW

 

[sniperruff]

Originally posted by: mjuszczak

Originally posted by: desiplaya4life
so my mom has savings piled up in her fidelity investment account which gets her little to none back. so then i saw that ING offers 4.15% interest in their savings account. my question is?

is 4.15% fixed rate for the entity of the account or it changes based on economy?

how does it work? basically you get the interest return every month?


anything complaints?
anything better than ING? (international financial institution/banks that have online banking?)

variable, and no, ING FTW

4.50% over at HSBC and emigrant disagree with you.

 

[thomsbrain]

Originally posted by: sniperruff

Originally posted by: mjuszczak

Originally posted by: desiplaya4life
so my mom has savings piled up in her fidelity investment account which gets her little to none back. so then i saw that ING offers 4.15% interest in their savings account. my question is?

is 4.15% fixed rate for the entity of the account or it changes based on economy?

how does it work? basically you get the interest return every month?


anything complaints?
anything better than ING? (international financial institution/banks that have online banking?)

variable, and no, ING FTW

4.50% over at HSBC and emigrant disagree with you.

a million tales of poor service, poor interfaces, and shady banks with no little to no track record agree, though. i use capital one as a compromise. 4.25%. of course, they have their own horror stories, but so far it has been fine.

 

[sniperruff]

Originally posted by: thomsbrain

Originally posted by: sniperruff

Originally posted by: mjuszczak

Originally posted by: desiplaya4life
so my mom has savings piled up in her fidelity investment account which gets her little to none back. so then i saw that ING offers 4.15% interest in their savings account. my question is?

is 4.15% fixed rate for the entity of the account or it changes based on economy?

how does it work? basically you get the interest return every month?


anything complaints?
anything better than ING? (international financial institution/banks that have online banking?)

variable, and no, ING FTW

4.50% over at HSBC and emigrant disagree with you.

a million tales of poor service, poor interfaces, and shady banks with no little to no track record agree, though. i use capital one as a compromise. 4.25%. of course, they have their own horror stories, but so far it has been fine.

HSBC is an international company, and emigrant has branches in NY... does ING have real physical banks? nope... does ING offer ATM cards? nope... does ING offer credit cards? nope... does ING always have the lowest rates? yup...

emigrant- since 1850

HSBC- since 1865

ING- "over 100 years"

 

[sandmanwake]

Depending on which money market fund she's got set as her default with Fidelity, she's either doing just as well as ING or better.

 

[ultimatebob]

Originally posted by: enyce2k9

Originally posted by: pyonir
the percentage is not fixed. It is variable. You get the interest added to your account every month.

but its 4.5% every year right?

ING's rates (like all US bank rates) really depend on what the Federal Reserve interest rates are at the time. ING's rates usually seem to be within 1% of what the Fed rates are... sometimes they're slightly higher or slightly lower, but they're usually within 1%.

Right now, the Fed rate is 4.75%, and it's expected to go up to 5% next week. There is a good chance that ING will eventually raise their rates to 4.5% to match that, but that could easily go down if the economy goes all the hell and the Fed lowers interest rates to spur economic growth.

 

[desiplaya4life]

hmmm

so HSBC offers free debit card?

hmm i guess if fed percentage rises hsbc will rise their rates as well from current 4.5%

tough tough