question about ING from a math illiterate

[Kaido]

So ING advertises a 3% APY. If I put $1,000 in, does that mean I'll get $30 a year from the interest? Or $30 a month?

And how do you calculate it? Been awhile since I've worked with percents 😛 Is it $xxxx amount put in multiplied by 0.03?

 

[imported_LoKe]

1000x0.03 = 30$
and the Y in APY = year? So, I'd say 30$ per year. 😵

 

[hkarpf6045]

This is true, Actually APY stands for Annual Percentage Yield, which means that the actual APR(annual percentage rate) is less, around 2.8 ish, but you make 3 percent due to the monthly compounding.

 

[z0mb13]

Originally posted by: hkarpf6045
This is true, Actually APY stands for Annual Percentage Yield, which means that the actual APR(annual percentage rate) is less, around 2.8 ish, but you make 3 percent due to the monthly compounding.

wow! I thought its 3% then it monthly compounds.

are all banks like this?

 

[hkarpf6045]

Yeah they do this so it is an eazy comparison of rates. Otherwise they could just post their APR. With some companies that compound daily a 2.8 percent is going to make more then someone who compounds monthly, so technically they would both get the same interest, but not really. THe daily one would earn more, so the APY takes this into account so there is a fair baseline for comparing rates.

 

[Kaido]

So ING is definately 3% per year, not 3% per month?

 

[imported_LoKe]

Annual = year. 🙂

 

[hkarpf6045]

Just looked at my last mont ING statement, and it looks like, my current APR is 2.96%, but my yield(APY) is 3.00%.

 

[Kaido]

Originally posted by: LoKe
Annual = year. 🙂

what confuses me is this:

High interest, no fees, no service charges, no kidding.

With an Orange Savings Account, you earn a variable 3.00% Annual Percentage Yield (effective 04/05/05 ) on savings every day, with a level of flexibility, freedom, and security you simply won't find at other banks. And because your account is FDIC insured, your account is always secure.

http://home.ingdirect.com/products/products.html

 

[hkarpf6045]

Whats confusing about that? "3.00% Annual Percentage Yield" Annual = year

 

[cronos]

Originally posted by: z0mb13

Originally posted by: hkarpf6045
This is true, Actually APY stands for Annual Percentage Yield, which means that the actual APR(annual percentage rate) is less, around 2.8 ish, but you make 3 percent due to the monthly compounding.

wow! I thought its 3% then it monthly compounds.

are all banks like this?

yup, that's what they meant with yield 🙂

of course, if it's a credit that their advertising, they would advertise it as an APR to show the smaller amount of interest between the two.

 

[Kaido]

What's the point of the 3% savings account then? Unless you have like $50,000 to invest in it, you won't really make much money...

Can you pull out the interest monthly at least?

 

[z0mb13]

Originally posted by: Kaido
What's the point of the 3% savings account then? Unless you have like $50,000 to invest in it, you won't really make much money...

Can you pull out the interest monthly at least?

because its better than what other banks charge

 

[ArmchairAthlete]

Originally posted by: Kaido
What's the point of the 3% savings account then? Unless you have like $50,000 to invest in it, you won't really make much money...

Can you pull out the interest monthly at least?

You don't need 50 grand to make some money with one... I make a bit on the savings in my ING account. They give you $25 to sign up too.

Better than not getting any interest.

 

[sciencewhiz]

Originally posted by: Kaido

Originally posted by: LoKe
Annual = year. 🙂

what confuses me is this:

High interest, no fees, no service charges, no kidding.

With an Orange Savings Account, you earn a variable 3.00% Annual Percentage Yield (effective 04/05/05 ) on savings every day, with a level of flexibility, freedom, and security you simply won't find at other banks. And because your account is FDIC insured, your account is always secure.

http://home.ingdirect.com/products/products.html

Each day, you get the APR (2.96%) divided by the number of days in the year. Over they entire year, your yield is 3% becasue of compound interest. Note that while the interest is compounded monthly, it is only added to your account monthly. Once it's added to your account, you can withdraw it whenever you want.

PS. I have a referal if you need one.

 

[Engineer]

Originally posted by: Kaido
What's the point of the 3% savings account then? Unless you have like $50,000 to invest in it, you won't really make much money...

Can you pull out the interest monthly at least?

Inflation in the US was around 2.7% last year. Your money is growing faster than inflation (heck, faster than the stock market the last few years too! 😛)

Better than placing your money in a jar, I suppose.

 

[astroview]

Originally posted by: Kaido
What's the point of the 3% savings account then? Unless you have like $50,000 to invest in it, you won't really make much money...

Can you pull out the interest monthly at least?

A bank account isn't generally an investment for most people. It's where you put money you need or are saving... Usually 3% sucks, then again tell that to people who were invested in tech in the year 2000.

 

[Night201]

01/01/05 $0.00 $1,000.00 3.00% $1,000.00
01/02/05 $1,000.00 $0.00 3.00% $0.0822 $1,000.08
01/03/05 $1,000.08 $0.00 3.00% $0.0822 $1,000.16
01/04/05 $1,000.16 $0.00 3.00% $0.0822 $1,000.25
01/05/05 $1,000.25 $0.00 3.00% $0.0822 $1,000.33
01/06/05 $1,000.33 $0.00 3.00% $0.0822 $1,000.41
01/07/05 $1,000.41 $0.00 3.00% $0.0822 $1,000.49
01/08/05 $1,000.49 $0.00 3.00% $0.0822 $1,000.58
01/09/05 $1,000.58 $0.00 3.00% $0.0822 $1,000.66
01/10/05 $1,000.66 $0.00 3.00% $0.0822 $1,000.74
01/11/05 $1,000.74 $0.00 3.00% $0.0823 $1,000.82
01/12/05 $1,000.82 $0.00 3.00% $0.0823 $1,000.90
01/13/05 $1,000.90 $0.00 3.00% $0.0823 $1,000.99
01/14/05 $1,000.99 $0.00 3.00% $0.0823 $1,001.07
01/15/05 $1,001.07 $0.00 3.00% $0.0823 $1,001.15
01/16/05 $1,001.15 $0.00 3.00% $0.0823 $1,001.23
01/17/05 $1,001.23 $0.00 3.00% $0.0823 $1,001.32
01/18/05 $1,001.32 $0.00 3.00% $0.0823 $1,001.40
01/19/05 $1,001.40 $0.00 3.00% $0.0823 $1,001.48
01/20/05 $1,001.48 $0.00 3.00% $0.0823 $1,001.56
01/21/05 $1,001.56 $0.00 3.00% $0.0823 $1,001.65
01/22/05 $1,001.65 $0.00 3.00% $0.0823 $1,001.73
01/23/05 $1,001.73 $0.00 3.00% $0.0823 $1,001.81
01/24/05 $1,001.81 $0.00 3.00% $0.0823 $1,001.89
01/25/05 $1,001.89 $0.00 3.00% $0.0823 $1,001.97
01/26/05 $1,001.97 $0.00 3.00% $0.0824 $1,002.06
01/27/05 $1,002.06 $0.00 3.00% $0.0824 $1,002.14
01/28/05 $1,002.14 $0.00 3.00% $0.0824 $1,002.22
01/29/05 $1,002.22 $0.00 3.00% $0.0824 $1,002.30
01/30/05 $1,002.30 $0.00 3.00% $0.0824 $1,002.39
01/31/05 $1,002.39 $0.00 3.00% $0.0824 $1,002.47
02/01/05 $1,002.47 $0.00 3.00% $0.0824 $1,002.55
02/02/05 $1,002.55 $0.00 3.00% $0.0824 $1,002.63
02/03/05 $1,002.63 $0.00 3.00% $0.0824 $1,002.72
02/04/05 $1,002.72 $0.00 3.00% $0.0824 $1,002.80
02/05/05 $1,002.80 $0.00 3.00% $0.0824 $1,002.88
02/06/05 $1,002.88 $0.00 3.00% $0.0824 $1,002.96
02/07/05 $1,002.96 $0.00 3.00% $0.0824 $1,003.05
02/08/05 $1,003.05 $0.00 3.00% $0.0824 $1,003.13
02/09/05 $1,003.13 $0.00 3.00% $0.0824 $1,003.21
02/10/05 $1,003.21 $0.00 3.00% $0.0825 $1,003.29
02/11/05 $1,003.29 $0.00 3.00% $0.0825 $1,003.38
02/12/05 $1,003.38 $0.00 3.00% $0.0825 $1,003.46
02/13/05 $1,003.46 $0.00 3.00% $0.0825 $1,003.54
02/14/05 $1,003.54 $0.00 3.00% $0.0825 $1,003.62
02/15/05 $1,003.62 $0.00 3.00% $0.0825 $1,003.71
02/16/05 $1,003.71 $0.00 3.00% $0.0825 $1,003.79
02/17/05 $1,003.79 $0.00 3.00% $0.0825 $1,003.87
02/18/05 $1,003.87 $0.00 3.00% $0.0825 $1,003.95
02/19/05 $1,003.95 $0.00 3.00% $0.0825 $1,004.04
02/20/05 $1,004.04 $0.00 3.00% $0.0825 $1,004.12
02/21/05 $1,004.12 $0.00 3.00% $0.0825 $1,004.20
02/22/05 $1,004.20 $0.00 3.00% $0.0825 $1,004.28
02/23/05 $1,004.28 $0.00 3.00% $0.0825 $1,004.37
02/24/05 $1,004.37 $0.00 3.00% $0.0826 $1,004.45
02/25/05 $1,004.45 $0.00 3.00% $0.0826 $1,004.53
02/26/05 $1,004.53 $0.00 3.00% $0.0826 $1,004.61
02/27/05 $1,004.61 $0.00 3.00% $0.0826 $1,004.70
02/28/05 $1,004.70 $0.00 3.00% $0.0826 $1,004.78
03/01/05 $1,004.78 $0.00 3.00% $0.0826 $1,004.86
03/02/05 $1,004.86 $0.00 3.00% $0.0826 $1,004.94
03/03/05 $1,004.94 $0.00 3.00% $0.0826 $1,005.03
03/04/05 $1,005.03 $0.00 3.00% $0.0826 $1,005.11
03/05/05 $1,005.11 $0.00 3.00% $0.0826 $1,005.19
03/06/05 $1,005.19 $0.00 3.00% $0.0826 $1,005.27
03/07/05 $1,005.27 $0.00 3.00% $0.0826 $1,005.36
03/08/05 $1,005.36 $0.00 3.00% $0.0826 $1,005.44
03/09/05 $1,005.44 $0.00 3.00% $0.0826 $1,005.52
03/10/05 $1,005.52 $0.00 3.00% $0.0826 $1,005.60
03/11/05 $1,005.60 $0.00 3.00% $0.0827 $1,005.69
03/12/05 $1,005.69 $0.00 3.00% $0.0827 $1,005.77
03/13/05 $1,005.77 $0.00 3.00% $0.0827 $1,005.85
03/14/05 $1,005.85 $0.00 3.00% $0.0827 $1,005.94
03/15/05 $1,005.94 $0.00 3.00% $0.0827 $1,006.02
03/16/05 $1,006.02 $0.00 3.00% $0.0827 $1,006.10
03/17/05 $1,006.10 $0.00 3.00% $0.0827 $1,006.18
03/18/05 $1,006.18 $0.00 3.00% $0.0827 $1,006.27
03/19/05 $1,006.27 $0.00 3.00% $0.0827 $1,006.35
03/20/05 $1,006.35 $0.00 3.00% $0.0827 $1,006.43
03/21/05 $1,006.43 $0.00 3.00% $0.0827 $1,006.51
03/22/05 $1,006.51 $0.00 3.00% $0.0827 $1,006.60
03/23/05 $1,006.60 $0.00 3.00% $0.0827 $1,006.68
03/24/05 $1,006.68 $0.00 3.00% $0.0827 $1,006.76
03/25/05 $1,006.76 $0.00 3.00% $0.0827 $1,006.84
03/26/05 $1,006.84 $0.00 3.00% $0.0828 $1,006.93
03/27/05 $1,006.93 $0.00 3.00% $0.0828 $1,007.01
03/28/05 $1,007.01 $0.00 3.00% $0.0828 $1,007.09
03/29/05 $1,007.09 $0.00 3.00% $0.0828 $1,007.18
03/30/05 $1,007.18 $0.00 3.00% $0.0828 $1,007.26
03/31/05 $1,007.26 $0.00 3.00% $0.0828 $1,007.34
04/01/05 $1,007.34 $0.00 3.00% $0.0828 $1,007.42
04/02/05 $1,007.42 $0.00 3.00% $0.0828 $1,007.51
04/03/05 $1,007.51 $0.00 3.00% $0.0828 $1,007.59
04/04/05 $1,007.59 $0.00 3.00% $0.0828 $1,007.67
04/05/05 $1,007.67 $0.00 3.00% $0.0828 $1,007.76
04/06/05 $1,007.76 $0.00 3.00% $0.0828 $1,007.84
04/07/05 $1,007.84 $0.00 3.00% $0.0828 $1,007.92
04/08/05 $1,007.92 $0.00 3.00% $0.0828 $1,008.00
04/09/05 $1,008.00 $0.00 3.00% $0.0828 $1,008.09
04/10/05 $1,008.09 $0.00 3.00% $0.0829 $1,008.17
04/11/05 $1,008.17 $0.00 3.00% $0.0829 $1,008.25
04/12/05 $1,008.25 $0.00 3.00% $0.0829 $1,008.34
04/13/05 $1,008.34 $0.00 3.00% $0.0829 $1,008.42
04/14/05 $1,008.42 $0.00 3.00% $0.0829 $1,008.50
04/15/05 $1,008.50 $0.00 3.00% $0.0829 $1,008.58
04/16/05 $1,008.58 $0.00 3.00% $0.0829 $1,008.67
04/17/05 $1,008.67 $0.00 3.00% $0.0829 $1,008.75
04/18/05 $1,008.75 $0.00 3.00% $0.0829 $1,008.83
04/19/05 $1,008.83 $0.00 3.00% $0.0829 $1,008.92
04/20/05 $1,008.92 $0.00 3.00% $0.0829 $1,009.00
04/21/05 $1,009.00 $0.00 3.00% $0.0829 $1,009.08
04/22/05 $1,009.08 $0.00 3.00% $0.0829 $1,009.16
04/23/05 $1,009.16 $0.00 3.00% $0.0829 $1,009.25
04/24/05 $1,009.25 $0.00 3.00% $0.0830 $1,009.33
04/25/05 $1,009.33 $0.00 3.00% $0.0830 $1,009.41
04/26/05 $1,009.41 $0.00 3.00% $0.0830 $1,009.50
04/27/05 $1,009.50 $0.00 3.00% $0.0830 $1,009.58
04/28/05 $1,009.58 $0.00 3.00% $0.0830 $1,009.66
04/29/05 $1,009.66 $0.00 3.00% $0.0830 $1,009.75
04/30/05 $1,009.75 $0.00 3.00% $0.0830 $1,009.83
05/01/05 $1,009.83 $0.00 3.00% $0.0830 $1,009.91
05/02/05 $1,009.91 $0.00 3.00% $0.0830 $1,009.99
05/03/05 $1,009.99 $0.00 3.00% $0.0830 $1,010.08
05/04/05 $1,010.08 $0.00 3.00% $0.0830 $1,010.16
05/05/05 $1,010.16 $0.00 3.00% $0.0830 $1,010.24
05/06/05 $1,010.24 $0.00 3.00% $0.0830 $1,010.33
05/07/05 $1,010.33 $0.00 3.00% $0.0830 $1,010.41
05/08/05 $1,010.41 $0.00 3.00% $0.0830 $1,010.49
05/09/05 $1,010.49 $0.00 3.00% $0.0831 $1,010.58
05/10/05 $1,010.58 $0.00 3.00% $0.0831 $1,010.66
05/11/05 $1,010.66 $0.00 3.00% $0.0831 $1,010.74
05/12/05 $1,010.74 $0.00 3.00% $0.0831 $1,010.82
05/13/05 $1,010.82 $0.00 3.00% $0.0831 $1,010.91
05/14/05 $1,010.91 $0.00 3.00% $0.0831 $1,010.99
05/15/05 $1,010.99 $0.00 3.00% $0.0831 $1,011.07
05/16/05 $1,011.07 $0.00 3.00% $0.0831 $1,011.16
05/17/05 $1,011.16 $0.00 3.00% $0.0831 $1,011.24
05/18/05 $1,011.24 $0.00 3.00% $0.0831 $1,011.32
05/19/05 $1,011.32 $0.00 3.00% $0.0831 $1,011.41
05/20/05 $1,011.41 $0.00 3.00% $0.0831 $1,011.49
05/21/05 $1,011.49 $0.00 3.00% $0.0831 $1,011.57
05/22/05 $1,011.57 $0.00 3.00% $0.0831 $1,011.66
05/23/05 $1,011.66 $0.00 3.00% $0.0831 $1,011.74
05/24/05 $1,011.74 $0.00 3.00% $0.0832 $1,011.82
05/25/05 $1,011.82 $0.00 3.00% $0.0832 $1,011.91
05/26/05 $1,011.91 $0.00 3.00% $0.0832 $1,011.99
05/27/05 $1,011.99 $0.00 3.00% $0.0832 $1,012.07
05/28/05 $1,012.07 $0.00 3.00% $0.0832 $1,012.15
05/29/05 $1,012.15 $0.00 3.00% $0.0832 $1,012.24
05/30/05 $1,012.24 $0.00 3.00% $0.0832 $1,012.32
05/31/05 $1,012.32 $0.00 3.00% $0.0832 $1,012.40
06/01/05 $1,012.40 $0.00 3.00% $0.0832 $1,012.49
06/02/05 $1,012.49 $0.00 3.00% $0.0832 $1,012.57
06/03/05 $1,012.57 $0.00 3.00% $0.0832 $1,012.65
06/04/05 $1,012.65 $0.00 3.00% $0.0832 $1,012.74
06/05/05 $1,012.74 $0.00 3.00% $0.0832 $1,012.82
06/06/05 $1,012.82 $0.00 3.00% $0.0832 $1,012.90
06/07/05 $1,012.90 $0.00 3.00% $0.0833 $1,012.99
06/08/05 $1,012.99 $0.00 3.00% $0.0833 $1,013.07
06/09/05 $1,013.07 $0.00 3.00% $0.0833 $1,013.15
06/10/05 $1,013.15 $0.00 3.00% $0.0833 $1,013.24
06/11/05 $1,013.24 $0.00 3.00% $0.0833 $1,013.32
06/12/05 $1,013.32 $0.00 3.00% $0.0833 $1,013.40
06/13/05 $1,013.40 $0.00 3.00% $0.0833 $1,013.49
06/14/05 $1,013.49 $0.00 3.00% $0.0833 $1,013.57
06/15/05 $1,013.57 $0.00 3.00% $0.0833 $1,013.65
06/16/05 $1,013.65 $0.00 3.00% $0.0833 $1,013.74
06/17/05 $1,013.74 $0.00 3.00% $0.0833 $1,013.82
06/18/05 $1,013.82 $0.00 3.00% $0.0833 $1,013.90
06/19/05 $1,013.90 $0.00 3.00% $0.0833 $1,013.99
06/20/05 $1,013.99 $0.00 3.00% $0.0833 $1,014.07
06/21/05 $1,014.07 $0.00 3.00% $0.0833 $1,014.15
06/22/05 $1,014.15 $0.00 3.00% $0.0834 $1,014.24
06/23/05 $1,014.24 $0.00 3.00% $0.0834 $1,014.32
06/24/05 $1,014.32 $0.00 3.00% $0.0834 $1,014.40
06/25/05 $1,014.40 $0.00 3.00% $0.0834 $1,014.49
06/26/05 $1,014.49 $0.00 3.00% $0.0834 $1,014.57
06/27/05 $1,014.57 $0.00 3.00% $0.0834 $1,014.65
06/28/05 $1,014.65 $0.00 3.00% $0.0834 $1,014.74
06/29/05 $1,014.74 $0.00 3.00% $0.0834 $1,014.82
06/30/05 $1,014.82 $0.00 3.00% $0.0834 $1,014.90
07/01/05 $1,014.90 $0.00 3.00% $0.0834 $1,014.99
07/02/05 $1,014.99 $0.00 3.00% $0.0834 $1,015.07
07/03/05 $1,015.07 $0.00 3.00% $0.0834 $1,015.15
07/04/05 $1,015.15 $0.00 3.00% $0.0834 $1,015.24
07/05/05 $1,015.24 $0.00 3.00% $0.0834 $1,015.32
07/06/05 $1,015.32 $0.00 3.00% $0.0835 $1,015.40
07/07/05 $1,015.40 $0.00 3.00% $0.0835 $1,015.49
07/08/05 $1,015.49 $0.00 3.00% $0.0835 $1,015.57
07/09/05 $1,015.57 $0.00 3.00% $0.0835 $1,015.65
07/10/05 $1,015.65 $0.00 3.00% $0.0835 $1,015.74
07/11/05 $1,015.74 $0.00 3.00% $0.0835 $1,015.82
07/12/05 $1,015.82 $0.00 3.00% $0.0835 $1,015.91
07/13/05 $1,015.91 $0.00 3.00% $0.0835 $1,015.99
07/14/05 $1,015.99 $0.00 3.00% $0.0835 $1,016.07
07/15/05 $1,016.07 $0.00 3.00% $0.0835 $1,016.16
07/16/05 $1,016.16 $0.00 3.00% $0.0835 $1,016.24
07/17/05 $1,016.24 $0.00 3.00% $0.0835 $1,016.32
07/18/05 $1,016.32 $0.00 3.00% $0.0835 $1,016.41
07/19/05 $1,016.41 $0.00 3.00% $0.0835 $1,016.49
07/20/05 $1,016.49 $0.00 3.00% $0.0835 $1,016.57
07/21/05 $1,016.57 $0.00 3.00% $0.0836 $1,016.66
07/22/05 $1,016.66 $0.00 3.00% $0.0836 $1,016.74
07/23/05 $1,016.74 $0.00 3.00% $0.0836 $1,016.82
07/24/05 $1,016.82 $0.00 3.00% $0.0836 $1,016.91
07/25/05 $1,016.91 $0.00 3.00% $0.0836 $1,016.99
07/26/05 $1,016.99 $0.00 3.00% $0.0836 $1,017.07
07/27/05 $1,017.07 $0.00 3.00% $0.0836 $1,017.16
07/28/05 $1,017.16 $0.00 3.00% $0.0836 $1,017.24
07/29/05 $1,017.24 $0.00 3.00% $0.0836 $1,017.33
07/30/05 $1,017.33 $0.00 3.00% $0.0836 $1,017.41
07/31/05 $1,017.41 $0.00 3.00% $0.0836 $1,017.49
08/01/05 $1,017.49 $0.00 3.00% $0.0836 $1,017.58
08/02/05 $1,017.58 $0.00 3.00% $0.0836 $1,017.66
08/03/05 $1,017.66 $0.00 3.00% $0.0836 $1,017.74
08/04/05 $1,017.74 $0.00 3.00% $0.0837 $1,017.83
08/05/05 $1,017.83 $0.00 3.00% $0.0837 $1,017.91
08/06/05 $1,017.91 $0.00 3.00% $0.0837 $1,017.99
08/07/05 $1,017.99 $0.00 3.00% $0.0837 $1,018.08
08/08/05 $1,018.08 $0.00 3.00% $0.0837 $1,018.16
08/09/05 $1,018.16 $0.00 3.00% $0.0837 $1,018.25
08/10/05 $1,018.25 $0.00 3.00% $0.0837 $1,018.33
08/11/05 $1,018.33 $0.00 3.00% $0.0837 $1,018.41
08/12/05 $1,018.41 $0.00 3.00% $0.0837 $1,018.50
08/13/05 $1,018.50 $0.00 3.00% $0.0837 $1,018.58
08/14/05 $1,018.58 $0.00 3.00% $0.0837 $1,018.66
08/15/05 $1,018.66 $0.00 3.00% $0.0837 $1,018.75
08/16/05 $1,018.75 $0.00 3.00% $0.0837 $1,018.83
08/17/05 $1,018.83 $0.00 3.00% $0.0837 $1,018.92
08/18/05 $1,018.92 $0.00 3.00% $0.0837 $1,019.00
08/19/05 $1,019.00 $0.00 3.00% $0.0838 $1,019.08
08/20/05 $1,019.08 $0.00 3.00% $0.0838 $1,019.17
08/21/05 $1,019.17 $0.00 3.00% $0.0838 $1,019.25
08/22/05 $1,019.25 $0.00 3.00% $0.0838 $1,019.33
08/23/05 $1,019.33 $0.00 3.00% $0.0838 $1,019.42
08/24/05 $1,019.42 $0.00 3.00% $0.0838 $1,019.50
08/25/05 $1,019.50 $0.00 3.00% $0.0838 $1,019.59
08/26/05 $1,019.59 $0.00 3.00% $0.0838 $1,019.67
08/27/05 $1,019.67 $0.00 3.00% $0.0838 $1,019.75
08/28/05 $1,019.75 $0.00 3.00% $0.0838 $1,019.84
08/29/05 $1,019.84 $0.00 3.00% $0.0838 $1,019.92
08/30/05 $1,019.92 $0.00 3.00% $0.0838 $1,020.00
08/31/05 $1,020.00 $0.00 3.00% $0.0838 $1,020.09
09/01/05 $1,020.09 $0.00 3.00% $0.0838 $1,020.17
09/02/05 $1,020.17 $0.00 3.00% $0.0838 $1,020.26
09/03/05 $1,020.26 $0.00 3.00% $0.0839 $1,020.34
09/04/05 $1,020.34 $0.00 3.00% $0.0839 $1,020.42
09/05/05 $1,020.42 $0.00 3.00% $0.0839 $1,020.51
09/06/05 $1,020.51 $0.00 3.00% $0.0839 $1,020.59
09/07/05 $1,020.59 $0.00 3.00% $0.0839 $1,020.68
09/08/05 $1,020.68 $0.00 3.00% $0.0839 $1,020.76
09/09/05 $1,020.76 $0.00 3.00% $0.0839 $1,020.84
09/10/05 $1,020.84 $0.00 3.00% $0.0839 $1,020.93
09/11/05 $1,020.93 $0.00 3.00% $0.0839 $1,021.01
09/12/05 $1,021.01 $0.00 3.00% $0.0839 $1,021.10
09/13/05 $1,021.10 $0.00 3.00% $0.0839 $1,021.18
09/14/05 $1,021.18 $0.00 3.00% $0.0839 $1,021.26
09/15/05 $1,021.26 $0.00 3.00% $0.0839 $1,021.35
09/16/05 $1,021.35 $0.00 3.00% $0.0839 $1,021.43
09/17/05 $1,021.43 $0.00 3.00% $0.0840 $1,021.51
09/18/05 $1,021.51 $0.00 3.00% $0.0840 $1,021.60
09/19/05 $1,021.60 $0.00 3.00% $0.0840 $1,021.68
09/20/05 $1,021.68 $0.00 3.00% $0.0840 $1,021.77
09/21/05 $1,021.77 $0.00 3.00% $0.0840 $1,021.85
09/22/05 $1,021.85 $0.00 3.00% $0.0840 $1,021.93
09/23/05 $1,021.93 $0.00 3.00% $0.0840 $1,022.02
09/24/05 $1,022.02 $0.00 3.00% $0.0840 $1,022.10
09/25/05 $1,022.10 $0.00 3.00% $0.0840 $1,022.19
09/26/05 $1,022.19 $0.00 3.00% $0.0840 $1,022.27
09/27/05 $1,022.27 $0.00 3.00% $0.0840 $1,022.35
09/28/05 $1,022.35 $0.00 3.00% $0.0840 $1,022.44
09/29/05 $1,022.44 $0.00 3.00% $0.0840 $1,022.52
09/30/05 $1,022.52 $0.00 3.00% $0.0840 $1,022.61
10/01/05 $1,022.61 $0.00 3.00% $0.0840 $1,022.69
10/02/05 $1,022.69 $0.00 3.00% $0.0841 $1,022.78
10/03/05 $1,022.78 $0.00 3.00% $0.0841 $1,022.86
10/04/05 $1,022.86 $0.00 3.00% $0.0841 $1,022.94
10/05/05 $1,022.94 $0.00 3.00% $0.0841 $1,023.03
10/06/05 $1,023.03 $0.00 3.00% $0.0841 $1,023.11
10/07/05 $1,023.11 $0.00 3.00% $0.0841 $1,023.20
10/08/05 $1,023.20 $0.00 3.00% $0.0841 $1,023.28
10/09/05 $1,023.28 $0.00 3.00% $0.0841 $1,023.36
10/10/05 $1,023.36 $0.00 3.00% $0.0841 $1,023.45
10/11/05 $1,023.45 $0.00 3.00% $0.0841 $1,023.53
10/12/05 $1,023.53 $0.00 3.00% $0.0841 $1,023.62
10/13/05 $1,023.62 $0.00 3.00% $0.0841 $1,023.70
10/14/05 $1,023.70 $0.00 3.00% $0.0841 $1,023.78
10/15/05 $1,023.78 $0.00 3.00% $0.0841 $1,023.87
10/16/05 $1,023.87 $0.00 3.00% $0.0842 $1,023.95
10/17/05 $1,023.95 $0.00 3.00% $0.0842 $1,024.04
10/18/05 $1,024.04 $0.00 3.00% $0.0842 $1,024.12
10/19/05 $1,024.12 $0.00 3.00% $0.0842 $1,024.21
10/20/05 $1,024.21 $0.00 3.00% $0.0842 $1,024.29
10/21/05 $1,024.29 $0.00 3.00% $0.0842 $1,024.37
10/22/05 $1,024.37 $0.00 3.00% $0.0842 $1,024.46
10/23/05 $1,024.46 $0.00 3.00% $0.0842 $1,024.54
10/24/05 $1,024.54 $0.00 3.00% $0.0842 $1,024.63
10/25/05 $1,024.63 $0.00 3.00% $0.0842 $1,024.71
10/26/05 $1,024.71 $0.00 3.00% $0.0842 $1,024.79
10/27/05 $1,024.79 $0.00 3.00% $0.0842 $1,024.88
10/28/05 $1,024.88 $0.00 3.00% $0.0842 $1,024.96
10/29/05 $1,024.96 $0.00 3.00% $0.0842 $1,025.05
10/30/05 $1,025.05 $0.00 3.00% $0.0843 $1,025.13
10/31/05 $1,025.13 $0.00 3.00% $0.0843 $1,025.22
11/01/05 $1,025.22 $0.00 3.00% $0.0843 $1,025.30
11/02/05 $1,025.30 $0.00 3.00% $0.0843 $1,025.38
11/03/05 $1,025.38 $0.00 3.00% $0.0843 $1,025.47
11/04/05 $1,025.47 $0.00 3.00% $0.0843 $1,025.55
11/05/05 $1,025.55 $0.00 3.00% $0.0843 $1,025.64
11/06/05 $1,025.64 $0.00 3.00% $0.0843 $1,025.72
11/07/05 $1,025.72 $0.00 3.00% $0.0843 $1,025.81
11/08/05 $1,025.81 $0.00 3.00% $0.0843 $1,025.89
11/09/05 $1,025.89 $0.00 3.00% $0.0843 $1,025.97
11/10/05 $1,025.97 $0.00 3.00% $0.0843 $1,026.06
11/11/05 $1,026.06 $0.00 3.00% $0.0843 $1,026.14
11/12/05 $1,026.14 $0.00 3.00% $0.0843 $1,026.23
11/13/05 $1,026.23 $0.00 3.00% $0.0843 $1,026.31
11/14/05 $1,026.31 $0.00 3.00% $0.0844 $1,026.40
11/15/05 $1,026.40 $0.00 3.00% $0.0844 $1,026.48
11/16/05 $1,026.48 $0.00 3.00% $0.0844 $1,026.56
11/17/05 $1,026.56 $0.00 3.00% $0.0844 $1,026.65
11/18/05 $1,026.65 $0.00 3.00% $0.0844 $1,026.73
11/19/05 $1,026.73 $0.00 3.00% $0.0844 $1,026.82
11/20/05 $1,026.82 $0.00 3.00% $0.0844 $1,026.90
11/21/05 $1,026.90 $0.00 3.00% $0.0844 $1,026.99
11/22/05 $1,026.99 $0.00 3.00% $0.0844 $1,027.07
11/23/05 $1,027.07 $0.00 3.00% $0.0844 $1,027.16
11/24/05 $1,027.16 $0.00 3.00% $0.0844 $1,027.24
11/25/05 $1,027.24 $0.00 3.00% $0.0844 $1,027.32
11/26/05 $1,027.32 $0.00 3.00% $0.0844 $1,027.41
11/27/05 $1,027.41 $0.00 3.00% $0.0844 $1,027.49
11/28/05 $1,027.49 $0.00 3.00% $0.0845 $1,027.58
11/29/05 $1,027.58 $0.00 3.00% $0.0845 $1,027.66
11/30/05 $1,027.66 $0.00 3.00% $0.0845 $1,027.75
12/01/05 $1,027.75 $0.00 3.00% $0.0845 $1,027.83
12/02/05 $1,027.83 $0.00 3.00% $0.0845 $1,027.92
12/03/05 $1,027.92 $0.00 3.00% $0.0845 $1,028.00
12/04/05 $1,028.00 $0.00 3.00% $0.0845 $1,028.08
12/05/05 $1,028.08 $0.00 3.00% $0.0845 $1,028.17
12/06/05 $1,028.17 $0.00 3.00% $0.0845 $1,028.25
12/07/05 $1,028.25 $0.00 3.00% $0.0845 $1,028.34
12/08/05 $1,028.34 $0.00 3.00% $0.0845 $1,028.42
12/09/05 $1,028.42 $0.00 3.00% $0.0845 $1,028.51
12/10/05 $1,028.51 $0.00 3.00% $0.0845 $1,028.59
12/11/05 $1,028.59 $0.00 3.00% $0.0845 $1,028.68
12/12/05 $1,028.68 $0.00 3.00% $0.0845 $1,028.76
12/13/05 $1,028.76 $0.00 3.00% $0.0846 $1,028.85
12/14/05 $1,028.85 $0.00 3.00% $0.0846 $1,028.93
12/15/05 $1,028.93 $0.00 3.00% $0.0846 $1,029.01
12/16/05 $1,029.01 $0.00 3.00% $0.0846 $1,029.10
12/17/05 $1,029.10 $0.00 3.00% $0.0846 $1,029.18
12/18/05 $1,029.18 $0.00 3.00% $0.0846 $1,029.27
12/19/05 $1,029.27 $0.00 3.00% $0.0846 $1,029.35
12/20/05 $1,029.35 $0.00 3.00% $0.0846 $1,029.44
12/21/05 $1,029.44 $0.00 3.00% $0.0846 $1,029.52
12/22/05 $1,029.52 $0.00 3.00% $0.0846 $1,029.61
12/23/05 $1,029.61 $0.00 3.00% $0.0846 $1,029.69
12/24/05 $1,029.69 $0.00 3.00% $0.0846 $1,029.78
12/25/05 $1,029.78 $0.00 3.00% $0.0846 $1,029.86
12/26/05 $1,029.86 $0.00 3.00% $0.0846 $1,029.95
12/27/05 $1,029.95 $0.00 3.00% $0.0847 $1,030.03
12/28/05 $1,030.03 $0.00 3.00% $0.0847 $1,030.11
12/29/05 $1,030.11 $0.00 3.00% $0.0847 $1,030.20
12/30/05 $1,030.20 $0.00 3.00% $0.0847 $1,030.28
12/31/05 $1,030.28 $0.00 3.00% $0.0847 $1,030.37

 

[gopunk]

Originally posted by: astroview

Originally posted by: Kaido
What's the point of the 3% savings account then? Unless you have like $50,000 to invest in it, you won't really make much money...

Can you pull out the interest monthly at least?

A bank account isn't generally an investment for most people. It's where you put money you need or are saving... Usually 3% sucks, then again tell that to people who were invested in tech in the year 2000.

3% is pretty good for effectively *no* risk and high liquidity

 

[mAdMaLuDaWg]

Originally posted by: gopunk

Originally posted by: astroview

Originally posted by: Kaido
What's the point of the 3% savings account then? Unless you have like $50,000 to invest in it, you won't really make much money...

Can you pull out the interest monthly at least?

A bank account isn't generally an investment for most people. It's where you put money you need or are saving... Usually 3% sucks, then again tell that to people who were invested in tech in the year 2000.

3% is pretty good for effectively *no* risk and high liquidity

Yeah that and if you just leave your money in our checking account its going to be worth less next year.

 

[eelw]

question about ING from a math illiterate

And a business illiterate.

 

[imported_LoKe]

If you want to make money off your savings, get bonds. You can get a high per centage, but you can't cash them for a certain amount of time. It varies. You can pick yearly, or even longer.

 

[rgwalt]

Originally posted by: Kaido
What's the point of the 3% savings account then? Unless you have like $50,000 to invest in it, you won't really make much money...

Can you pull out the interest monthly at least?

A savings account isn't the sort of investment you get into to make money...

R

 

[ghostman]

Originally posted by: Kaido
What's the point of the 3% savings account then? Unless you have like $50,000 to invest in it, you won't really make much money...

Can you pull out the interest monthly at least?

The interest is deposited into your account monthly. You can pull that money out.

And like others have said, it's a SAVINGS account. It's not meant to "make" money, it's a place to store your money (and hopefully protect it from inflation from eating away at it). And 3% is a lot higher than most B&M banks (especially with no minimum balance required). Think of it this way: if you have money you're not spending immediately, you can put it in a normal bank at, say, 1% interest and have its buying value decrease every day (your dollar will buy less goods at the end of the year than at the beginning of the year). Or put it in ING, Emigrant or HSBC Online at ~3% and have it hold its buying value when you actually need to use it (assuming an approximate 3% inflation).

And with ING offering $25 if you're referred, then you are making some money (hit me up if you need a referral, because I'll make $10 🙂. If you're looking to actually make money by playing with your money, try stocks and bonds. There is a chance you can lose money in those though.

 

[DainBramaged]

Originally posted by: Kaido
So ING is definately 3% per year, not 3% per month?

Yeah. No way you would get 36% APY.