I have an ING Direct Savings account and I probably check it only about once a week. I mean the money is really in there for saving, and it isn’t going there so I don’t have much incentive to check it all that much. However, every month my interest rate just keeps getting lower and lower and I really wish it would stop! Don’t get me wrong, the interest that I receive from my ING account is much better than I would get with my regular Bank of America Savings account…but sometimes it gets a little bit frustrating.
I mean, you want to capitalize on your money as much as possible! So while it is sitting in my account…I would like it to be doing something for me (it gives me incentive to save and not spend!)…but here is how my interest rate has gone.
We started off at a nice 4.5% interest rate and also $25 just for opening my account. I have also reffered a few other customers so everytime I do this I also get $10.
But, from my 4.5% to 4.218% to 4.121% to 4.025% to where it now stands at 3.59%. I mean, this may not look like much…but trust me it makes a big difference! And lately, it has just been dropping like crazy. I know that ING isn’t the only bank that this is happening with, but I just thought I would voice my frustration and say please stop taking away my interest rate!! I liked it at the 4.5% that I started with….and I’m trying to reach my Geezeo Goal of having a certain amount in my account by the end of 2008!
…so far, its not lookin’ good! BUT — I’m going to try and reach my goal and try NOT to remove all my money and spend it instead…we’ll see how this goes!
January 29th, 2008 at 9:25 pm
This is what happens when you hear “the fed cut rates” again. It allows borrowers to pay lower interest rates for debt (like mortgages) but it also results in lower interest for regular savings accounts and money markets. It’s all tied together. Just remember, earning 3% is better than earning nothing and much better than spending it. And when you hear about the fed raising rates take solace in the fact that your savings rates will also increase.
January 30th, 2008 at 9:39 am
I know, I feel you pain. I just opened an ING account thinking 4.1% was great, then it immediately dropped. What a bummer.
January 30th, 2008 at 11:32 am
Hey Hannah,
the last fed rate cut has affected my rate also.. I bank with E*Trade and their initial was 5.05%, now they’re 4.40% but it sounds like more than yours so maybe you should switch! I really like the bank, it’s daily compounding and the interest is posted at the end of every month, and also the money transfers pretty quickly to and from your linked checking account. (oh, they have pretty good CD rates also) and don’t spend your hard earned money because of this whole rate cut mess, we’ll live through it.
January 30th, 2008 at 3:59 pm
Thanks for all your advice guys
)
January 30th, 2008 at 7:27 pm
I just signed up for a savings account with ING Direct because my money market account at my credit union is only giving me about 1.5% now. 3.6% beats the heck out of that for me!