ING is depressing me

[Disneefun]

Saw this morning that the interest rate has now dropped to 1.3%, down from 1.4%. Man, I remember the heyday of 7-8%. My balance now is much higher than it was then and I can't even get close to the interest I was earning then. It's so depressing...

(on the very slight upside, at least my tax burden will be less this year)

 

[kayla87]

It's still better than the five cents I would earn in a year at a traditional bank. I'll just patiently wait for rates to go back up.

 

[NeverlandClub23]

Tell me about it. I've been with ING for 9 years. My credit union offers 1% on their plain old savings account. ING prides themselves on offering better rates because they don't have the overhead that other banks do and they didn't lose themselves in offering the kind of bad loans other financial institiutions were making. I often wonder how much of the interest rate they offer is really because of the economy or just an excuse to put more money in their pocket. I guess we'll see with time.

 

[bjscheel]

ING was 4% when I heard about it here and joined. At that time so was my PayPal money market, but I moved most of the money because ING wouldn't be linked to my eBay account. Now my PayPal MM is .06% so at least ING is beating that!

 

[j's m]

Thanks for the heads up. I just transferred most of it out to Ally Bank, the renamed GMAC bank. They are paying 1.75% today.

 

[Gr8t Fan]

I know what you mean. Back when they dropped down to 1.9% I transferred all of my money out to Southern Bank which is paying 5.01% on balances up to $25,000 if you make at least one automatic debit payment a month and use the debit card at least 12x. I was a little skeptical at first but it's been working out great so far.

 

[secretpantssam]

I'm not too happy either. But my other savings account is only like 0.06%, so I can't complain too much.

 

[Ava]

It's still better than the five cents I would earn in a year at a traditional bank. I'll just patiently wait for rates to go back up.

Ditto. ING is still paying more than most most traditional bank savings accounts so I'm leaving my money there. Its not worth it to me to open new accounts or move my money around several times to get a slightly higher interest rate.

 

[disney1990]

My checking account this month earned $.02 - last month $.01.

My bank money market account earned $6.88- last month $7.55.

So sad. I remember when I earned enough money from the money market account to make a difference each month.

 

[cheesekate2005]

I believe that ING is offering a $50 bonus for opening an orange checking account. You just need to use the debit card 3 x within 45 days or something. This is something I am thinking of doing - the interest rates just stink! I read about the deal on slickdeals.

 

[crisi]

I've been investing in dividend stocks - you put your principal at risk and there are fees...but when I bought Merck it was paying over 6%, and I have some other companies that pay 7 and 8%. Plus, since I did this last Spring, almost everything has moved up.