ING rate changes again...

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JenniferGwennifer
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ING rate changes again...

Postby JenniferGwennifer » Thu Dec 08, 2011 8:23 am

APY interest rate on my ING Direct savings account:

June 2010: 1.1%
Feb 2011: 1.0%
Oct 2011: 0.90%
Dec 2011: 0.85%

Any online savings account recommendations? This is for my emergency fund so I'd prefer a basic savings account over a CD.

kombat
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Re: ING rate changes again...

Postby kombat » Thu Dec 08, 2011 11:13 am

I wouldn't go through the hassle of changing banks just for the sake of a 0.15% drop in interest rates over 1 year. Just accept the fact that we're currently in a period of historically low interest rates, for an unprecedented length of time, and don't lose any sleep over it. It's not like anybody else is making big returns and you're getting left behind.

It's your emergency fund. Its job is to simply be there when you need it, not to earn interest. I'd leave it where it is.

TripleE
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Re: ING rate changes again...

Postby TripleE » Fri Dec 09, 2011 7:05 am

What kombat said. Also, I think pretty much every option is going to be the same right now, and CD rates are comparably bad. It'll stay this way until the gub'mint decides to crank up the interest rate again.

For now, well, they're keeping it low because YOU'RE NOT BUYING ENOUGH STUFF!!!!!!

~EEE~

P.S. Tongue planted firmly in cheek, this is neither advice nor a political post. I simply have had too much coffee this morning.

DoingHomework
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Re: ING rate changes again...

Postby DoingHomework » Fri Dec 09, 2011 8:19 am

kombat wrote:It's your emergency fund. Its job is to simply be there when you need it, not to earn interest. I'd leave it where it is.


+1. You should not even care what your emergency fund earns. That's not it's job!

N2Deep
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Re: ING rate changes again...

Postby N2Deep » Sun Dec 11, 2011 11:43 am

I'm currently making 2.51% APY on my checking account. My savings account wasn't making squat... so I closed it down and moved all my $$$ into checking. What I do is a little creative logging. Whenever I want to move money from my checking to my eFund I just move it on paper. It's still in the account and pulling down the 2.51% interest, but when I look at my checking roster it's not listed.
I can not dwell over that to which I have no control...

JenniferGwennifer
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Re: ING rate changes again...

Postby JenniferGwennifer » Mon Dec 12, 2011 9:05 am

Thanks for the posts. Over the next 6 months I'll be moving, finishing grad school and job hunting, but I'm committed to leaving the E-fund alone and living off my short-term savings, odd jobs and a little graduation $$ headed my way. :)

andrewkr80
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Re: ING rate changes again...

Postby andrewkr80 » Sat Feb 04, 2012 1:52 pm

N2Deep wrote:I'm currently making 2.51% APY on my checking account. My savings account wasn't making squat... so I closed it down and moved all my $$$ into checking. What I do is a little creative logging. Whenever I want to move money from my checking to my eFund I just move it on paper. It's still in the account and pulling down the 2.51% interest, but when I look at my checking roster it's not listed.


Where are you getting this rate?!


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