Monday, March 14, 2011

Savings Interest Rates

I am now getting 1% APR on my money at ING.  I really thought that they couldn't go any lower than 1.1% but I was wrong.  I'm not saving my money to make money but it would be nice if I could get more than 1%. 

I know that many elderly people depend on interest rates to maintain their standard of living.  They've really got to be feeling the low interest rates.

I know that I could get more interest from a CD but I'm not really sure if I'm willing to lock my money into a CD.  I had thought about changing online banks awhile back but I don't think its worth the hassle.  I was going to move most of our savings to Ally Bank but they are currently paying 1.05%.  The .05% isn't worth it to switch. 

I wish that I could get the 3% interest rate back that I started with at ING.  Oh well, such is life :)

3 comments:

  1. You are so right. I can remember in the 80's that my grandmother was angry because HER savings had dropped to 9% and that was on a regular account. She wouldn't be able to take the situation now.

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  2. Heaven forbid you should transfer some of the money out of that account or use your debit card to purchase something, cuz then you will get hit with a fee, which makes your interest rate negative. *sigh*

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  3. It's a bummer, isn't it? But I can do one better, my son-in-law had a substantial amount of cash at Wachovia. Their interest rate? .06%. He earned .46 on almost $20,000.00. Now that is a shame!

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