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 :)


  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.

  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*

  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!