Thursday, April 28, 2011

Regular Savings Rates Suck

I keep savings in my bank for emergencies in case we don't have time to get at our money in ING.  We just got our interest for the month and it was much less than last month.  Our savings rate dropped from .25% to .10% on our money market savings.  I know that I don't have that money in our local bank to make much money but its still disheartening.  I don't like to see that I'm making 83 cents on 10K for one month. 

I checked savings rates at Bankrate.com and 1.1% is the best that I can find on there.  I will be content to leave the rest of our savings with ING for 1%.

Do the savings rates bum anybody else out?

6 comments:

  1. I think back to the days not so long ago when 5% was low. Now it's just sickening. There's really no incentive to have a separate savings account except to separate the Emergency Fund. I do the same thing as you - keep some in the brick and mortar bank for easy access and the rest in ING for the piddly 1%.

    Sarah

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  2. Yes I hate it!! I wish the rates would be some what reasonable .10% is just sad...

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  3. You can usually get your money from ING in about two days-I figure that in dire straits, I can put an "emergency" on my credit card, get the money out and pay it before interest accumulates. That way I can take advantage of the better (though still small) interest rate at ING.

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  4. I remember when ING had like 3.5% APY and I was hunting around for the 4% interest rate... I'd kill for those now.

    For ING DIRECT, I opened an online checking account with them (same interest as their savings account...) and I have a debit card that I can use for instant access to my cash. If not, balance transfer and in a few days I have the money. If you need an ING referal to get free money for opening an account, Email me: southcountygrl@gmail.com

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  5. It's a bummer for sure. I'm hoping interest rate start to rise somewhere along the way. I would like to see some major compound interest on my savings!

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  6. Now 9 months later, ING's rate dropped to .80 APY on 1/6. It's a race to the bottom but still better than the .05% my credit union offers and the .01% I told Chase to eff themselves with when I closed my accounts there. The days of ING at 3% (when I opened in 2008, with CD rates at 4%+) are indeed sorely missed.

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