Savings Accounts

Just posted this on Lifamilies but I thought I'd ask you girls too-

My ING online account interest rate just fell to 1.65%

The best that I can find is an online HSBC account which is 2.25%

Has anyone seen anything better than that? I was hoping for at least 3%- but we want to keep the money fairly liquid, we may need some of it for the semi-remodeling we are doing in the kitchen (new floor, washer & dryer installs) and bathroom (new floor, new vanity, possibily new tub & tiling).

oh man I didnt know ING fell that low. I have ING too. I remember when my sis first strated with ING a few years ago and it was over 4%.

I have no idea where to move it.

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Posted by SB7308

oh man I didnt know ING fell that low. I have ING too. I remember when my sis first strated with ING a few years ago and it was over 4%.

I have no idea where to move it.

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yea I know I couldnt believe how much it fell- last time I had checked it was on par with hsbc at the 2.25%- but now I definately want to move my money & today!

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Posted by bensgirl

did you check bankrate.com? that's where i always go to find the best rates. i checked yesterday for CD's and HSBC was the best rate for that as well.

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thanks- i didnt know about that site, thanks will check it now!

great question. I have ING also and I wanted to switch to a higher interest rate bank. I was thinking of just putting some $$$ into different length (months wise) CD's. I don't know if I'm explaining this right.

ETA: Dh sent me this a few days ago. I haven't looked into it but it's a savings type account, I think

save yourself plan

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Posted by MikeandJess

great question. I have ING also and I wanted to switch to a higher interest rate bank. I was thinking of just putting some $$$ into different length (months wise) CD's. I don't know if I'm explaining this right.

ETA: Dh sent me this a few days ago. I haven't looked into it but it's a savings type account, I think

save yourself plan

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thanks Jess!

eta- the interest rate is .5%

man, i remember the days when ING was at 4.5%

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Posted by futuremrsfab

Just posted this on Lifamilies but I thought I'd ask you girls too-

My ING online account interest rate just fell to 1.65%

The best that I can find is an online HSBC account which is 2.25%

Has anyone seen anything better than that? I was hoping for at least 3%- but we want to keep the money fairly liquid, we may need some of it for the semi-remodeling we are doing in the kitchen (new floor, washer & dryer installs) and bathroom (new floor, new vanity, possibily new tub & tiling).

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2.25% is good today, we are with chase and we get 1.70% its so sad!

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Posted by futuremrsfab

thanks Jess!

eta- the interest rate is .5%

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wow that's really not good. Sorry! I think I'm going to go the CD route. If I putting different amounts in 3, 6, 9, 12 month cd's I'll always have money coming in and I'll just roll that back into my ING. I wonder what CD rates are these days?

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Posted by MikeandJess

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Posted by futuremrsfab

thanks Jess!

eta- the interest rate is .5%

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wow that's really not good. Sorry! I think I'm going to go the CD route. If I putting different amounts in 3, 6, 9, 12 month cd's I'll always have money coming in and I'll just roll that back into my ING. I wonder what CD rates are these days?

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When we were looking to invest in cds, they were pathetic, they were making nothing. Maybe they have gone up a little bit in the past few months. Some how I doubt it.

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Posted by MnM182008

When we were looking to invest in cds, they were pathetic, they were making nothing. Maybe they have gone up a little bit in the past few months. Some how I doubt it.

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Well now I'm out of ideas. I'll just stay poor.

I keep my money under my mattress

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Posted by Mici n KC

I keep my money under my mattress

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cha ching- I'm heading over to Michele's

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Posted by futuremrsfab

thanks Jess!

eta- the interest rate is .5%

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So I told DH that his plan was stupid and he wrote me this. I apologize, it is long and he is a giant nerd so what he says doesn't always make sense to me:

Well hold on, I think you guys are only partly correct...

The account is only paying .5%, I read that too... however they are also giving you $100 back if you invest at least $100 in the account each month for twelve consecutive months. So what does that all mean? It means, this is not the account to transfer any large savings to... leave any previous savings in the higher yielding ING account. However if you plan to save at least $100 per month each month for the next year, you should consider putting the first $100/mo into this account, so that you can earn the $100 bonus at the end of the year... think about it – you invest a total of $1,200 and earn $100 in the end... it works out to be something like a 15% IRR... that’s pretty f’ng good.

So in short, if you have a balance in your account accumulating interest at 1.5%, leave it where it is... however if you plan to continue to contribute at least $100/mo towards your savings, you might consider opening up one of these TD/Ameritrade accounts and have the first $100 of saving per month put into that new account (that money will earn a 15% IRR)... have the rest of your monthly savings go into your ING account and earn 1.5%. Let me know if this is still confusing.

That’s just my understanding (and what I would recommend to you, Jessica)... that may not be the best financial advice for someone else’s financial situation... they should consult their advisor before making any investment decisions.

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Posted by MikeandJess

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Posted by futuremrsfab

thanks Jess!

eta- the interest rate is .5%

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So I told DH that his plan was stupid and he wrote me this. I apologize, it is long and he is a giant nerd so what he says doesn't always make sense to me:

Well hold on, I think you guys are only partly correct...

The account is only paying .5%, I read that too... however they are also giving you $100 back if you invest at least $100 in the account each month for twelve consecutive months. So what does that all mean? It means, this is not the account to transfer any large savings to... leave any previous savings in the higher yielding ING account. However if you plan to save at least $100 per month each month for the next year, you should consider putting the first $100/mo into this account, so that you can earn the $100 bonus at the end of the year... think about it – you invest a total of $1,200 and earn $100 in the end... it works out to be something like a 15% IRR... that’s pretty f’ng good.

So in short, if you have a balance in your account accumulating interest at 1.5%, leave it where it is... however if you plan to continue to contribute at least $100/mo towards your savings, you might consider opening up one of these TD/Ameritrade accounts and have the first $100 of saving per month put into that new account (that money will earn a 15% IRR)... have the rest of your monthly savings go into your ING account and earn 1.5%. Let me know if this is still confusing.

That’s just my understanding (and what I would recommend to you, Jessica)... that may not be the best financial advice for someone else’s financial situation... they should consult their advisor before making any investment decisions.

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oh that does make sense- I love that you called your dh a giant nerd lol

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Posted by futuremrsfab

oh that does make sense- I love that you called your dh a giant nerd lol

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He enjoys making spreadsheets and proposed to me via powerpoint. Case and point!

I have a save yourself account and just got my free $100 because I made an electronic deposit once a month for 12 months! It's probably going to help me pay off my car. (I have $2000 left and with this money, I'll have $1300 left!)

I may move my money from ING too though. It STINKS that the interest rates are so low!