Online Savings... Goodbye ING

S

Stuck_At_Work

1,000+ Posts
ING, I've loved you for many years now. You offered me phenomenal interest rates online at a time when other major banks were just learning how to turn on their computers.

But what happened to us ING? Why have your interest rates trickled down to next to nothing. I realize the market is unstable. I realize key federal interest rates have been slashed to unprecedented lows... but there are many fish in the sea ING. The other fish still have interest rates near the 2.5% mark. Why not you? Why not you?

It bring tears to my eyes that I must now end our relationship. Thank you for the memories. Thank you for the good times (4+% APY). I'll miss you dearly.
 
I am thinking of opening an account with FNBO. Their current rate is 2.4%. Any thoughts or recommendations?
 
I'm still weighing all my options.

GMAC Bank looks to have a savings APY of 2.6% and a 12 month CD APY of 2.9%. No fees. No minimum. I've saved enough to hit the higher minimums, but this still tops the list and the bank looks legit.

FNBO (First National Bank of Omaha) Direct has a 'sound' rating on BankRate. I'm not sure how much stock I put into these bank ratings anymore, but at least it isn't a three or two star. GMAC also had a 4 star rating...

I'll keep looking and will update y'all...
 
Jesus, you scared the hell out of me. Your title made it sound like they were in trouble financially. I have a savings account with them and also managed to put a decent chunk of change in a 1 year CD at 4.25% this past November, right before they started dropping.
 
ShoreBank Direct has a rate of 3.15%, but it has a rating of 2 our of 5 stars at Bankrate.com and 3.5 out of 5 stars at BauerFinancial.
 
etrade took me too 1.93 in less than a month from 3.0...dang! i'm out. please let me know if y'all find better options, i need something better than 1.93...
 
At our bank, we have something a little longer term that might interest some of you. It is called a Power CD. Minimum of 10K, and it is a 5 year commitment. It is fully FDIC insured, and the principal is guaranteed. It is tied to the S&P 500 and here is how it works: if on the anniversary of your CD any or all of the 5 years, the S&P 500 is equal to or higher than what it is at inception, you'll get paid 6%. That is 6% each year that it meets the benchmark, not 6% total. You can't lose money if the S&P 500 is lower though, as your principal is never touched. Anyway, we're only offering it until the 19th. PM or email me if you are interested. If it makes it 3 out of the 5 years, it would still be an average of 3.6%. Hook'em!

Lenny

P.S. There is no compounding interest...I just realized my error. The interest is paid out yearly. Thanks.
 
One of my ING CDs (I have manual ladder CDs) expired last week. I could not believe the interest rate it was going to be if I renewed. Like 1.25-1.50%. Which is surprising since their normal savings interest rate is 1.65%. I chose not to renew and just transferred it to my ING savings sub-account.
 
Damn. Also just got the email from HSBC. I don't think there are any good savings options out there right now. Not really interested in a 3+ year CD, especially not for such crappy rates. I guess I'll just pay off my house some more.
 
Yeah, I opened up my HSBC saving account about 5 months ago, it was around 3.65%. When I got my last e-mail (march 6). I hit reply and wrote "Go F* yourselves!" I doubt anybody will actually see it. But it made me feel better
 
Anybody else get their what seems to be bi-weekly up-date from HSBC lowering their online saving account interest rate?
 
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