Ing Direct now 2.25 %

Just noticed when logging in too. Not sure if we needed a new thread for the rate change, but thanks!

yay!

how are you guys going to make so much money?

At 5,000 that's only liek 120$ per year, not that much....
am i missing something?

Or are you throwing 50k in there?

ibankdesign.com has a good list of banks and their interest rates which is kept fairly up to date. In any case, it's nice to note that both ING and Virtual Bank's rates have been bumped up. Personally, I keep my money in the Superior Savings (3.04 APR), and Presidental Bank Checkings (2.75% APR) accounts, so these recent bumps still aren't competitive...

I'll post the latest from ibankdesign.com, as of Nov 18 2004:

Savings and Money Market accounts:

(APYs for balances below $50,000, APY treshold is 2.11%)

* 3.04% - Superior Savings, FReD account (for balances above $10K)
* 3.00% - Access National Bank, Access Money Market (for balances above $25K)
* 2.53% - Genoa Savings, Money Market (for balances between $20K and $50K, $2.5K min. balance to avoid a fee)
* 2.53% - Superior Savings, Simply Supperior Money Market (min. balance of $1K to get the rate and avoid fees)
* 2.50% - Eastern Bank, Guaranteed Money Market (for balances above $10K)
* 2.40% - Digital Credit Union, LTD Savings (for balances above $25K)
* 2.28% - Imperial Capital Bank, iMoneyMarket ($2,5K min. balance to get the rate & $5K avoid a fee)
* 2.25% - ING Direct, Savings (no minimums, no fees, free interbank transfers) - Info page
* 2.25% - UFB Direct, High Yield Money Market Savings (no minimums, no fees)
* 2.21% - Bank of Internet, Money Market Savings ($1.5K to avoid fees)
* 2.20% - GMAC savings account ($500 balance to avoid a monthly fee) - Info page
* 2.20% - Capital One, High Yield Savings (no fees, no min. balance, free interbank transfers)
* 2.16% - Countrywide Bank (for balances between $1K and $50K)
* 2.15% - Virtual Bank, eMoney Market (no min. balance, no fees, free interbank transfers) - Info page
* 2.15% - Zions Bank, Internet MMA (for balances above $1K)
* 2.15% - MetLife Bank, High Yield Savings (for balances above $5K) - BONUS!!!
* 2.15% - Nexity Bank, Money Market (for balances above $1.00) - Info page
* 2.13% - Giant Bank, MMA (for balances above $1K)
* 2.12% - Quantum National Bank, Money Market



Interest Checking accounts:

(APYs for balances below $50,000, APY treshold is 1.75%)
* 3.00% - City National Bank of Taylor, Reward Checking Account (for balances up-to $10K) - Info page
* 2.75% - Presidential Bank, Internet Checking Plus (for balances up-to $25K) - Info page
* 2.17% - Imperial Capital Bank, Senior iChecking - ($250 min. balance to get the rate & avoid a fee) - Info page
* 2.12% - Quantum National Bank, Hi-Rate Checking (for balances above $10K)
* 2.07% - Imperial Capital Bank, iChecking ($1K min. balance to get the rate & avoid a fee) - Info page
* 2.00% - American Bank, Super Now Account ($5K to avoid fees)
* 1.98% - Nordstrom Bank, checking - (for balances above $10K)
* 1.90% - AMTrust, Platinum Checking (for balances between $25K and $50K, 5K min. to avoid a fee)
* 1.75% - PCBanker, eChecking - (for balances below $10K, min. balance to avoid a fee is $1K) - Info page, BONUS!!!
* 1.75% - Everbank, FreeNet checking (for balances between $25K and $50K) - Info page, BONUS!!!
* 1.75% - Bank of Internet, Senior Checking (for balances up-to $25K, min. age is 50) - Info page

Thanks for the info, gnat. Looks like ING isn't the only game in town...

kizznay said: Did anyone notice that when the Fed started lowering rates in 2001/2002, ING dropped their rates in step almost immediately. Now that rates are on their way back up (up 1% this year), ING has only raised their rate by 0.25%.



Its supply and demand tempered with profit margins. Its pretty much the same with oil. As barrels of oil go up in price and the FIFO (first in first out) effect takes hold, the price of gasoline goes up to maintain the same profit. When the barrels of oil go down in price, profit margin increases, but there's no reason to lower gas prices. They only lower them due to competitive pressures (or to START the undercutting ball rolling).

So ING lowered rates to maintain the same profit. Now that rates are going up, their profit increases. They only raise rates due to competitive pressures...

At least thats how I understand things. Let me know if I'm off my rocker...

Mark

EugeneV said: I chose VirtualBank over ING a few months ago, and their rate keeps on lagging behind ING's, even though the difference is minor. It seems that these two always change their interest rate almost simultaneously. I doubt that in absolute figures I "lost" more than $10 - while VB's signup bonus was $20 (through a referral) and ING's $10. The only reason I picked VB was the ability to link 4 external accounts (and even that's barely enough), while ING permits only 3.

ING's signup bonus is $25 through a referral.

ING Rocks
PRam

eugene, I know it has been mentioned before but if you have a joint account you can have six accounts linked to an ING account: 3 for you and 3 for spouse.

urbantea said: how are you guys going to make so much money?

At 5,000 that's only liek 120$ per year, not that much....
am i missing something?

Or are you throwing 50k in there?
The trick is to park over $100k borrowed from 0% credit cards.

jlgrandam said: How much are you all keeping in ING accounts?

I have a few friends with $51 dollar accounts.
($1 deposit, 50 bonus)

growingdollars said: sweet
p.s. anybody looking for free $25 from a referral, pm me, hehe

Why would they want the measly $25, when there's a FW thread showing them how to easily get $50?

But there was no indication online or with csr that I could deposit a check from an unlinked account. What's been your experience???

well, I know nothing about BT's to ING, but I quite frequently send checks via mail for direct deposit marked "for deposit only / do not link"

Just wanted to add relevant threads:

http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=386858
http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=357843

alpinewhite said: urbantea said: how are you guys going to make so much money?

At 5,000 that's only liek 120$ per year, not that much....
am i missing something?

Or are you throwing 50k in there?
The trick is to park over $100k borrowed from 0% credit cards.

is investing money borrowed from a 0% card a viable option? Say I borrow the money to pay a bill from my own company and then invest into a savings account.

Azurik said: I wish I was born in the hyper-inflation years for ONE DAY to buy a cr*pload of savings bond yielding 10%+ and go back to my mother's belly until my real birth year.

2.25%... getting better, but yuck.

My Dad actually has a bunch of these that he bought as savings vehicles for my brother and I to go to college. He never needed them, so they're now making for quite a nice retirement nest egg. Even the ones issued 10 years later are yielding over 5%.

HomieG said: I find it interesting that INGDirect thought it so great that they sent out an e-mail touting their increase of 0.05%. Gimme a break.

They are great. No fees, no minimums, startup bonuses.

You are a hater.

alpinewhite said:
The trick is to park over $100k borrowed from 0% credit cards.

Is anyone really doing this to earn interest? If so, please share your experiences

HomieG said: I find it interesting that INGDirect thought it so great that they sent out an e-mail touting their increase of 0.05%. Gimme a break.

My email also invited me to parties they were having in the DC/Baltmore area.

my INGDirect account started at just below 7% - the good old days. last year i've been using capital one (probably should have used presidential) instead.

Usually have a bit less than 100K 0% debt, park some at capital one, but am floating savings bonds and cds with most of it. There's more risk of access but obviously much higher returns. Scare scenario would be credit providers changing terms and having to cash in sbs and cds and lose out on earnings - that'd be no fun.

have also parked a bit in short/interm munis - more risk here.