ING is now APY 3.15%

to little to late , the price of poker has gone up

jpsmoney said: decades said: to little to late , the price of poker has gone up

yep. my .16 at ING is ecstatic.


I bet my 0.01 is happier.

Just as others have said... too little too late.

I have a question.. forgive me if it is really stupid. But does 3.15% apply for the whole year or for each month?
For example if i had a savings account with a $100,000 would I make 3,150 in interest every month or every year?

terryrocks said: I have a question.. forgive me if it is really stupid. But does 3.15% apply for the whole year or for each month?
For example if i had a savings account with a $100,000 would I make 3,150 in interest every month or every year?

LOFL it sure would be nice to make that in a month. its APY, annual percentage yield

After about two years of playing in the "little league" at ING with about $10K or $20K of savings, just got my fat check from escrow company from my home sale this month. I put the liquid portion of that, split half and half between Emig Direct and Wilmington Trust, just last week to stay within FDIC limits. Too bad ING didn't keep up with the market ... they could've had a BIG piece of the action.

Well, I for one appreciate the increase. I have a good chunk of my money in ED, but I like the ING interface because it's easy to set up multiple accounts and joint accounts. For the amount of money I have in savings, the effective amount I'm losing in interest is worth it to me.

[Edited for spelling error]

Kikkoman said: After about two years of playing in the "little league" at ING with about $10K or $20K of savings, just got my fat check from escrow company from my home sale this month. I put the liquid portion of that, split half and half between Emig Direct and Wilmington Trust, just last week to stay within FDIC limits. Too bad ING didn't keep up with the market ... they could've had a BIG piece of the action.You didn't see the Lokheed FCU thread did you? Those guys are paying 4% for a money market account, with $25k minimum.

presidential

Presidential rate is 3.75% ?!?!?!

First time I've seen it

I've been with ING for years now, maybe it's time to switch?

Kikkoman said: After about two years of playing in the "little league" at ING with about $10K or $20K of savings, just got my fat check from escrow company from my home sale this month. I put the liquid portion of that, split half and half between Emig Direct and Wilmington Trust, just last week to stay within FDIC limits. Too bad ING didn't keep up with the market ... they could've had a BIG piece of the action.

Just curious, is this from your primary residence? And if so, are you going to put this money into a bigger house, or are you cashing out and downgrading or finding other living situations? I don't want to bring this thread too far off topic, but just curious about what people are doing with all the appreciation.

xiaohehe said: ING is MATCHING its rate with other competitors!!!!

Your being sarcastic, right?

decades said: I bet my 0.01 is happier

LOL , thats making a statement! think I'll do that with ED shortly.

I think I am going to move my .01 from ING to Presidential to be with his buddies, and close the ING account. The whole point of keeping ING open is to switch back if they ever go up, but it looks like ING will continue to lag other banks, making the switch back very unlikely. I still hold out hope for ED with about 50 cents in there.

well, i'd rather keep ING since both ED and ING are linked by presidential,
so i can transfer money between any of them without using my local FCU with nearly 0 interest.


Boiler said: decades said:

I think I am going to move my .01 from ING to Presidential to be with his buddies, and close the ING account. The whole point of keeping ING open is to switch back if they ever go up, but it looks like ING will continue to lag other banks, making the switch back very unlikely. I still hold out hope for ED with about 50 cents in there.

wu9tiger said: Folks, is it really realistic to expect ING to match rates with US company at all? Last time I checked, ING is an European company(therefore the majority of their lenders are in Europe), and the ECB has kept rate at 2% for two years while FED has raised rate from 1% to 3.25%.
Ok, let's get a few things straight. ING stands for Internationale Nederlanden Group, a Dutch banking group. The company that holds your money here is ING Direct, which uses "ING Bank, fsb," as its operating name and is headquartered in Wilmington, Delaware. So, not that it matters, but you do have your money with a US company. ING has other US operations through ING U.S. Financial Services and ING Investment Management Americas, both headquarted in Atlanta, Georgia. ING is also the parent of other US-based subsidiaries - ING Clarion and ING Wholesale.

I am not sure why you would even care who ING's partners are or what ECB's or the Fed's actions have been over the past years. As we have pointed out counless times, savings' rates are NOT DIRECTLY AFFECTED by the fed's actions.

I agree that ING needs to keep the rates a bit more competitive. BUT, I'm not going to move my money for an extra $6.35 per year per 1000 dollars. It is a savings account after all. If you've got serious money to invest, it should probably be invested elsewhere in a higher yielding investment, not a savings account, right? Or am I missing something?

vdadlani219 said: roadman said: Paypal = 3.22%
HSBC Online = 3.25%

I would hope no one keeps a balance in their PayPal account. I've heard of too many horrible stories of frozen accounts.

I have a balance in my Paypal, $0.01, same as ING

molecule said: terryrocks said: I have a question.. forgive me if it is really stupid. But does 3.15% apply for the whole year or for each month?
For example if i had a savings account with a $100,000 would I make 3,150 in interest every month or every year?

LOFL it sure would be nice to make that in a month. its APY, annual percentage yield

Hahaha so true...if it paid 3.15% per month I'd just go take out all the balance transfers I could then sit back and never work again hahahaha.

geo123 said: As we have pointed out counless times, savings' rates are NOT DIRECTLY AFFECTED by the fed's actions.
Right, overnight interbank lending and fed direct loans are what they control.

discount

Fed Funds

But savings rates do vary based upon the Fed Funds value. I don't thik we would see the Fed raise rates and APY's go down or vice versa.

see also (dated source but ...) re: fed and margin reqs, another and OT thing they control.

margin