AtomicCEO Posted March 8, 2009 Share Posted March 8, 2009 So I had some money stashed in an ING Direct Account because of their great 4.5% interest rate a few years ago. Then some small adjustments: Sep 19, 2007 Interest Rate Change to 4.218% (4.30% APY) Nov 1, 2007 Interest Rate Change to 4.121% (4.20% APY) Dec 13, 2007 Interest Rate Change to 4.025% (4.10% APY) Jan 23, 2008 Interest Rate Change to 3.590% (3.65% APY) Feb 1, 2008 Interest Rate Change to 3.348% (3.40% APY) Mar 11, 2008 Interest Rate Change to 3.057% (3.10% APY) Mar 19, 2008 Interest Rate Change to 2.960% (3.00% APY) Oct 9, 2008 Interest Rate Change to 2.716% (2.75% APY) Dec 30, 2008 Interest Rate Change to 2.472% (2.50% APY) Jan 20, 2009 Interest Rate Change to 2.374% (2.40% APY) Feb 3, 2009 Interest Rate Change to 2.178% (2.20% APY) Feb 18, 2009 Interest Rate Change to 1.835% (1.85% APY) Mar 3, 2009 Interest Rate Change to 1.638% (1.65% APY) Now that is a plummet. So, I'm shopping around. Anyone got any recommendations? I see ShoreBank offering 3.15% for an online account right now, but I don't know much about them. And I see FBNO offering 2.4%, and they generally have good reviews. Quote Link to comment Share on other sites More sharing options...
smithkt Posted March 8, 2009 Share Posted March 8, 2009 I've got an FNBO account. No problems with it, but I don't really do anything with it either. It's just sitting there collecting interest for now. Opened early Jan of 08 at 4.50%. Rate changes since: Jan 25, 08 4.30% Feb 7, 08 3.85% Mar 20, 08 3.25% June 9, 08 3.50% Dec 23, 08 2.80% Feb 2, 09 2.20% Feb 24, 09 2.40% Quote Link to comment Share on other sites More sharing options...
General Itals Posted March 8, 2009 Share Posted March 8, 2009 GMAC Bank Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted March 8, 2009 Share Posted March 8, 2009 The best part is when ING sends me an email that says "GOOD NEWS! YOUR INTEREST RATE HAS GONE UP TO 2.1%". Why wasn't I told when it plummeted from 4%?? Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted March 8, 2009 Share Posted March 8, 2009 So I had some money stashed in an ING Direct Account because of their great 4.5% interest rate a few years ago. Then some small adjustments: Sep 19, 2007 Interest Rate Change to 4.218% (4.30% APY) Nov 1, 2007 Interest Rate Change to 4.121% (4.20% APY) Dec 13, 2007 Interest Rate Change to 4.025% (4.10% APY) Jan 23, 2008 Interest Rate Change to 3.590% (3.65% APY) Feb 1, 2008 Interest Rate Change to 3.348% (3.40% APY) Mar 11, 2008 Interest Rate Change to 3.057% (3.10% APY) Mar 19, 2008 Interest Rate Change to 2.960% (3.00% APY) Oct 9, 2008 Interest Rate Change to 2.716% (2.75% APY) Dec 30, 2008 Interest Rate Change to 2.472% (2.50% APY) Jan 20, 2009 Interest Rate Change to 2.374% (2.40% APY) Feb 3, 2009 Interest Rate Change to 2.178% (2.20% APY) Feb 18, 2009 Interest Rate Change to 1.835% (1.85% APY) Mar 3, 2009 Interest Rate Change to 1.638% (1.65% APY) Now that is a plummet. So, I'm shopping around. Anyone got any recommendations? I see ShoreBank offering 3.15% for an online account right now, but I don't know much about them. And I see FBNO offering 2.4%, and they generally have good reviews. Ditto on all the above. I'll be interested to see what the options are. Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted March 8, 2009 Share Posted March 8, 2009 I'm not sinking much into traditional savings accounts right now. We're stocking up on commodities right now we think will be more expensive in the near future. Recent news about the FDIC insolvency is just another reason to find other uses for cash. Yes, the FDIC will simply be another recipient of a bailout - I still don't think it's a good idea to put more cash into banks right now. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted March 8, 2009 Author Share Posted March 8, 2009 I opened an account with ShoreBank. I'll let you know what I think. Quote Link to comment Share on other sites More sharing options...
irish Posted March 9, 2009 Share Posted March 9, 2009 Ditto on all the above. I'll be interested to see what the options are. +2 I have watched ING tank big time and have just left what I have there. I'm not savvy enough to go hunting around for a better option. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted March 9, 2009 Share Posted March 9, 2009 +2 I have watched ING tank big time and have just left what I have there. I'm not savvy enough to go hunting around for a better option. So like all things, you'll just look around here and steal the best idea... Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted March 9, 2009 Share Posted March 9, 2009 I'll give you 3.25%. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted March 10, 2009 Author Share Posted March 10, 2009 I'll give you 3.25%. I'll take it! Since starting the application process with ShoreBank on Sunday, the rate has dropped from 3.15% to 2.80%. Quote Link to comment Share on other sites More sharing options...
irish Posted March 10, 2009 Share Posted March 10, 2009 I'll take it! Since starting the application process with ShoreBank on Sunday, the rate has dropped from 3.15% to 2.80%. I guess that was to be expected. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted March 10, 2009 Share Posted March 10, 2009 To me, I rather do other things with my $ then earn 2% or less on it. Quote Link to comment Share on other sites More sharing options...
irish Posted March 10, 2009 Share Posted March 10, 2009 To me, I rather do other things with my $ then earn 2% or less on it. If you're refering to investing it in a better way, please share. If not, feel free to PM me with your other alternate ways of spending your money. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted March 10, 2009 Share Posted March 10, 2009 (edited) If you're refering to investing it in a better way, please share. If not, feel free to PM me with your other alternate ways of spending your money. Investing it. Companies that I feel strongly about surviving the recession/depression, eg JNJ. Purchase oil indexes or companies. I rather take a chance at buying low than earn 2% or less (esp after taxes). Or make extra principal paydowns on ARMs or HELOCS. Or even better, if you can get credit, get it. I would purchase rental property right now. I am stretched out on my credit limits or else I would take out more. It's a good time to have $, bad time to look for it. Edited March 10, 2009 by MrTed46 Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted March 10, 2009 Author Share Posted March 10, 2009 To me, I rather do other things with my $ then earn 2% or less on it. I place a serious value on having at least 5 months worth of liquidity stashed somewhere right now in case jobs are lost. Once I've got that, I agree that there are some bargain long-term investments right now. But if I lost my job, I don't want to be pissed off that my money is invested somewhere that I can't get to it. Quote Link to comment Share on other sites More sharing options...
irish Posted March 10, 2009 Share Posted March 10, 2009 I place a serious value on having at least 5 months worth of liquidity stashed somewhere right now in case jobs are lost. Once I've got that, I agree that there are some bargain long-term investments right now. But if I lost my job, I don't want to be pissed off that my money is invested somewhere that I can't get to it. That's a great point and with my father having lost his job recently, having my money in a place where it can be easily accessed may be really convenient in the future. Quote Link to comment Share on other sites More sharing options...
smithkt Posted March 10, 2009 Share Posted March 10, 2009 I just got a notice from FNBO of a rate drop to 2.15% Quote Link to comment Share on other sites More sharing options...
Square Posted March 10, 2009 Share Posted March 10, 2009 I place a serious value on having at least 5 months worth of liquidity stashed somewhere right now in case jobs are lost. Once I've got that, I agree that there are some bargain long-term investments right now. But if I lost my job, I don't want to be pissed off that my money is invested somewhere that I can't get to it. I use high yield savings accounts or money market accounts to keep an emergency fund (I call it a rainy day fund). I usually keep at least 3-6 months of expenses in an easy to reach account. I don't really care if I make 2, 3, or 4% on it. I just try to find something reasonable and use it like my own insurance. Quote Link to comment Share on other sites More sharing options...
detlef Posted March 10, 2009 Share Posted March 10, 2009 I place a serious value on having at least 5 months worth of liquidity stashed somewhere right now in case jobs are lost. Once I've got that, I agree that there are some bargain long-term investments right now. But if I lost my job, I don't want to be pissed off that my money is invested somewhere that I can't get to it. xactly. That's why we have money in savings and, well, we might need it in a while now that my wife lost her job a few weeks back. We were in Amtrust when it was up around 4.5 and watched it go down to below 2%. Since then, we put it in Capital One at around 2.75%. That might have slipped a bit since we started, but I'm tired of dicking around and chasing these rates. I agree with Ted that, typically one is better off paying down debt rather than growing it as slowly as this but we sensed the need for a rainy day fund and, well, it's starting to sprinkle. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted March 11, 2009 Share Posted March 11, 2009 (edited) I place a serious value on having at least 5 months worth of liquidity stashed somewhere right now in case jobs are lost. Once I've got that, I agree that there are some bargain long-term investments right now. But if I lost my job, I don't want to be pissed off that my money is invested somewhere that I can't get to it. I couldn't agree with you more, but is 5months of savings worth 1% increase especially since it is not set in stone? I rather have that $ in a local institution where I can talk someone face to face. If I'm comparing interest rates, it is purely to invest. Edit: Also, a local institution I can follow regularly than an online institution (especially one I have never heard of before). Yes, they are FDIC insured but if your talking about your "Oh Crap" money then you shouldnt be taking a chance to increase that particulat $ by 1%. FDIC will probably need a bailout of its own. It increased its premium by 100% to most banks because it did not have enough capital to secure failing banks. This is just one mans opinion. Edited March 11, 2009 by MrTed46 Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted March 11, 2009 Author Share Posted March 11, 2009 I couldn't agree with you more, but is 5months of savings worth 1% increase especially since it is not set in stone? I rather have that $ in a local institution where I can talk someone face to face. If I'm comparing interest rates, it is purely to invest. Edit: Also, a local institution I can follow regularly than an online institution (especially one I have never heard of before). Yes, they are FDIC insured but if your talking about your "Oh Crap" money then you shouldnt be taking a chance to increase that particulat $ by 1%. FDIC will probably need a bailout of its own. It increased its premium by 100% to most banks because it did not have enough capital to secure failing banks. This is just one mans opinion. I go to a website far more than I go to my local bank. I don't really have any loyalty to proximity. Quote Link to comment Share on other sites More sharing options...
evil_gop_liars Posted March 11, 2009 Share Posted March 11, 2009 About a year our credit union started offering a checking account with %4.99apy. Just looked at it and its now at %4.5. The only catch is you have to keep $25,000 or less in it. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted March 11, 2009 Share Posted March 11, 2009 I go to a website far more than I go to my local bank. I don't really have any loyalty to proximity. When poopy hits the fan I want to look my foe in the eyes Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted April 4, 2009 Author Share Posted April 4, 2009 Update: Shorebank is paying their interest out. But their website is seriously ghetto. I opened my account, then for some reason I had to apply for online access through a clunky form. After I had access, I had to apply for their "payments and transfers" online module through another clunky form. It's very odd that I've had to do three applications for one online savings account. But, I can't argue with the dough. Quote Link to comment Share on other sites More sharing options...
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