Comments on: Has ING Direct Savings Lost Its Shine? http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/ Frugal living and debt reduction tips for a better financial future. This is one family's story. Fri, 27 Jan 2012 20:52:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: John Hunter http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20981 John Hunter Thu, 27 Mar 2008 22:38:55 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20981 I think it is both things you mention. Many of your visitors (those reading good personal finance blogs) have taken advantage of ING or something similar. And the advantage of the high yield savings has decreased so it is less appealing (the effort of getting 3% on a few thousand dollars is hardly worth the trouble. Where 6% seemed worth the bother. High yield savings are still the smart move. The only difference is right now that smart move is not as different from the sucker move it was recently. I think it is both things you mention. Many of your visitors (those reading good personal finance blogs) have taken advantage of ING or something similar. And the advantage of the high yield savings has decreased so it is less appealing (the effort of getting 3% on a few thousand dollars is hardly worth the trouble. Where 6% seemed worth the bother. High yield savings are still the smart move. The only difference is right now that smart move is not as different from the sucker move it was recently.

]]> By: kathryn http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20844 kathryn Wed, 26 Mar 2008 12:22:19 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20844 The "My Money Blog" site has a "Rate Chase Calculator" that helps you figure out if it's worth the hassle of chasing a rate.. http://www.mymoneyblog.com/archives/2006/10/the-ultimate-interest-rate-chaser-calculator.html The “My Money Blog” site has a “Rate Chase Calculator” that helps you figure out if it’s worth the hassle of chasing a rate..

http://www.mymoneyblog.com/archives/2006/10/the-ultimate-interest-rate-chaser-calculator.html

]]> By: emilyg http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20791 emilyg Tue, 25 Mar 2008 20:54:33 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20791 I am frustrated with it, too -- especially because the rate dropped immediately after I signed up a few months ago, and has already dropped again. But it's definitely not ING's fault -- the economy is not in good shape right now. Once we get out of this recession or slump or whatever you want to call it, I expect the rate will slowly creep back up. I've been really happy with the convenience of my ING account, so I plan to stay unless it drops to something really low like 1.5% when other banks are much higher. I am frustrated with it, too — especially because the rate dropped immediately after I signed up a few months ago, and has already dropped again. But it’s definitely not ING’s fault — the economy is not in good shape right now. Once we get out of this recession or slump or whatever you want to call it, I expect the rate will slowly creep back up. I’ve been really happy with the convenience of my ING account, so I plan to stay unless it drops to something really low like 1.5% when other banks are much higher.

]]> By: Mike http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20789 Mike Tue, 25 Mar 2008 20:09:11 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20789 I can understand the argument that all of the banks need to cut rates as a result of the Fed cutting rates, it just seems that they do so much more quickly than they raised rates to coincide with previous Fed rate hikes. I can understand the argument that all of the banks need to cut rates as a result of the Fed cutting rates, it just seems that they do so much more quickly than they raised rates to coincide with previous Fed rate hikes.

]]> By: thehungrydollar.com http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20777 thehungrydollar.com Tue, 25 Mar 2008 17:22:11 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20777 I understand your frustrations with the recent decline in ING's APY, but I still view it as one of the best internet banks for savings accounts. If you look at the big picture, not just the past few weeks, their rates have been extremely competitive. The also have one of the most user-friendly interfaces I have seen. But again, I do agree with you. I too, have been tempted to chase rates recently! I understand your frustrations with the recent decline in ING’s APY, but I still view it as one of the best internet banks for savings accounts. If you look at the big picture, not just the past few weeks, their rates have been extremely competitive. The also have one of the most user-friendly interfaces I have seen. But again, I do agree with you. I too, have been tempted to chase rates recently!

]]> By: Flip http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20769 Flip Tue, 25 Mar 2008 16:04:25 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20769 I have been thinking of this as well. I keep my emergency fund there and used one of your referrals back in January (Thanks Again!). But it's been a bit sad to my interest rate drop .40 (3.4 to 3.0) in just the two months. However, based on the comments, it sounds like all rates are dropping so I'll probably just stay with ING and wait for the day when it climbs again. It beats my hometown bank by a mile. I have been thinking of this as well. I keep my emergency fund there and used one of your referrals back in January (Thanks Again!). But it’s been a bit sad to my interest rate drop .40 (3.4 to 3.0) in just the two months. However, based on the comments, it sounds like all rates are dropping so I’ll probably just stay with ING and wait for the day when it climbs again. It beats my hometown bank by a mile.

]]> By: paidtwice http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20763 paidtwice Tue, 25 Mar 2008 14:15:56 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20763 I do likey the subaccounts. :) I do likey the subaccounts. :)

]]> By: lulugal11 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20757 lulugal11 Tue, 25 Mar 2008 13:19:12 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20757 I am keeping my ING regardless of what happens because like others have mentioned I love the sub accounts. ING is also easier to use than some of the other online banks I have used. Plus right now it is my main bank and linked to so many of my accounts that it would be a real hassle to transfer everything over just in the hopes of maybe getting a better rate. I simply compare ING to my brick and mortar (which I only use to get quarters for laundry and to deposit the odd check or cash someone gives me) and the rate there is point something...far less than ING! I am keeping my ING regardless of what happens because like others have mentioned I love the sub accounts. ING is also easier to use than some of the other online banks I have used.

Plus right now it is my main bank and linked to so many of my accounts that it would be a real hassle to transfer everything over just in the hopes of maybe getting a better rate.

I simply compare ING to my brick and mortar (which I only use to get quarters for laundry and to deposit the odd check or cash someone gives me) and the rate there is point something…far less than ING!

]]> By: Ryan S.@uncommon-cents.net http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20732 Ryan S.@uncommon-cents.net Tue, 25 Mar 2008 07:30:01 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20732 I don't think ING is any better or worse than they were; it may that not many people have money left to start accounts at this point or you don't have new readers at the pace you used to. FWIW, I've not had any takers for ING referrals on my site; I have had a few for Virtual Bank's $20 bonus, however. I don’t think ING is any better or worse than they were; it may that not many people have money left to start accounts at this point or you don’t have new readers at the pace you used to.

FWIW, I’ve not had any takers for ING referrals on my site; I have had a few for Virtual Bank’s $20 bonus, however.

]]> By: Yvette http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20726 Yvette Tue, 25 Mar 2008 05:35:30 +0000 http://www.paidtwice.com/2008/03/24/has-ing-direct-savings-lost-its-shine/#comment-20726 I'm sticking with ING. The sub-accounts have been tremendously helpful. I'm certain I have saved more money overall by having sub-accounts and it's helped with budgeting. Agree with others that it's oversaturation coupled with new should-savers still frozen in shock from the current economic uncertainty. I’m sticking with ING. The sub-accounts have been tremendously helpful. I’m certain I have saved more money overall by having sub-accounts and it’s helped with budgeting. Agree with others that it’s oversaturation coupled with new should-savers still frozen in shock from the current economic uncertainty.

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