It's been awhile since I've talked about ING Direct. The last time was when ING was sold to Capital One here. Probably one of the most unliked banks out there.
I decided to keep our savings there, because it was still a higher interest rate than most banks or credit unions were offering for a savings account.
Today, once again, they lowered the interest rate for my 'high interest' savings account.
I went back in my ING account to see what the interest rate was when I opened it and the changes that have happened since the account has been open.
08/06/2009 - 1.40%
09/09/2009 - 1.30%
01/08/2010 - 1.25%
02/04/2010 - 1.20%
02/18/2010 - 1.15%
03/02/2010 - 1.10%
02/23/2011 - 1.00%
10/21/2011 - 0.90%
12/03/2011 - 0.85%
01/06/2012 - 0.80%
In almost 2.5 years it has dropped 0.60% almost HALF of where I started. I can't even imagine what folks are thinking who had an account with ING when it was close to 4.00%.
I'm just curious. Right now I get about $2.50 in interest for the funds that I have currrently (and it increases $40 every 2 weeks). IF it had stayed at 1.40% I would be bringing in close to $4.50 a month. I know, I know, it's not much but really????
I'm definitely going to have to do some research on what should be the best option for us. Do I just leave it where it is? Or do I move it somewhere else? Is anyone else even offering an interest rate that high or higher?
*sigh* I love how creditors will raise your rate to something outrageous, so that THEY make money, but if you're good and save money, they offer as little as they can. Greed at it's finest.