(Closed) Savings alert! 6.5% interest rate!

posted 10 years ago in Money
Post # 3
Member
179 posts
Blushing bee
  • Wedding: August 2008

OMG – I’m soo jealous I don’t qualify. ING has really gone downhill lately.   I wonder if this is to save their reputation from that whole appraisal fraud bit…

Post # 4
Member
164 posts
Blushing bee
  • Wedding: September 2007 - Hyatt Lodge, Oak Brook IL

Ohhh, ILLINOIS qualifies? Wait, I’m looking at wamu.com and I don’t see anything that lists 6.5%?? Can you post the link?

Yea I can’t believe ING went down to 3.65%… Ugh!

Post # 5
Member
27 posts
Newbee
  • Wedding: May 2008

I just closed my account with ING. Their "lack" of some customer service options and overall LOW interest rate aided me in the decision to CLOSE my account with them.

I’ll have to take a look at WaMu, though! Thanks for the info!

Post # 7
Member
27 posts
Newbee
  • Wedding: May 2008

I just closed my account with ING. Their "lack" of some customer service options and overall LOW interest rate aided me in the decision to CLOSE my account with them.

I’ll have to take a look at WaMu, though! Thanks for the info!

Post # 8
Member
27 posts
Newbee
  • Wedding: May 2008

From a finance blogger: 

Here is the fine print:

  • Only offered in Georgia, Illinois, and Texas
  • Minimum $1 deposit/Maximum $500 to open the account
  • Must have automatic monthly transfers of $25 to $500 from your WAMU checking account
  • You have to open the account at a bank branch

Basically it sounds like a 1 year CD. There is a penalty if you withdraw the money before 1 year maturity date. Once the year is over the money sweeps into an account that earns 2%. You can renew the CD after 1 year but the rate is subject to change.

Post # 9
Member
164 posts
Blushing bee
  • Wedding: September 2007 - Hyatt Lodge, Oak Brook IL

Thanks for posting the details MagnoliaDiva. $500 MAX?? Bummer, that doesn’t help me at all =/ Ah well… anyone have suggestions for other online savings accounts with rates higher than 3.65%? HSBC? Citibank?

Post # 10
Member
245 posts
Helper bee
  • Wedding: July 2007 - Rosary Chapel & Monterey Marriott, Monterey, CA

I just closed my WAMU accounts… and I opened an eTrade account for our down-payment fund. (we have a physical eTrade branch in town) It’s at 4.4% right now… better than WAMU’s 4.25% online account.

I have ING as well for my IRA accounts, but <3’d them for service since the office was only blocks away from my apt in LA.  

Post # 11
Member
2030 posts
Buzzing bee
  • Wedding: December 1969

The APR is actually much lower than advertised if you consider their maximums for deposits.

From Slickdeals…

"if you start with $500 (the max) and add $500 every month (also the max), you will end up with a net profit of $244.36 which translates to only a 3.76% return on a total of $6500 investment. If you have $6500 idle cash, this is a very bad rate for you to get. If you had a CD for 12-months @ 6.5% and you started with $6500, you would end up with 6922.50, a $422.50 profit."

Post # 12
Member
1246 posts
Bumble bee
  • Wedding: June 2009

Anybody can get an emigrantdirect.com account with about 5% interest. That’s what I use.

Post # 13
Member
78 posts
Worker bee
  • Wedding: October 2008

I have had Emigrant Direct for a few years now and have been happy with it. While the interest rate is lower now (4.3% APY) than it has been in the past (because of these continued federal interest rate cuts), it’s usually higher than ING and some other competitors. Yay savings!

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