Post # 1
I opened an ING high yield savings account last year at 1.00% APR, and now I’m already down to 0.85% APR. It keeps dropping 🙁 Should I get a new savings account somewhere else? Are there any high yield savings accounts that offer a locked rate?
Post # 3
It’s not just ING that is dropping. All of the interest rates are dropping. The only way to lock in a rate is to put your money in a CD, which also means you’ll be locking your money away for a set amount of time. Sadly, when I opened my ING account, the interest rate was at 4%.
Post # 4
I opened my ING when it was over 5 or 6%!!! It makes me sad to see the rates so low… so I shopped around at some other banking institutions but their paltry rates were not impressive either :/
Post # 5
@sleepingbeauty88: As far as a typical savings account goes, ING still has the best rate around. Unless you are comfortable with locking your money up in a CD, it’s probably still your best bet. 🙁
Post # 6
As others have said, unfortunately, you aren’t going to get much better elsewhere. The prime rate is still at 0% and until that changes, savings account rates won’t go back up. Just ride it out where you are.
Post # 7
@louisianablue: my coworker got her’s when it was that high too.
@DaneLady: oh no!!!
I think I would cry if I knew that my APR had dropped that much. 🙁 Stupid economy. I’m about ready to just start taking out cash withdrawals and keeping an envelope in my drawer with my savings. I swear, the happiness I would get from seeing it PHYSICALLY there in front of me versus a continual APR drop might almost be worth not having any APR at all from using Underwear Drawer Savings and Trusts Banking Co.
Post # 8
You’re always better off shopping around for a new savings account every 1-2 years, as unfortunately banks won’t reward you for loyalty when it comes to interest rates… so yes, do have a look around, don’t be afraid to move your money from one bank to the other!
Post # 9
@sleepingbeauty88: When I opened my ING account in 2006, the interest rate was well over 5%!! Same with my HSBC account. I may have to shop my money around in case someone is offering a better deal or something.
Post # 10
That is just the nature of the beast with the markets right now. As a pp poster said with the prime rate at 0% you just have to ride it out. ING usually has the most bang for your buck, but it wouldn’t hurt to shop around just in case. You could always consider a CD if you are willing to lock down your $$ for a bit.
Post # 11
I don’t think you’re going to find CD rates that are high enough to warrant locking away your money for a decent amount of time. You prob have to go at least 60 months to find something better. Sucks but the same casues are keeping lending rates low.
Post # 12
I was looking back at my old return on my ING account and nearly cried! At one point I was getting $2k in interested a year (rate was between 5 and 6%)…now it is less than 1%! The old rate helped me buy my home! I’m crossing my fingers for it to go back to that again…someday! 🙂
Post # 13
@sleepingbeauty88: I say keep your ING since it’s one of few that have “high” interest rates. Another would HSBC, AMEX, Discover and Ally.
Post # 14
I sit on the Board of Directors for a credit union, and yes, dropping interest rates is happening at essentially every institution. Every month we look at our interest rates compared to the rest of the industry as well as examining the interest rates that we are getting on the credit union’s investments. Unfortunately, since our investments (our cash deposits) are subject to the same lowering of rates, we’ve had to drop the interest rates for our members.
ING typically has some of the better rates.
Post # 15
I know! So much sympathy. When I first signed up for my ING account it had a 3.25% interest rate. But I’ve continued keeping my eyes out and the only better deals I can find are dubious. I.E. Local banks of unknown credit worthiness offering ridiculously high interest rates shortly before being shut down, sure you get your deposits back but you lose the high interest rate you were hoping for.
So yeah. Sucks. but! It’s a good time to borrow money if you need it! I got a great deal on my car loan earlier this year, the money is practically free.
Post # 16
sadly i’m in the same boat. I just stopped looking at the rate after awhile. It’s been tanking just like EVERY other bank. the rates for CDs are terrible too… EVERYWHERE!