Sunday, September 23, 2007

ING Direct Lowers Rates

I figured it would happen sometime after the Fed cut rates, but I wasn't sure when it actually did happen, but I happened to check the rates being credited to my ING Direct accounts this morning and they were lowered.

My 100k+ balance in my Electric Orange checking account is only getting 5% APY now, vs. the 5.30% I was getting previously. My savings account is now getting 4.30% APY vs the previous rate which gave me a 4.50% APY.

This is another reason why I'm not such a big fan of the rather large recent rate cut. Less interest income on my down payment savings.

I'll look around at options such as Certificates of Deposit and other potential alternatives as I decide where I should be keeping my money, but the difference isn't huge and chances are the alternative rates have declined as well so I probably won't do anything in response to the cut (except collect less interest every month).

On the positive side, the rate cut provided a pretty good boost to my 401(k) account, so at least "I got that going for me."


all you hippies better start to face reality.... said...


I am from Switzerland and I am getting a little in stocks and fonds and all the investment arts that are possible!which colums or newspapers would you recommend? could you give me some advice?


MoneyMan said...

I recommend you read through my site. I have a number of posts talking about my investment preferences, which may or may not be appropriate for you given your goals/income etc...

In particular, check out the posts I tagged "investing":

If you have a specific question, feel free to post it as a comment and I'll try to address it in a future post.