ING Direct vs Emigrant Direct Bank

[project15]

3.3 from ED

[Pitman]

I've only been with ING for a short time, Nov. 2007 to be exact, but I'm pleased with them so far.

[midnight]

It's depressing looking at the rates now. ING is down to 3.1%. I want to cry.

[Jazzmint98]

I have taken most of my money out of ING because of the very low interest rate. I do have the checking account and a savings account there that I have linked to Shore Bank. I just park the majority of my savings there and transfer it to my ING checking account to pay bills online. I am pleased with Shore Bank's interest rate, although the transfer of funds to other financial institutions generally takes about 5 business days.

[Pitman]

It's depressing looking at the rates now. ING is down to 3.1%. I want to cry.

If it was ING's rate that was going down, I would discontinue my savings with them, but everyone's rate is steadily decreasing.

[genchan]

I just checked in my account and it's down to 3.0%

[genchan]

So how low do people think that the online interest rates go? And is there any hope for recovery?

[kork13]

I'm almost certain that they'll recover at least a point, or more. Rates started falling when the Fed began aggressively cutting the prime rate. Keeping it this low is unmanageable for the economy over the long-run, so the Fed will have to raise their rate again over time, and I expect that OSA rates will likely follow in tune with the Fed's changes.

[genchan]

I read that some economists are predicting double digit inflation - if that happens, will we also see double digit interest rates?

[2moretrees]

With inflation as high as it is, keeping money in a bank like ING is losing money. Is there anything that can be done about this? Will the banks start raising interest rates again soon?

[okaythen]

side questions how's FNBO nowadays