I looked at putting the $2000 or so that I've got in my ING savings account into a CD instead, but the ING CDs are only making 3.3% interest vs. the 3.0% interest.
The difference comes out to just a couple of dollars after the six months are up.
Even though part of my philosophy is to keep our money in the highest earning account possible. The other part is 'while keeping it as liquid as needed'. The two to three dollar difference isn't enough of a difference to get paid for the loss of liquidity I would get hit with.
There's also a chance that the savings account interest rate would go up. Several other banks recently upped their savings rate slightly. If ING ups their savings rate to 3.2 or something, the money locked in the CD would be even less beneficial. (Of course, the interest rate could go down too.).
Monday, June 23, 2008
CDs VS. Savings at ING
Subscribe to:
Post Comments (Atom)
1 comment:
I agree... If I'm going to lose liquidity, I'd probably need to put the money somewhere earning nearly twice that... isn't the current rate of inflation somewhere between 4% and 6%? if so, then you are actually paying to have money that's difficult to get to...
that's my take on it, anyway...
Post a Comment