What is Digg?88 Comments
- stack3r, on 11/07/2007, -0/+1617million of those savers probably have less than $1000 in a savings account, in which case the difference of 3 to 6% interest is about two tenths of ***** all. Why bother going after a high interest account when the interest 1. doesnt give you much money and 2. the government charges tax on teh interest you made.
Its a massive joke, your better off putting any savings into a manged funds account or atleast something that gives a decent rate of return, not $1 a year - ChromaVita, on 11/07/2007, -1/+15Unless it reaches 1947.52 °F.
- Error601, on 11/07/2007, -3/+15So what? You don't put money in a saving accounts with the intention of earning money on it. Savings accounts are to have easily accessible cash when the car explodes or the furnace dies.
- inactive, on 11/07/2007, -0/+12Not knowing exactly what it is at any given time is not the same thing as being oblivious to them.
- jmpeagle, on 11/07/2007, -0/+10ING direct gets me about 4.3-4.5% not very enticing but I like their ease of use and of moving funds among accounts
- krusader3z, on 11/07/2007, -0/+10HSBC just lowered their rates a few weeks ago. it is now 4.5 I believe
- SpykerSpeed, on 11/07/2007, -0/+9People who talk about the wonders of investing in gold need to be aware that gold is just like any other asset (like a stock, bond, or whatever) except that it has little industrial or real value. It's a better idea to buy a diversified portfolio of stocks and bonds. Not just American, obviously.
- gpit, on 11/07/2007, -0/+8etrade - 4.7% || https://us.etrade.com/e/t/jumppage/viewjumppage?Pa ...
ingdirect - 4.2% || http://home.ingdirect.com/products/products.asp?s= ...
hsbc - 4.5% || http://www.us.hsbc.com/1/2/3/personal/savings/depo ... - iericg, on 11/07/2007, -0/+7Your better off investing in a mutual or index fund than rely on a banks saving account.
“The most powerful force in the universe is compound interest”. Albert Einstein - Phyltre, on 11/07/2007, -0/+7Okay, so what is it?
- Born4Surf, on 11/07/2007, -2/+9To be honest, I have got a clue what mine is!
- pkonink, on 11/07/2007, -0/+7Silly man, Americans don't save money we borrow it. We only save money at department store sales.
- lkmbrd, on 11/07/2007, -0/+6My B of A gets 2% or less while my HSBC gets 5%+.
- Nudar, on 11/07/2007, -0/+6How do you invest in gold coins? (there are many ways. just wondering how you do)
- Kugo, on 11/07/2007, -0/+5Yes and Sherlock Holmes didn't know if the sun revolved around the earth or the other way around. BECAUSE TO HIM IT WASN'T IMPORTANT. The science of knowledge has changed: it's no longer about knowing things but about knowing where to find information if you need it.
- danielsan1701, on 11/08/2007, -3/+8My PayPal Money Market gets 4.88%, plus I get 1% cash back using the PayPal Debit Card as a credit card.
- sophia269, on 11/07/2007, -0/+5ING Direct just lowered their rates to 4.2%. I think I might switch to HSBC just because it's almost a full point higher.
- pkonink, on 11/07/2007, -0/+5Same here. PayPal money market is nearly 2% better than my bank's savings account rate. The bank savings is now just for overdraft protection (because I'm irresponsible like that, lol).
- glui2001, on 11/07/2007, -0/+5gmacbank.com has some pretty decent rates as well
- radu79, on 11/07/2007, -0/+5Why do you digg him down? It's true, and I have some of my money in the PayPal account just because it has a better (+.50%) rate than my bank's money market.
- Rovalf, on 11/07/2007, -2/+6And you can be sure there are even more American's who don't even know what interest is, let alone what rate they are getting.
Monetary, financial, and economic ignorance allows people to get their money taken right out from under them. - inactive, on 11/07/2007, -2/+6Maybe 19 million people don't care what their rate is. This is another one of "oh my god most people don't know where iraq is hahaha". So what? Unless they were trying to pilot a plane to iraq who cares. ***** idiots.
- shawnanigans, on 11/07/2007, -0/+4I don't care because I'm Canadian and my dollar is soaring so because the dollar went up 2 cents today thats a 2% increase in value in a day, thats good interest.
- KMye, on 11/07/2007, -0/+4Gold does not always have the same value and you won't always get the same amount of gas, or any other commodity for a given amount of gold. That said, if you picked up gold without getting raped by the company that sold it to you in 2000, that turned out to be an okay move, though investing in the stock market near its lowpoint could have been comparable to much better, and putting all of your savings into one basket, even gold, is a fairly silly thing to do. SpykerSpeed above has the right idea, especially for the present, with gold already so high.
- ch33sehead, on 11/07/2007, -0/+4Link or it didn't happen.
- AbsurdParadox, on 11/07/2007, -0/+4I don't know what mine is, and I don't care. I have better things to do with my money than let it sit in a 3% account
- HareBall, on 11/07/2007, -0/+4Funds are a much better place to have your money for the long haul. If you aren't in it for the long term it doesn't matter what the interest rate is.
- superdrew0413, on 11/08/2007, -0/+4Uziko, you expect people who don't know there savings account interest rate to be a savvy enough investor to understand a call or put option? These are the same people who don't understand that the reason they were offered an adjustable rate mortgage in the first place is that bank knew that the odds of the interest rate in the US dropping or staying at historically low levels were slim to none. That is why so many people here in the US are going to default on their mortgages. The banks prey on people who have an ignorant understanding of finance.
I have a degree in Finance and I honestly think that every high school in this country should teach a course in finance. Not a basic economics class but, an actual class in finance. It should teach kids how a credit card works, what a 401k is, how the stock and bond markets work (not just stocks are ownership and bonds are loans), and I think most importantly, how a mortgage works.
By the way ignore what Uziko said about options. While you can make a ton of profit if you guess right, you can lose your entire investment if you guess wrong. Odds are that if you have money in a savings account you can't afford to lose it. - amesolaire, on 11/07/2007, -0/+4Erm,.. I wish I were as oblivious to what my interest rate is as my bank account is to the existence of 4+ figure sums. I wish I had to choose my bank by interest rate and not by how accessible is the little money I have online. I wish my interest rate could really make any difference. That said, I only have a pretty vague idea.
- inactive, on 11/07/2007, -5/+8I only keep a minimal amount in banks. My savings are in gold coins which have earned stunning amounts of earned value. The gold coins I bought when "W" was sworn in will still get me the same amount of gasoline and no savings account can match it.
- Bigbro69, on 11/07/2007, -0/+3My (Australian) ING Direct gets me 6.15% pa. And I knew that.
- Tenlow, on 11/07/2007, -0/+3especially when they keep changing them.
- Xondar, on 11/07/2007, -0/+3My savings account with the Royal Bank of Canada is currently at 4.0%. Hopefully the bank will raise my interest rate. I also hope to start buying stocks when I have saved up a bit more money.
- bacon_skoda, on 11/07/2007, -0/+3ever since ING Direct decided that I don't want mailed statements, i've decided they don't offer any advantage over any other high yield deposit account.
- hiphoc, on 11/08/2007, -1/+4Whatever it is it is not beating inflation.. so you as all of us are ***** by the banks who make money off our deposits.
- marvinmatthew, on 11/07/2007, -0/+3I guess I just figure that it is what it is. There's not much I can do about it, even if I know the rate.
(it's probably not worth the effort of switching banks, even if I did know what my banks rate was) - dailyn, on 11/07/2007, -0/+3Would it really make any difference ? If you want to save a reasonable amount of cash, you dont leave your money in the bank where it earns bugger all interest. You must INVEST it somewhere with decent interest rates.
- Gizza, on 11/09/2007, -2/+5But if you're gonna have money in a savings account you might as well have it earning something. The account I have mine in earns 8%pa, which earns me about $150/mth, that pays for just about all my bills. Of course, most of my money is in shares.
- fraggle35, on 11/07/2007, -0/+3It doesn't even matter to most people, after paying all the tax and stealth tax, there's ***** all left to save.
- DustyinBFE, on 11/07/2007, -0/+34.20% APY as of right now.
- ukthom, on 11/07/2007, -0/+3Compare your savings rate to your checking account (current account in the UK) and you'll see why money in a savings account fares better. I just switched to smile.co.uk, which isn't that bad, plus they're ethical.
my two pence, at least - wokethebears, on 11/07/2007, -0/+3i have no idea what my interest rate is but i know its very close to the best as of a few weeks ago.
- Firemeboy, on 11/07/2007, -0/+2I know my interest rate sucks. That is why I invest my money in other places.
- Sapulator, on 11/07/2007, -0/+2poop on face.
- pkonink, on 11/09/2007, -0/+2Mmm, donuts.
- hollismb, on 11/07/2007, -0/+2Yeah, I noticed that about five minutes before I saw this article. ING's interest rates dropped in September, and again starting November. It's enough that I care, but not enough for me to switch.
- opiniastrous, on 11/07/2007, -0/+2Yeah, typically gold is a pretty steady commodity, which is why people like to invest in it during time of conflict. You have really just got lucky because the Iraq War, the GWOT and other factors have helped push up the price of Gold from approx. $250 p.o. in 2002/3 (if I recall correctly) to about $700+ now. Unless of course you predicted that, in which case you made a savvy decision!
- inactive, on 11/07/2007, -0/+2With the Fed cutting rates I'll probably need to move to a CD to find 5+% again.
- h4ppydotcom, on 11/07/2007, -0/+2Since 2001 I would have made about 75% if I had invested in gold (based purely on the price changes - see my comment above in reply to saijm). In the same period my savings have been in a bank account paying 6% interest - which will have made a 40% return over 6 years (compound interest) whilst being 100% liquid. I would suggest that a savings account *can* compete with gold (especially given that gold has appreciated unusually highly over the past six years due to global instability since Operation Enduring Freedom).
- h4ppydotcom, on 11/07/2007, -0/+2In the UK inflation is somewhere between 2-4%, depending on which index you look at. A good savings account would pay 5-6% interest so you *are* beating inflation, if only by a few per cent.
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