Author Topic: Savings account offer  (Read 3132 times)

newelljack

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Savings account offer
« on: September 16, 2016, 11:27:13 PM »
In the mail today, "1.00% APY. No gimmicks. Just growth." Wow, an entire one percent? Thanks, Capital One!

EricL

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Re: Savings account offer
« Reply #1 on: September 17, 2016, 12:01:46 AM »
If I'da known what a deal 5% savings account was when I was a child I'da started saving then.

pancakes

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Re: Savings account offer
« Reply #2 on: September 17, 2016, 03:50:16 AM »
Oh man I used to get 6.5% on my savings account. Back then I knew it was good, but I had no idea how good.

Now I get 2.75% (before the interest is taxed) and it just keeps getting lower. Woe.

Davids

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Re: Savings account offer
« Reply #3 on: September 17, 2016, 05:50:49 AM »
Oh man I used to get 6.5% on my savings account. Back then I knew it was good, but I had no idea how good.

Now I get 2.75% (before the interest is taxed) and it just keeps getting lower. Woe.
Where you getting 2.75%

pancakes

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Re: Savings account offer
« Reply #4 on: September 17, 2016, 08:07:56 AM »
ING Australia.

You can still get 3% on at call savings accounts here if you are willing to jump through convoluted qualification criteria. More likely than not we will see at least one more rate cut before the end of the year though.

Paul der Krake

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Re: Savings account offer
« Reply #5 on: September 17, 2016, 08:34:09 AM »
This doesn't belong in this forum's section. 1% is very competitive in today's rate environment.

An online savings account yielding 1% is one of the best places for an emergency fund.

newelljack

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Re: Savings account offer
« Reply #6 on: September 17, 2016, 03:28:45 PM »
This doesn't belong in this forum's section. 1% is very competitive in today's rate environment.

An online savings account yielding 1% is one of the best places for an emergency fund.

Paul, I agree that 1% is very competitive. It's just sad to see that is reality and a little funny that they used the word "growth". I have my emergency fund with Ally which is paying 1% as well.

Paul der Krake

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Re: Savings account offer
« Reply #7 on: September 17, 2016, 04:13:47 PM »
Gotcha. I see the irony now.

PencilThinStash

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Re: Savings account offer
« Reply #8 on: September 19, 2016, 11:50:12 AM »
My dad wanted to show me the power of interest when I was little (under 10 years old), so he started "The Bank of Dad" and gave me 12% annually on any savings I had him hold. He trusted me to track it honestly on my own in an excel spreadsheet, checked my work the first few months to make sure I was doing it correctly, but then went completely hands-off and didn't do much except accept the occasional cash deposit.

Somewhere in my mid teens, he noticed I was giving him more deposits since I'd started working part time... he asked to see my records and realized the interest on my little $2k account was $20+ a month and compounding heavily. Quickly shut TBOD down after that, but helped me research mutual funds and set me up with a Vanguard account. Talk about awesome parenting.

To be completely honest, though, I'm still a little upset that I'll never see that risk-free 12% return again. Way to ruin banks for me forever, Dad.

Digital Dogma

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Re: Savings account offer
« Reply #9 on: September 19, 2016, 01:11:31 PM »
ING Australia.

You can still get 3% on at call savings accounts here if you are willing to jump through convoluted qualification criteria. More likely than not we will see at least one more rate cut before the end of the year though.

I used to have an ING account with decent interest in the USA, before they were purchased by Capital One and renamed Capital One 360. I moved my money out of that account and closed it quickly after they reduced their rates substantially, they pretty much just purchased a whole bunch of customers from a successful business and integrated it into their mediocrity at the customers expense. I do not like Capital One at all, they have terrible awful horrible bad customer service.

dragoncar

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Re: Savings account offer
« Reply #10 on: September 19, 2016, 01:42:04 PM »
My dad wanted to show me the power of interest when I was little (under 10 years old), so he started "The Bank of Dad" and gave me 12% annually on any savings I had him hold. He trusted me to track it honestly on my own in an excel spreadsheet, checked my work the first few months to make sure I was doing it correctly, but then went completely hands-off and didn't do much except accept the occasional cash deposit.

Somewhere in my mid teens, he noticed I was giving him more deposits since I'd started working part time... he asked to see my records and realized the interest on my little $2k account was $20+ a month and compounding heavily. Quickly shut TBOD down after that, but helped me research mutual funds and set me up with a Vanguard account. Talk about awesome parenting.

To be completely honest, though, I'm still a little upset that I'll never see that risk-free 12% return again. Way to ruin banks for me forever, Dad.
Tax free too :-)

PencilThinStash

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Re: Savings account offer
« Reply #11 on: September 19, 2016, 01:58:29 PM »
My dad wanted to show me the power of interest when I was little (under 10 years old), so he started "The Bank of Dad" and gave me 12% annually on any savings I had him hold. He trusted me to track it honestly on my own in an excel spreadsheet, checked my work the first few months to make sure I was doing it correctly, but then went completely hands-off and didn't do much except accept the occasional cash deposit.

Somewhere in my mid teens, he noticed I was giving him more deposits since I'd started working part time... he asked to see my records and realized the interest on my little $2k account was $20+ a month and compounding heavily. Quickly shut TBOD down after that, but helped me research mutual funds and set me up with a Vanguard account. Talk about awesome parenting.

To be completely honest, though, I'm still a little upset that I'll never see that risk-free 12% return again. Way to ruin banks for me forever, Dad.
Tax free too :-)

Thanks for twisting the knife ;)

Paul der Krake

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Re: Savings account offer
« Reply #12 on: September 19, 2016, 02:50:46 PM »
Now I feel stupid for missing out on about 10 years of interest at this fine institution. My parents were passthrough custodians, no fees but no interest either.