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This is an archival post; the contents are well over 2 decades old, but some details may still be relevant.
I am editing some details.
Originally, all links were redirected from the forums, but they don’t work anymore. These require manual editing to remove the redirects and restore the URLs.
The copy/paste process is also compacting lines, so I do need to edit the spacing. I am also removing duplicate posts. And finally, some light edits to mispelled words.
Please refer to the parent page for information about FatWallet Forums and this project.
| Date Posted: Oct/11/2001 2:25 PM Posted By: sub0cool Rank: Senior Member I just saw this new forum and decided to ask a question. I’m thinking of opening a Bank Savings Account. Generally, how much interest do you earn with it? |
| Date Posted: Oct/11/2001 2:48 PM Posted By: Blieb Rank: w00t! Often times it will depend on how much moolah you have in your account. Don’t take my word as the final say, but I think from 1.8-4% … |
| Date Posted: Oct/11/2001 3:34 PM Posted By: zulugrid Rank: Ancient Member Most B&M banks that I know of give you only a tiny bit of interest (ie, Wells Fargo “Regular Savings” offers only 0.5% interest), but ING Direct will give you 4.0% (wasn’t that 4.4% a few months ago?). |
| Date Posted: Oct/13/2001 10:52 AM Posted By: cousinit Rank: New Member can anyone explain how the interest rates work? for example if you have a $1000 in a savings account at ing drawing that 4% how much would you make a month? Thank You in advance |
| Date Posted: Oct/13/2001 11:25 AM Posted By: reggae4k Rank: New Member from what i know interest rates are based upon a yearly basis. it is a yearly compound. 40 bucks from 1000. |
| Date Posted: Oct/13/2001 1:34 PM Posted By: Cyberbishop Rank: Charter Member Yep, the interest INGDirect posts on their website is the APY, annual percentage yield. In other words, if you don’t touch your principle for a period of 12 months, the balance will grow by 4% at the end of the 12-month period. The actual interest rate is something like 3.97%, compounded monthly. Most banks compound interests daily (and post monthly). |
| Date Posted: Oct/13/2001 3:36 PM Posted By: reggae4k Rank: New Member its so awesome to know stuff like this about money and finance |
| Date Posted: Nov/07/2001 12:36 AM Posted By: Cyberbishop Rank: Charter Member Wow, this is pretty said INGDirect only pays 3.50 APY now … |
| Date Posted: Nov/07/2001 3:43 AM Posted By: speedman Rank: New Member heh you can’t really blame them. The way the things are going we will hit 0.25% Fed fund rate pretty soon! |
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