Comments on: Are You a High-Yield Interest Rate Chaser? http://www.consumerismcommentary.com/2009/04/03/are-you-a-high-yield-interest-rate-chaser/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Fri, 19 Mar 2010 05:45:46 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Danhttp://www.consumerismcommentary.com/2009/04/03/are-you-a-high-yield-interest-rate-chaser/#comment-192381 Dan Mon, 06 Apr 2009 04:43:18 +0000 http://www.consumerismcommentary.com/?p=5855#comment-192381 I'm glad you pointed out Dollar Savings Direct. I've been chronicling (is that a word?) their ridiculous practice of splattering 4% high yield ads all over the internet and then dropping their rates weekly. I'm especially annoyed because I fell for it of course. They've all the way down to 2.05% and it drops on practically a weekly basis. They started at Fed Funds 0% and the target rate is obviously still zero, so they knew all along this was their strategy; quite annoying. I’m glad you pointed out Dollar Savings Direct. I’ve been chronicling (is that a word?) their ridiculous practice of splattering 4% high yield ads all over the internet and then dropping their rates weekly. I’m especially annoyed because I fell for it of course. They’ve all the way down to 2.05% and it drops on practically a weekly basis. They started at Fed Funds 0% and the target rate is obviously still zero, so they knew all along this was their strategy; quite annoying.

]]> By: Gaylehttp://www.consumerismcommentary.com/2009/04/03/are-you-a-high-yield-interest-rate-chaser/#comment-192356 Gayle Sun, 05 Apr 2009 08:55:00 +0000 http://www.consumerismcommentary.com/?p=5855#comment-192356 ING Direct is a risky bank i have learned. they routinely close accounts for no reason and when they do, they first block your login before notifying you. then they refuse to provide a current statement for the current period until the end of the quarter. my sister’s account had several transactions withdrawing from the linked accounts various fees for the closure that added up to over 300 dollars. ING Direct is a risky bank i have learned.
they routinely close accounts for no reason and when they do, they first block your login before notifying you. then they refuse to provide a current statement for the current period until the end of the quarter. my sister’s account had several transactions withdrawing from the linked accounts various fees for the closure that added up to over 300 dollars.

]]> By: Bill McCollamhttp://www.consumerismcommentary.com/2009/04/03/are-you-a-high-yield-interest-rate-chaser/#comment-192348 Bill McCollam Sun, 05 Apr 2009 03:07:40 +0000 http://www.consumerismcommentary.com/?p=5855#comment-192348 Hmmm, I guess I really am a high yield interest chaser, since I just posted about moving from one well known orange bank at 1.85 to another at 2.5 +1%. $900 for two minutes work seemed worthwhile. Essentially the switch costs are zero and there really aren't that many service aspects to make a significant difference. More on my thinking at http://www.mccollam.com/jakeblog/2009/04/shop-your-high-interest-savings-account-rate/ Hmmm, I guess I really am a high yield interest chaser, since I just posted about moving from one well known orange bank at 1.85 to another at 2.5 +1%. $900 for two minutes work seemed worthwhile. Essentially the switch costs are zero and there really aren’t that many service aspects to make a significant difference. More on my thinking at
http://www.mccollam.com/jakeblog/2009/04/shop-your-high-interest-savings-account-rate/

]]> By: Kennethhttp://www.consumerismcommentary.com/2009/04/03/are-you-a-high-yield-interest-rate-chaser/#comment-192276 Kenneth Fri, 03 Apr 2009 18:31:52 +0000 http://www.consumerismcommentary.com/?p=5855#comment-192276 In the UK, the term given to such a person is a 'rate tart'... someone who always chases the best bank rates.Neat, eh? Kenneth In the UK, the term given to such a person is a ‘rate tart’… someone who always chases the best bank rates.

Neat, eh?
Kenneth

]]> By: SJhttp://www.consumerismcommentary.com/2009/04/03/are-you-a-high-yield-interest-rate-chaser/#comment-192275 SJ Fri, 03 Apr 2009 18:29:32 +0000 http://www.consumerismcommentary.com/?p=5855#comment-192275 #4 was great =)Sounds familiar... #4 was great =)

Sounds familiar…

]]> By: Flexohttp://www.consumerismcommentary.com/2009/04/03/are-you-a-high-yield-interest-rate-chaser/#comment-192274 Flexo Fri, 03 Apr 2009 18:07:51 +0000 http://www.consumerismcommentary.com/?p=5855#comment-192274 I never claimed that rates don't matter, just pointed out that they're not the only thing to matter. It would be a waste of time to try to get ING Direct to offer more competitive rates; if you want to choose an account based on interest rate only, there are many resources to help you find the top bank on any given day. There are options for everyone... if high rates are important, choose a high rate bank; if service is important, you might have to give up some interest income for a level of service you desire. I never claimed that rates don’t matter, just pointed out that they’re not the only thing to matter. It would be a waste of time to try to get ING Direct to offer more competitive rates; if you want to choose an account based on interest rate only, there are many resources to help you find the top bank on any given day. There are options for everyone… if high rates are important, choose a high rate bank; if service is important, you might have to give up some interest income for a level of service you desire.

]]> By: myleshttp://www.consumerismcommentary.com/2009/04/03/are-you-a-high-yield-interest-rate-chaser/#comment-192265 myles Fri, 03 Apr 2009 15:38:17 +0000 http://www.consumerismcommentary.com/?p=5855#comment-192265 The reason ING keeps rates so low is because they can. If more of you were willing to initially vote with your feet, ING would be forced to offer better rates to go with the service. If you want better rates, it would also help to stop saying on sites like this that low rates don't matter. The reason ING keeps rates so low is because they can. If more of you were willing to initially vote with your feet, ING would be forced to offer better rates to go with the service. If you want better rates, it would also help to stop saying on sites like this that low rates don’t matter.

]]> By: Bakerhttp://www.consumerismcommentary.com/2009/04/03/are-you-a-high-yield-interest-rate-chaser/#comment-192256 Baker Fri, 03 Apr 2009 12:53:55 +0000 http://www.consumerismcommentary.com/?p=5855#comment-192256 I am definitely one of those people you described that stays with ING despite the rates (within reason). I will back them up that the customer service has been absolutely superb. Most of all it is incredibly easy to set up a new account once your first one is funded. This allows to easily separate or combined accounts based on your budgeting preferences. I am definitely one of those people you described that stays with ING despite the rates (within reason). I will back them up that the customer service has been absolutely superb. Most of all it is incredibly easy to set up a new account once your first one is funded. This allows to easily separate or combined accounts based on your budgeting preferences.

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