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Capital One Savings Account (vs ING Orange)
Old 01-31-2011, 10:36 AM   #1
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Capital One Savings Account (vs ING Orange)

Wondering about folks' experience with Capital One Interest Plus Savings (the one that is paying 1.25% + 10% bonus) as compared with ING Orange Savings.

InterestPlus Online Savings Account Features

One good thing (perhaps) with ING is that the interest is calculated monthly rather than daily.

Currently Capital One is paying higher, but have then been consistently higher than other accounts or do they do mostly "teaser" rates to get folks to sign up?

Also curious about people's experience with online security with both of them.

Thanks!
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Old 01-31-2011, 10:48 AM   #2
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Why is it a good thing if interested in calculated monthly rather than daily?

ING actually calculates and compounds interest daily and it is paid monthly. Their online security is supposed to be the best around. It is far stronger than I have seen from other banks I do business with.

-- Rita
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Old 01-31-2011, 10:54 AM   #3
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i guess it's only a good thing if for some reason the rates drop significantly say the first week of the month... and at least you're locked in til the end of the month...

a bad thing if rates go up of course...so yeah i guess it's a wash..

i thought i read that ING calculates it monthly, but maybe i read it wrong
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Old 01-31-2011, 10:57 AM   #4
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Actually, calculating interest daily and compounding it to be paid out monthly is the best method for the saver. Generally, a bank won't calculate at the beginning of the period and pay out at the end of the period -- it's the other way around: they calculate at the end and pay shortly thereafter.

So in an environment where interest rates are fluctuating wildly, AND they change their rates several times a month, you want your interest calculated daily and compounded, so you earn on your daily earnings.

-- Rita
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Old 01-31-2011, 01:21 PM   #5
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I just signed up for the cap one account. If you are a costco member, they give you 1.30% plus the bonus plus up to $60 one-time bonus.
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Old 01-31-2011, 01:58 PM   #6
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Quote:
Originally Posted by Gotadimple View Post
Actually, calculating interest daily and compounding it to be paid out monthly is the best method for the saver. Generally, a bank won't calculate at the beginning of the period and pay out at the end of the period -- it's the other way around: they calculate at the end and pay shortly thereafter.

So in an environment where interest rates are fluctuating wildly, AND they change their rates several times a month, you want your interest calculated daily and compounded, so you earn on your daily earnings.

-- Rita


Just to let everyone know.... everyplace calculates interest daily... if not, then I can just plunk my money down the day before calcualtion and remove it the day after... I get the whole month of interest....

If you say... well, they only pay interest on your average daily balance... they calculate only once a month and pay once a month... well, they you are not thinking... that means they only do the math differently... the result is the same... or, you can say they only are alllowed to change their rate when the calculate interest...

Soooo, no difference to you...

As an ING customer... I can say they do tell you how much interst you have earned this month when you log in... they just post it to your account once a month...
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Old 01-31-2011, 02:13 PM   #7
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Cap One member via Costco since 3/31/2005. They have had consistently high money market rates since that time, easily competitive with the highest rates around and with great bank quality ratings to boot.
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Old 01-31-2011, 02:38 PM   #8
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I just signed up for the cap one account. If you are a costco member, they give you 1.30% plus the bonus plus up to $60 one-time bonus.
Sounds great, but no COSTCO hereabouts.
Do they offer any deals for other affiliations?
Sams Club, Larry's Bait Shop? Any others?
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