Comments on: A Savings Plan For 2007: The Ulysses S. Grant Plan http://www.thesimpledollar.com/2006/12/30/a-savings-plan-for-2007-the-ulysses-s-grant-plan/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 16:09:53 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Arthi http://www.thesimpledollar.com/2006/12/30/a-savings-plan-for-2007-the-ulysses-s-grant-plan/comment-page-1/#comment-752574 Arthi Thu, 13 Aug 2009 05:47:09 +0000 http://www.thesimpledollar.com/2006/12/29/a-savings-plan-for-2007-the-ulysses-s-grant-plan/#comment-752574 When you mention the 6.83% interest rate at the end, it leads people to think that they could get this interest rate for every year that they are using that account. Whereas the interest rate is actually 2.66% if you leave out the bonus from ING direct. And the reason it is less than the 5.05% APY is because the APY calculates returns for an amount you would have invested at the beginning of the year. If you were to invest 600$ in Jan, you would get 5.05% interest at the end of the year. But since the investment is drawn out over 12 months, your interest rate would be lower. When you mention the 6.83% interest rate at the end, it leads people to think that they could get this interest rate for every year that they are using that account.

Whereas the interest rate is actually 2.66% if you leave out the bonus from ING direct.

And the reason it is less than the 5.05% APY is because the APY calculates returns for an amount you would have invested at the beginning of the year.

If you were to invest 600$ in Jan, you would get 5.05% interest at the end of the year.

But since the investment is drawn out over 12 months, your interest rate would be lower.

]]> By: rodgerlvu http://www.thesimpledollar.com/2006/12/30/a-savings-plan-for-2007-the-ulysses-s-grant-plan/comment-page-1/#comment-663021 rodgerlvu Fri, 15 May 2009 06:10:04 +0000 http://www.thesimpledollar.com/2006/12/29/a-savings-plan-for-2007-the-ulysses-s-grant-plan/#comment-663021 you will make it ... you will make it …

]]> By: Man on a Mission http://www.thesimpledollar.com/2006/12/30/a-savings-plan-for-2007-the-ulysses-s-grant-plan/comment-page-1/#comment-3985 Man on a Mission Thu, 25 Jan 2007 16:45:25 +0000 http://www.thesimpledollar.com/2006/12/29/a-savings-plan-for-2007-the-ulysses-s-grant-plan/#comment-3985 On your recommendation I just opened my own HSBC online savings account last week. I liked the option to receive an ATM card - good for those emergencies that you can't wait for the 2-3 days transfer period. On your recommendation I just opened my own HSBC online savings account last week. I liked the option to receive an ATM card – good for those emergencies that you can’t wait for the 2-3 days transfer period.

]]> By: United Steelworkers http://www.thesimpledollar.com/2006/12/30/a-savings-plan-for-2007-the-ulysses-s-grant-plan/comment-page-1/#comment-2475 United Steelworkers Wed, 03 Jan 2007 14:00:32 +0000 http://www.thesimpledollar.com/2006/12/29/a-savings-plan-for-2007-the-ulysses-s-grant-plan/#comment-2475 Over the past few years, the ING Groupe has come under considerable scrutiny for a series of questionable business and investment practices. Check out the facts at www.can-you-trust-ing.com Over the past few years, the ING Groupe has come under considerable scrutiny for a series of questionable business and investment practices. Check out the facts at http://www.can-you-trust-ing.com

]]> By: Don http://www.thesimpledollar.com/2006/12/30/a-savings-plan-for-2007-the-ulysses-s-grant-plan/comment-page-1/#comment-2230 Don Sun, 31 Dec 2006 23:23:09 +0000 http://www.thesimpledollar.com/2006/12/29/a-savings-plan-for-2007-the-ulysses-s-grant-plan/#comment-2230 In the words of Dr. Tobias Funke, "You're blowing my mind, Frank." I just checked my own bank, and the savings APR is 0.598%, and HSBC says the national average 0.54%. I've changed my health plan to an HRA, and so have some difference in my favor from the premium difference. I want to put this money in savings just in case I end up needing it (in case I under estimated my flex spending needs with the HRA). Is an HSBC or ING account appropriate? Perhaps the better question is: How available are those funds if I need them for medical costs? I'm just paranoid about the whole online thing, and also wondering "what's the catch" with regard to the MUCH higher interest rate. In the words of Dr. Tobias Funke, “You’re blowing my mind, Frank.”

I just checked my own bank, and the savings APR is 0.598%, and HSBC says the national average 0.54%. I’ve changed my health plan to an HRA, and so have some difference in my favor from the premium difference. I want to put this money in savings just in case I end up needing it (in case I under estimated my flex spending needs with the HRA). Is an HSBC or ING account appropriate? Perhaps the better question is: How available are those funds if I need them for medical costs?

I’m just paranoid about the whole online thing, and also wondering “what’s the catch” with regard to the MUCH higher interest rate.

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