My rant about banking

OK so this is going to be a bit weird. I just signed up for an ING orange savings account. Good stuff. Good stuff indeed.

Well let me start with the beginning. I was originally with this bank called Sovereign. They have a couple branches in my state. Service wasn’t too shabby. But the rates were absolutely awful. I’m not sure what your banks are offering you but this might come off as a joke. I’m not a high roller by any stretch of the means so they were offering me .25%. Yes you read that correctly, a quarter of a percent.

I didn’t know it at the time though. Honestly I did not pay attention to personal finance until quite recently – maybe several years ago. And an important aspect of money is not just saving it but making it earn returns. This does mean putting some of it in the stock market. But it also means having your bank account pay rates higher than inflation.

Right now ING is offering me 1.3%. And that’s not an introductory offer. This might change by the time you are reading this. But imagine that – it’s a rate 5 times higher than my local bank!

I highly recommend switching if you’re in the same situation that I was until a couple days ago.