Savings Account Woes

June 9th, 2009 | 8:34 pm | Posted in Finance, Savings | 3 Comments »

So this morning I was doing the nerdy spreadsheet thing and, while fiddling around, I came across an old macro that I’d set up right when I first became an ING Direct Orange Saver to calculate the interest that I’d earn.

A poor man’s interest calculator of sorts…

I plugged in my current ING balance and was thrilled to see that I should be earning over $50 per month in interest…

…using today’s balance and January 2007′s interest rate…

Of course, well documented here on PIAC, ING’s interest rate has dropped over 300% since then.

When I started way back in January 2007, with dollar signs in my eyes I might add, I was targeting a balance of around $8k so that I’d be earning around one dollar per day in interest.

That just seemed exciting for some reason.

So here I am currently around the $13k mark, well in excess of that $8k target, and I’m only bringing in around 50-cents each day.

Boooooooooooo!