I just noticed an ING Direct banner ad showing that the interest rate on the Orange Savings Account has been cut by 0.25% APY. I logged into my own account and can indeed confirm that the rate has dropped as of 12/30/2008 from 2.75% APY to 2.50% APY.

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A friend of mine recently asked my thoughts about what percentage of earned income should go towards savings, which I presumed to mean for retirement savings. I gave him an instantaneous answer (10%) without putting too much thought behind it beyond a consideration that he was young and anything more was unlikely to be achieved. However, I think this question deserves a bit deeper of an answer.

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Yesterday (yes, on Christmas day) I applied for and hopefully opened the third of our CDs in our emergency fund CD ladder. This is the first time I’ve tried to open a CD at FNBO Direct and I’ve got to say, I’m not impressed at all with the process. Worse than that actually, I’m now motivated to find somewhere else to do my future banking.

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I’ve recently started reading the book “The Snowball: Warren Buffet and The Business Of Life” and I’ve already come across something that just amazes me.  On page 85 of the book it states, “At age 14 … [Warren's] savings now totaled around $1,000.”  Do you realize how impressive an accomplishment that really is?
We’re not talking [...]

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I got a customer service e-mail from FNBO Direct this morning, December 23rd, to announce changes in the interest rate being paid on their savings accounts and CDs. While I expected this due to the other rate drops I’ve been seeing, I still find it disappointing when it actually happens. Here’s the details:

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