log entries of timotheus

I have a savings account with ING Direct, which is a mostly-online only savings and loan company. (They do have offices for their home mortgage division) Anyway, they’re pretty cool because right now the interest they give is 3%, which is pretty decent. It is compounded monthly, and any amount you have in there will earn interest for that month.

Their service has always been great for me, but the reason I write about them today is regarding the newsletter I just received from them. Here is the section that really surprised me:

While we don’t have an Orange crystal ball, we do expect the economy to remain fragile through 2009. The best course of action for our Customers is to be disciplined: avoid splurging; identify and cut out unnecessary expenses and save for what’s essential; and hedge against those tough times. We can all benefit by developing good spending habits: confront – and cut up – credit cards; use your home as a savings vehicle – not as an ATM; and establish and contribute regularly to an IRA or 401(k).

I was really impressed at this responsible advice coming from a financial institution. Most places try to downplay the current economic downturn, or try to convince you to get into more debt or something.