Interest rates down again

I got an email from ING DIRECT stating that my March statement was ready. My interest rate dropped twice last month. I’m not earning 1.50% on my savings account with them. I decided to run over to Webster Bank’s site to see what they are paying for a savings account. With a normal, run-of-the-mill savings account the rates are .30%. So my ING account is earning five times that. That made me feel better.
Then I looked at the interest rates for their premier savings accounts. The interest rate for the premier savings is 2.00% if you meet all the qualifications. There are many. First you must have over $25,000 in the account to get that rate. You must also have a premier checking account. To qualify for that, you must have at least $10,000 in cash or $50,000 in loans, cash and CD’s with the bank. Well, if you’ve got the $25,000 in the savings account to get the higher rate, you qualify. There are all sorts of free services that come with the premier account, but none of them are appealing to me.

My point here is to make sure you have the best banking products for your situation. I don’t have tons of cash on hand because I’m paying down debt. If you have a large emergency savings account (good for you!), maybe one of these options is better for you. Check out all your options and then decide.

How much are you earning on your savings? Do you find yourself trying to put more aside due to the bad economy?