The savings account rate is down from 3.65% APY. Bummer. I have several accounts with ING DIRECT:
All will be affected and my interest earned at the end of 2008 will be less than expected (assuming the rate doesn’t go back up). However, even with the rate cut, I still think ING DIRECT is the solid, flexible choice for your short-term savings. Here’s a FOX News article still touting them and their use for scared investors who’ve yanked their money from the market.
Check out my $25 signup bonuses for ING DIRECT savings.
Related Posts:
{ 6 comments }
I suppose with all the fed rate cutting going on it was bound to happen. C’est la vie
Yeah. Here’s hopin’ this is the last one and we’re at the bottom of the curve.
Unfortunately, the fed is expected to cut up to 0.75 on the 18th. And ING seems to move in lockstep with them. And I just opened the Electric account…DOH!
ING lowers their savings rate, but I found a checking account that pays %5.25 apy. Alliance Bank in Sulphur Springs, Texas, has an account called Freedom Checking and there is no minimum blance required. To get the good rate you have to have 10 check card transactions (easy), get your statement online (easy), and have a direct deposit or an automatic draft payment. That is it and you can earn 5.25%. You can only put 25K in at that rate, everything over 25K earns a lower rate.
That is a great rate considering that everything is tanking.
Hey PT,
I was considering to go with ING since I’m moving back to Europe and don’t need personal service
I also heard good things about emigrantdirect.com https://www.emigrantdirect.com/EmigrantDirectWeb/index.jsp
Even though it has an even lower APY.
Thanks a lot
Alex
Alex,
Thanks for stopping by. Yes, Emigrant and HSBC (which has a good global presence, I think) are great as well. If you end up using ING, head over to my $25 bonus page for some free money.
Also, for an excellent review of all the online banks and rates, check out Consumerism Commentary’s List of Savings Accounts.
Thanks!
Comments on this entry are closed.