ING Direct Drops Savings Interest Rate to 2.75%; Still Better Than My Hometown Bank
Filed under: Money Management
Well, when all the other banks began discussing dropping their interest rates, I knew ING Direct would follow the trend before too long. Well, they finally did it today. Effective today, ING Direct’s Orange Savings Account now earns 2.75% APY (down from 3%) and the base rate for the Electric Orange Checking Account is now 1.5% APY for balances below $50,000.
I’m disappointed by this change, but it’s not enough to prompt me to start shopping for a new bank. These changes are just part of the new reality of being in the money business. Even with dropping their rates a quarter point, it’s still more than six times better than the rate offered by my local brick-and-mortar bank. Overall, I’m satisfied with ING Direct and will continue to use them and promote their products since they’re the easiest to use and ING Direct is the safest online bank.
Thankfully, they are still offering their $25 bonus referral program. By using one of the links on my ING $25 Bonus Referral page and opening an account with a $250 minimum deposit, you’ll be awarded a bonus $25 and I will receive $10 for referring you. That’s an immediate 10% return on your money on top of their generous savings rate.
If you don’t have $250 available to open an account right away, you can still open an account and take advantage of their strong interest rate by using the following link:
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