ING always seems to be the first to pull the trigger and lower rates.

yup, and ING seems to be the last to increase rates, too; however, people will still rationalize sticking with them. I'll stick with Igobanking at 5.17%. Figure that they will stay at or above 5% even after they adjust.

I've had ING for years and have always pondered switching to one of the higher interest banks - but unless you have serious cash in there, half a point, doesn't make much of a difference. Unless one of the others offers a sign-up bonus....

People seem to forget that interest rates going down also negatively affect consumers. I think most look at the positive, such as prime rate going down and lowering home equity loans along the way.

If anything, an interest rate drop is a guarantee that the savings rate will decline, but mortgage and credit cards rate aren't guaranteed to fall.

Other banks are joining in lowering their rates, so I'll stay put. It wouldn't make too much of a difference anyways. I like ING's service and we hadn't had any problems.

I dropped ING during the last interest rate cut. I'm at HSBC which is higher, but that's about to change.

WaMu has 5% online savings account when you link it to a free checking account. both are $1 to open.

They also offer free basic checks and there are no fees (YMMV).

Everyone is always up for a better rate but you have to realize that NetBank had one of the highest rates and they went bankrupt! Although, ING DIRECT doesn’t necessarily have the best rates I know my money is secure there because they have a better system! Remember the late 90’s early 2000’s and the big .com crash? The same thing is going to happen to these other banks! Instead of complaining how low rates are why don’t you research the company before investing your life savings? I’m not going argue because I do know that HSBC as well as Emigrant are pretty good banks but Emigrant doesn’t offer phone services and their website sucks more than ING DIRECT and HSBC although they claim to have no fees they Nickel and Dime you any chance they get. I don’t know about you people but I am happy with the largest online bank in the country!

Kel-Kel, do you work for ING? If not, they should pay you. That sounded like a commercial. I also don't understand why you didn't caveat your fear-of-lost-money campaign by at least noting the fact that most, if not all, ING competitors are FDIC insured?

I am seriously thinking of switching from ING as well because this cut is killing me. 99% of banks are FDIC insured so I'm not that worried about losing my money-this isn't 1950 man. Thanks for the earlier tips I'm going to look them up.