Comments on: ING Direct Drops Savings Interest Rate to 1.5% but Bonuses Still Available

By: asus389

asus389 — Fri, 10 Apr 2009 16:52:18 +0000

Well Schwab offers 2% now, so given how easy it is to xfer money between online accounts if ING goes any lower they will probably see a mass exodus to other online banks with better rates.

By: Lindsay

Lindsay — Wed, 25 Mar 2009 16:40:35 +0000

Well that’s an interesting strategy. I guess they are trying to push brand and service over product. They don’t want new OSA account holders and they don’t care about keeping their interest rates up – it seems that they’re missing the mark. I’ve already moved 90% of my savings to FNBO. I agree with their “We, the savers” marketing push, just not with them! I will however, still take their $25 bonuses, and I lucked out with some of their CDs above 4% before their rates took a nose dive. But unless they give me a reason, I’ll phase them out as quickly as they make these changes!

By: Flexo

Flexo — Mon, 23 Mar 2009 14:32:14 +0000

ING Direct is definitely using their market position in their decision that they don’t have to compete with the other online banks offering high-yield savings accounts. Their rates will go up with the rest of the market, but I doubt they will ever offer the top tier interest rates again. According to one contact affiliated with the bank, they’re not looking to increase their number of OSA account holders at all at the moment. I won’t be surprised if the referral bonuses disappear — they’ve already made them more difficult to share online.

By: conedude13

conedude13 — Mon, 23 Mar 2009 14:28:04 +0000

is it just me or should Ing up the bonuses? seriously! they started at 5%, i signed up at 4% and they are continually dropping the rate as the weeks go by and i fear that they will start to like the lower rates and will never ever increase them even if ‘the times’ do get better. $40 bonuses! there i said it! :P