As expected, ING Direct was the first bank to lower savings and checking interest rates today in response to the Federal Reserve Board’s interest rate reduction.
ING DIRECT’s Orange Savings Account has changed to 0.90% APY.
The rates for the Electric Orange Checking Account have changed as well. The new tiers are:
- $0-49,999.99 earns a 0.20% APY
- $50,000.00-$99,999.99 earns a 1.05% APY
- $100,000.00 or more earns a 1.10% APY
I expect more banks to follow
Updated October 21, 2011 and originally published October 31, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.