ING Direct raised the interest rate the bank offers on its savings accounts, resulting in a 4.35% APY. This is good news, hot on the heels of the Fed’s raising of interest rates yesterday. Millions of people will benefit from ING Direct’s move, as this particular bank is one of the most popular for “online savings accounts.”
If someone is starting a new savings account, I would suggest one of these banks instead. ING Direct has lagged behind the pack in terms of interest rates for along time now.
Meanwhile, HSBC Direct is up to 5.05% APY.
Updated June 16, 2011 and originally published June 30, 2006. 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.