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What Is ING Direct's Interest Rate?

ING Direct Drops Its Interest Rate Yet Again on Savings Accounts

The good ol' days when ING's interest rate hovered around three or four percent are now gone. Instead, the rate keeps dropping, and the online bank has just lowered its interest rate to 0.9 percent from one percent four days ago.

As the New York Times noted, ING has given full disclosure in the fine print that they "may change the Interest Rate for your account at any time."

Of course, those who have a lot of money sitting in the bank will be feeling the effects of the drop more. For example, those who have $10,000 sitting in the bank will be earning $90 a year instead of $100, which means a loss of $10. Those who have $100,000 in the bank will lose out on $100. Although it's a 10 percent drop, the current interest rate is still considered high for a savings account.

Would this drop make you switch banks?

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tigr3bianca tigr3bianca 5 years
Expecting interest rates on savings and checking accounts in this economy is silly. So you will have to do more riskier things instead of just letting your money sit around. CD's, money market account or mutual funds are the least risky. I love ING, they have great mutual funds. But I did switch some of my accounts to Ally Bank, they have slightly better CD rates and a decent money market account rate of 1.8%.
mlpenner519 mlpenner519 5 years
It sucks, I definitely agree. However, I'll gladly take it over the other fees banks are starting to charge. And at least there's any interest rate at all since most banks have none now. I had to call ING regarding my debit card with them, and I have to say the service rep guy I had was fantastic—I wish I knew his name. I had to wait a little bit while he was checking on info in my account, and he was super helpful and very friendly. He of course threw an ING plug in there at an opportune moment (They don't have as many brick-and-mortar branches like most banks so they don't have the high overhead) but every experience I've had with them has been great. I'll stay with them as long as they stay true to their customers!
amber512 amber512 5 years
I haven't switched yet, but it's frustrating because ING used to be so awesome. I joined back when they had a 4.5% interest rate. I wish I had more money back then!
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