In case you missed the emails and the news like I did, ING Direct lowered there interest rates effective 9/19.
ING Savings accounts went from 4.5% to 4.3%.
Electric Orange Checking rates took and even bigger hit from 4.0% to 3.5%
- $0-49,999.99 earns a 3.50% APY
- $50,000.00-$99,999.99 earns a 4.90% APY
- $100,000.00 or more earns a 5.00% APY
Finally, Business Savings rate went from 5% to 4.75%.
For the $12,000 we have in emergency fund and our average checking account balance, the loss will be about $50 a year. Not a huge loss in the scheme of things. I don’t plan on changing my checking or savings account from ING anytime soon as I love their service, reputation, and interface. I also suspect other companies will follow suit.
*If you would like a free $25 dollar for opening a new brand new checking or savings account at ING direct, contact me for more information.