Just as I was praising ING for my great financial system, they go and drop the interest rate on the checking account on December 17 2008.
Here is the official information :
- $0-49,999.99 earns a 0.50% APY
- $50,000.00-$99,999.99 earns a 2.85% APY
- $100,000.00 or more earns a 3.05% APY
Rates are variable and effective 12/17/08
The savings rate has remain at 2.75% for now.
The sad part is that when I joined the rate was well over 2%. I don’t think it was a teaser rate, but my guess is that all the features of the account are costing more than they thought. I don’t really blame ING, as the world and especially the US government continues to reward risk heavy spenders and punish those of us that want to save. I hope that eventually they will realize that stability is better long term than all the random tinkering and savers will once again be rewarded and not derided.
I have no plans of changing my system or checking account, even if ING is the lowest paying online checking account. ING still wins hands down IMO. Stability and finacial simplicity are key ingredients to financial peace which make it not worth the hassle of trying to rate shop.