Quote:
Originally Posted by claudius753
Wasn't ING one of the pioneers in the online savings field? They were the first online savings banks that I ever heard of.
But now it seems that they are always one of the lowest offerings any time I look at rates. I wonder why they always seem to be outpaced by nearly every other bank? Because they are a foreign bank?
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I think the answer is as simple as they don't need to offer a higher rate.
Apparently, most of their customers are content to accept the lower rate. Also, they still spend quite a bit advertising on TV and in magazines. This, coupled with the bonus money they offer for sign-ups, must provide them with enough influx of new customers.
On another forum, some of the members actually get miffed if you suggest that ING is a poor choice among the online savings options. Part of this is because some of these people make quite a bit of scratch from referring others but, most likely, the majority of these folks are simply brand-loyal, for whatever reason.
For the record, I have no problem if someone prefers ING or has an account there and doesn't want to hassle with changing. That's their decision. I only suggest that, for people who do not have an account and/or are looking for a new online savings account, that ING is clearly not a top choice.