ING constant rate drops

[MiikeB]

So ING is now below 2% on Orange Savings, is there somewhere that is still offering at least 3% without fees or hassles? I am looking to move about 10k.

[kork13]

Well, the simple answer is yes, and Poundwise has faithfully kept up his ongoing list here. There are a few there still meeting those criteria... But the question really (in my mind) is which of the banks out there are consistent with their higher returns? ING was one of the top few for a while, as recently as a year ago, but have since joined the rest of the pack. Everyone is cutting rates right now, but ING has been racing its way down faster than most.

I agree with your frustration with ING's rate drops in that it has, for quite a while now, been one of the (relative) bottom-feeders. It's actually ironic, because if I remember properly, I think ING was the company that first dreamed up the high-yield OSA. I'm undecided on what I want to do--whether take my money elsewhere for a higher and more stable interest rate, or just let it be and accept that it's simply the state of things...

[Broken Arrow]

Yes, I believe ING did "invent" online banking, or at least be among the first to popularize it. During its formative days, they were an online entity competing against brick & mortars. Brick & mortars tend to be more trusted, as many at the time still questioned the trustworthiness and reliability of e-business, and even the internet as a whole.

Some may still feel that way today, but for the most part, those days of skepticism over e-business is largely gone. While dozens of online banks exist today, ING is still one of the clear leaders of the online pack, and therefore, no longer has to offer higher rates to compete. So... they don't.

And truth to tell, I don't think this is going to change anytime soon, seeing as how many people still associate ING as THE online bank they recommend to others....

[swanson719]

I'd still rather go with a brick and mortar. Something about being able to stop by the bank on my way home from work and ask the cashier when there is a problem instead of having to talk to someone in India who I barely understand really appeals to me.

[Pitman]

instead of having to talk to someone in India who I barely understand really appeals to me.

Out-Sourcing has no limits.

[red92s]

instead of having to talk to someone in India who I barely understand really appeals to me.

I've called ING customer service over a dozen times in my years with them. I don't recall ever speaking with someone I was aware was "in India". I know people in off-shore call centers are given language and accent training, but I've spent a fair amount of time working and traveling in India and can pick it our pretty easily.

[atomicrc11]

I've done the rate chasing thing, and I've found it not to be worth my time. I use ING because it is easy to use, they have good rates and good customer service. Interest rates are on the way down, money market mutual funds are near zero yields so I have only the cash I might need in the near future/EF in ING.

[Goldy1]

I have been pleased with ING and have held cd's for over 5 years with them. I will say that when I called with questions on ira's recently, all the reps I got were so clueless it bothered me. They could not answer ira 101 questions such as can I withdrawl my deposit without penalty not including gains if I need to? They told me erroneously I would be penalized on withdrawing my contributions to a roth ira(more than one rep)

I noticed in the newspaper the credit unions had higher cd rates. I just don't like the idea of having 4 bank accounts with cd's all over the place constantly.
I already have an acccunt with ing for savings,cds, ira, fidelity for ira, ing for 401K, and standard federal for savings and checking(I forget thier current name now lol)
too bad ing is getting to be like this.

[atomicrc11]

You might want to try Sharebuilder with the IRA questions. Sharebuilder is now how you would buy ING funds. They moved it over there once they bought Sharebuilder. You just open an account and can buy the ING funds for no fees.

[yorkinvestmentreport]

The rates are still better then the Fidelity money market rates which are now around 1%

[bjl584]

the best i've seen is 2.27% at capital one, but you need a minimum of 10K

[Ima saver]

I guess I have been pretty lucky. My local bank has offered the highest rates for years. They made the top 5 in Money magazine several months in a row. Last June they started offering checking accounts ($1000 min.) that was guaranteed to paid 3.14% until this coming June 30th. I have all my local accounts with them; business checking, personal checking and my emergency fund savings checking account.

[reptile411]

last i checked my hsbc was like 2.3 so i took all my money "less $1" from the ing sharks and transfered it to my hsbc account.

[LorieR]

last i checked my hsbc was like 2.3 so i took all my money "less $1" from the ing sharks and transfered it to my hsbc account.

Well, as of this morning it is down to 1.85%. At this point, I think by the time I transfer money from one online bank to another the rates would have changed more than once!! ING is at 1.65% today. Emigrant is at 2%.

[blankcheck]

It's times like this when I recall a 6% intro rate getting me interested in online banking. Oh well