Thursday, March 23, 2006

What's up with ING?

Normally ING has one of the highest rates around (but not the highest). I decided to check the current rates at Bank Rate. I was surprised that ING was pretty far down on the list. Many on the list are regional banks and some require minimums, but the difference between ING's rate and some of the other ones is pretty big.

ING is currently at 3.8% while the number one on the list is 4.8% (although this might be a promotional rate). Still, many of the other ones are 4.5% or greater. I might spend some time searching to see if some of the other ones are just as easy to use as ING. It would be worth the switch over the long run if I can park my cash in a place that's getting almost one full percent more per year!

Please post a comment or send me an email if you use a different savings site and how do you like it.
Also, I received a few emails lately and I promise I'll get back to you shortly (and add links to your sites).


Nick said...

Definitely go with HSBC. They're the ones with the 4.8% rate (and it is promotional, though I don't expect them to go below 4.5% when it's over). It takes a while to get everything fully set up, but it's easy from that point on. Also maybe keep an Emigrant Direct account handy in case they make a big move in the next few months.

Flexo said...

ING Direct had the lead back when rates were on their way down, but they have lagged the whole time rates have been rebounding. Nevertheless, I still keep most of my cash there. I have a few thousand at Emigrant Direct as well. I don't bother with rate-chasing.

Chad Smith, CFP® said...

You probably already know by now but ING raised the interest rate to 4% for the orange savings accounts.