ING Direct Keeps Dropping Interest Rates – Look for an Alternative
ING Direct, one of the first banks to offer an online savings account, has given up offering the best interest rates during the last year and a half and is now offering what many to believe mediocre interest rates at best.
Since ING Direct has some onto the market, a number of other banks have also developed their own online savings accounts—many of which offer better interest rates than what ING Direct is offering. For example, Sally Mae’s new online savings account is offering an interest rate of 1.25% and FNBO Direct is offering an online savings account with an interest rate of 1.25% as well. ING Direct is currently only offering 1.10% to their customers that have savings accounts.
ING Direct has dropped the interest rates that they are offering on savings account several times during the last year, despite the fact the Federal Reserve’s policies relating to interest rates have gone largely unchanged. It doesn’t pay a lot to keep money in savings right now, but there are definitely some better options that savers can choose to get better interest rates.
If you’re going to go shopping for an online savings account, there are a number of websites which offer comparison tools to help you shop and find what the best interest rate is available. In the United States, bankdeals.blogspot.com is a site that has great up-to-date information about some of the best interest rate deals available. In the United Kingdom, confused.com has a great uk savings account comparison service.
If you’ve got money sitting in a savings account somewhere, don’t just settle for the interest rate that you have now. You could be leaving money on the table by settling for a lower interest rate on your savings money.
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