ING Direct Raises Savings Account APY to 4.15%
Apr 30, 2006 - 2:24 PM by Ken Tumin
ING Direct raised their savings account yield late yesterday from 4.00% to 4.15% APY. You would think they would do a bump of at least 0.25%. They did bump up their short term CD rates early Saturday by 0.25%. Their 1-year CD is now competitive at 5.25% APY (see post).
I wonder how successful the Winter Save Up Sale was for ING. I'm sure they attracted many deposits during the Sale, but I bet many of those deposits have now left to EmigrantDirect, HSBC or other online banks. The Sale may have actually hurt deposits by alienating loyal customers whose ING savings weren't eligible for the 4.75% rate. The Sale made it clear the benefits of rate chasing. Those who had moved their money away from ING before the Sale, were ones who were able to benefit the most.
Thanks to the commenters who noted this ING rate change.
I wonder how successful the Winter Save Up Sale was for ING. I'm sure they attracted many deposits during the Sale, but I bet many of those deposits have now left to EmigrantDirect, HSBC or other online banks. The Sale may have actually hurt deposits by alienating loyal customers whose ING savings weren't eligible for the 4.75% rate. The Sale made it clear the benefits of rate chasing. Those who had moved their money away from ING before the Sale, were ones who were able to benefit the most.
Thanks to the commenters who noted this ING rate change.
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Anonymous - #1, Sunday, April 30, 2006 - 11:50 PM
Yeah and what good does it do them. People who will chase the higher rates will still go to Emigrant, HSBC, Capitol One who still have higher rates. Those who want to stay with ING from apathy, loyalty, or customer service will still stay. The effectively did nothing.
Anonymous - #2, Monday, May 1, 2006 - 1:21 AM
Yup. Certainly chased me away. After the promotion for new money only started, I felt jipped so I opened up a HSBC account and moved all my money out.
Anonymous - #3, Tuesday, August 4, 2009 - 10:25 AM
I've had my ING Direct account for a couple of years now and the experience has been great. They even offer a bonus for new customers. When you open an account for at least $250 (only by using the referral), you will receive a $25 bonus from ING. If you would like a referral, please send your full name and email address to andy7984@aol.com.
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