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POSTED ON BY Ken Tumin
When the Fed lowers rates, ING Direct sure doesn't waste any time in following with rate cuts. Just like in September after the first Fed rate cut, ING Direct cut rates today on its savings account, checking account and CDs. I don't remember ING being this quick in 2005 and 2006 when the rates were going up. The Orange Savings account yield fell from 4.30% to 4.20% APY. For the Electric Orange checking, the yield fell from 3.50% to 3.25% APY for balances under $50K. The yields of the short term CDs fell to 4.80% APY. The 6-month yield had been 5% APY. There was actually one rate hike, and that was on ING's 5-year CD. That yield increased from 4.75% to 5.00% APY.
More disappointing is the rate drops at EverBank. They finally cut the 3-month promo from 6.01% to 5.51% APY. This 6.01% had been offered on the checking since September 2006. The standard rate for the money market account also fell by 50 basis points from 5.01% to 4.51% APY. This 50 basis point change is similar to the rate changes EverBank made when the rates were going up. Those who mailed in their application yesterday should be able to receive the 6.01% rate lock (see my EverBank review post).
Zions Bank also lowered the yield on its Deseret Money Market Account. This actually took place a couple of days ago. The top yield fell from 5.51% to 5.40% APY for balances over $50K. The yield for the low tier fell from 5.30% to 5.19% APY.
I expect more cuts to come. GMAC Bank usually does their rate changes early Friday. Hopefully, GMAC won't be in a hurry to cut rates like ING.
More disappointing is the rate drops at EverBank. They finally cut the 3-month promo from 6.01% to 5.51% APY. This 6.01% had been offered on the checking since September 2006. The standard rate for the money market account also fell by 50 basis points from 5.01% to 4.51% APY. This 50 basis point change is similar to the rate changes EverBank made when the rates were going up. Those who mailed in their application yesterday should be able to receive the 6.01% rate lock (see my EverBank review post).
Zions Bank also lowered the yield on its Deseret Money Market Account. This actually took place a couple of days ago. The top yield fell from 5.51% to 5.40% APY for balances over $50K. The yield for the low tier fell from 5.30% to 5.19% APY.
I expect more cuts to come. GMAC Bank usually does their rate changes early Friday. Hopefully, GMAC won't be in a hurry to cut rates like ING.
I moved it last time. And since then got another $50 out of them by doing that NYTIMES offer for my daughter.
Well out of all of the banks I have ever used, ING is the only one with a sane web interface. It is clean and simple and when I want to do something I can figure it it out. If I want to open a CD with then it is just three or four clicks. I might be able to get slightly higher rates elsewhere, but if their site is even half as annoying as Bank Of America's I will just say forget it.
So with that can anyone recommend an online bank with better rates that ING, but with as good of an interface?
Yeah, it's no good that ING drops their rates so fast, but they're sooo convenient... that is a big plus.
Does anyone know of a checking account like Electric Orange that has no minimums and a decent rate of return at all tier levels? And free ACH transfers, and free bill pay, and good customer service, and an easy-to-use website...
UFB!! The interface is better and the rates are insanely better. Still holding steady at 5.31 with no minimums.
But is there an alternative to ING's Electric Orange? No one seems to have any suggestions.
See http://www.zionsbank.com/deseret.jsp?cid=2218