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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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ING DIRECT's New Name Will Be Capital One 360


Capital One 360

ING DIRECT finally announced what their new name will be. Effective on February 2013, it will be Capital One 360. They already have the website capitalone360.com that will take the place of ingdirect.com in February. One humorous feature of the current capitalone360.com webpage is that you can pick up a virtual paint roller and change the orange ball into a red 360 ball.

You can read more about this name change at this ING DIRECT FAQs page. The name change was a requirement from Capital One's acquisition of ING DIRECT. According to the FAQ:

As we told you back in June 2011, our parent company - ING Group - agreed to sell ING DIRECT USA as part of a restructuring agreement with the European Commission. ING Group allowed us to use "ING DIRECT" only until February, 2013. So we had to come up with something new.

The FAQs also explain why they chose this new name and the new colors. These details may be a little frustrating to those who are mainly concerned about the interest rate. Capital One 360 has provided a pledge to customers that includes:

We’ll deliver real value. We’ll continue to be home to no-fee, no-minimum checking and savings accounts—with the great rates that we know are important to you.

If we see more rate cuts like we saw in October, I'll be questioning this pledge. And if we just look at the very low ING DIRECT CD rates, it's fair to question this pledge today.

Capital One is now the 6th largest bank in the nation. Other large banks have failed to keep their internet accounts competitive. Some examples include Chase (when they acquired WaMu), Bank of America (when they acquired Countrywide), Citibank, HSBC and M&T Bank (Do you know of others?). I hope Capital One does a better job.

In addition to a name change, there have also been some account changes. I described these changes on Monday.

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  |     |   Comment #1
Although I doubt that Capital One will keep rates near the top of the pack of online banks, except for those times that it tries to lure new customers with promotional rates on new accounts (Capital One has a bewildering tendency of launching new savings, money market, and checking accounts with an even more bewildering variety of names), I don't think that the rates offered by the new Capital One 360 will be quite as low as the other banks you mentioned, or that they will fall as quickly (remember OnBank and WT Direct anyone?).
  |     |   Comment #2
Capital One 360? What a terrible name! Even just Capital One Direct would be better...
  |     |   Comment #3
  |     |   Comment #4
You can add Wells Fargo to the list as well. Wachovia's Way2Save account had a 5% yield before Wells Fargo butchered it after the acquisition.
  |     |   Comment #5
I don't like CapitalOne and will not put my money in their coffers.  Too bad ING... I really liked you.
  |     |   Comment #6
Erik wrote: "Capital One 360? What a terrible name! Even just Capital One Direct would be better . . ."

Agreed! It looks like Capital One is trying to be "cute" here! Emphasize "trying" (and failing, miserably). Is this Madison Avenue's idea of clever marketing? Try to be too clever, and you end up looking like a fool!
  |     |   Comment #7
Heer's another rate drop when big bank buys little bank.  Back in the Wild Wild West days of internet banking in the mid 90's, I had a online checking account with Security First Network Bank.  Near the tops in the Gomez survey (for those who remember!) this Atlanta based bank was paying 3% APY on interest checking in November 2001.  Then RBC Centura bought SNFB.  Overnight the interest rate droped a little ... to 0.20%.  RBC Centura wasn't even a mega-bank like Capital One.  I wouldn't put money on the rates staying competitive.  Oh wait, it is money that's at stake!  It's just not in their culture.
  |     |   Comment #8
Within the past 2 years, I have switched to 5 different banks. First, I had an free checking account at TCF Bank. Then they decided to start charging for a checking account so I switched to Bank of America. Then BofA decided to start charging for checking so I switched to Wells Fargo. Then Wells Fargo decided to start charging for checking so I switched to ING Direct. Now ING Direct was bought out by Capital One who I was trying to avoid. For now I'm sticking with Capital One 360 but I swear to God if they start charging for a checking account, I'm going to start storing my money in my sock drawer and won't use a bank. I'm tired of opening new bank accounts just to get ****ed over. Even the local credit unions have started to charge for checking. It's crazy.
JOE Saver
  |     |   Comment #9
Capital One 360 I don't like the term "360".  If I am facing north and I turn 360 degrees I am right back to where I started from.  Why should my money do the same thing? 

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