ING Direct Drops Orange Savings Account to 2.75% APY

10.10.08 | Online Savings Accounts | 1 Comment | by junger

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ING Direct's Orange Savings Account has fallen from to 2.75% APY (down from 3.00%).

While this is probably in reaction to the Fed's rate cut of 0.5%, it's the first drop we've seen from a major online bank (this side of WaMu's acquisition by JP Morgan Chase).

ING also changed their rates on their Electric Orange checking account:

  • $0-49,999.99 earns a 1.50% APY
  • $50,000.00-$99,999.99 earns a 3.05% APY
  • $100,000.00 or more earns a 3.25% APY

ING's online savings account hasn't been in the top tier of APYs for some time now, but many of their customers enjoy the service so much they don't seem to mind.

Personally, I have an Electric Orange account for my business and an Orange Savings Account for a short-term car fund.

If you're looking for other online savings accounts, check out DollarSavingsDirect (3.75% APY), FNBO Direct (3.50% APY), WT Direct (3.26% APY) or HSBC Direct (3.25% APY).

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