ING Direct Bucks Rate Trends and Raises Rates on CDs and Electric Orange Account

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ING has joined the rate raising crowd. Even though interest rates are projected to drop, banks are keeping their rates steady, or even raising them. I'm not complaining.

ING Direct has bucked the prevailing wisdom like many other banks and raised the rates on severa of its certificate of deposit terms and its Electric Orange Savings Account.  While the market is still assigning a greater than 50% probability that the Fed will cut rates again after its emergency cut of 50 basis points (half a percentage point) two weeks ago, banks have mostly held their rates steady or have even increased them.  This analysis shows that savings account yields have actually held up relatively well as the market and economy has fallen apart. 

That trend seems to be continuing.  ING Direct raised the rates on its 12 month CD and its 18 month CD by 25 basis points (quarter of a percentage point)  making them more competitive.  It also raised the rate on the top tier (above $100,000 in balances) of its Electric Orange Account.   

The parent company of ING Direct, ING was recently bailed out by the Dutch goverment to the tune of $13 billion.    ING has major insurance and commercial banking operations.  The retail bank has $338 billion euros in savings and current-account deposits at the end of last year, making it one of the world’s largest retail banks.

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Comments

  • Drew

    October 22, 2008

    ING's rates still are NOT competitive (as they haven't been for the last few years straight) with the highest in the industry, so why are you posting this?????

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