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ING Direct at 3.00% Now

Contributed by mm | April 5, 2005 03:53 PM PST



Sadi at Financial Freedom Trek brought to us the news that ING Direct went offensive by bidding up the APY of its flagship Orange Account to 3.00%.

For the record, it is the third rate increase from ING Direct in five weeks' time. If you follow PFBlog, you might remember ING Direct raised the APY to 2.60% on March 2, and pushed it to 2.80% on March 22.
Click here to start saving with ING DIRECT!
The current market leader, however, is still EmigrantDirect, which offers a very attractive APY of 3.25%. I'm still parking most of my emergency fund at EmigrantDirect. After all, 0.25% difference in APY on $10,000 is still $25 a year, enough to buy more than a week's lunch in our corporate cafeteria.

In this speed, we will soon see banks paying 3.50% or more to attract more savings. 3.50% is a meaningful number to me, because my 5/1 ARM, in its second year now, is also charging me 3.50%. Isn't it too good to be able to collect more interest from my savings than what I pay on mortgage?

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ING Direct and VirtualBank Both at 2.80% APY. Who's Next? (March 22, 2005)
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Read More ... 107 Posts In The Same Category

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