ING Direct Raises Rate to 2.60% APY

ING Direct raised the rate on their no fees, no minimum account to 2.60% today. The interesting thing about this move is that they did not match Emigrant Direct's 3.00% APY. It appears this move by ING Direct was more of a move to preserve their already existing customer base, instead of attract new customers. It makes one wonder if they started to see attrition in their accounts after Emigrant Direct's account was .65% higher. On substantial amounts of money that small percentage makes a difference. However, the fact still remains, Emigrant Direct is paying a higher APY on your deposited money with same great no fees, no minimums account set up.

After personally setting up an Emigrant Account and being satisfied with the process and integrity of the bank and system, I am still recommending the Emigrant Direct account over the ING Direct account for the simple reason that you get more money for your money.

Related Links:

ING Direct

Emigrant Direct

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