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ING Direct has dropped the APY on their Orange Savings account again, down to 4.20% APY from 4.30%.
They've also ut the rates on the Electric Orange checking account:
- $0-49,999.99 earns a 3.25% APY
- $50,000.00-$99,999.99 earns a 4.75% APY
- $100,000.00 or more earns a 4.90% APY
After the Fed cut rates, ING was one of the first banks to also cut their rates on all their accounts
While ING hasn't been able to compete head-to-head with the interest rates of many of its competitors, the company seems okay with that.
CEO Arkadi Kuhlmann says that not all customers are right for ING, and they'd rather not deal with "wrong" customers at all. You can't fault them for that, though you have to wonder if they'll be able to keep up with new innovations to constantly stay ahead of the curve.
