INGDirect Raises Interest Rate to 4.75%
INGDirect, the sponsors of the popular Orange Savings Account raised their interest rate on new deposits to 4.75% today. The battle for online Savings Account deposits continues to heat up, with the two main contestants being...
EmigrantDirect and INGDirect. We expect this trend to continue as the Banking Industry moves to the Internet. In addition, interest rates in general have moved higher recently as the economy continues to show strength. As a result, the banks need to keep raising rates in order to attract depositors. Look for the other online competitors like Everbank to probably follow within the next few weeks.
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