ING cuts rate on Orange Savings account to 2.75%
October 10, 2008 – 6:40 amIf you're new here, I suggest you subscribe to my RSS feed. or bookmark this blog. You'll be able to easily keep up to date with new posts. Thanks for visiting!
With all the talk of the Federal Funds rate being cut yet again soon I guess some banks (like ING Direct) are pre-emptively cutting their interest rates.
I logged onto my ING Direct account this morning to see that dreaded line.
Oct 9, 2008 Interest Rate Change to 2.716% (2.75% APY)
If I had logged on yesterday I guess this post would’ve also been written then. The curreny feeling is people who save money are getting the shafted with low interest rates and higher inflation.
3.00% to 2.75% is roughly an 8% drop. I earned about $40 in interest from ING Direct last month so I guess dropping yields don’t affect me THAT much.
2 Responses to “ING cuts rate on Orange Savings account to 2.75%”
How much do you need to earn $40/month in interest?
By Anonymous on Oct 10, 2008
At the 3% rate, roughly $16,000 average daily balance.
By hejustlaughs on Oct 10, 2008