Friday, October 19, 2012

ING Shrinks Interest Rates AGAIN!

Well, they've done it again. ING Direct has dropped your Orange Savings Account to 0.75% APY. Quite a nasty surprise when I opened my account this payday to find that. It lowered a begrudging five one hundredths of a percent, a minuscule number to most; but a major dollar loss for the investors and savers of the company.

No matter how you look at it, even smaller savers (in the Sub $10,000 range) like myself are investing here. And the interest rates have been dropping steadily from the good old days of pro 1% APY Online Savings accounts. ING Orange was the Go-To High Interest Rate Low Hassle option for many DotCom boomers like myself. This was one of the Best High Interest Rate Savings Accounts around!

So I'm asking... WHY?! Political climate? Mismanaged finances? What?

This time next year will we be looking at 0.6% APY? I predict it at least.

ING Direct, this is getting ridiculous. For this I say; INHALE HORNETS!


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