ING Direct Drops Rate Again To 1.85%
In an unsurprising move, ING Direct has dropped the rate on their Orange Savings account (Open An ING Direct High-Yield Savings Account) from 2.4% to 1.85% among economic turmoil and a generally low-rate environment. While not the highest-yielding savings account around, ING Direct has perhaps the simplest, easiest-to-use interface and great customer service, making it a favorite in spite of its slightly-lower rates. Unless you have tens of thousands of dollar saved, the difference in interest rates is likely to be only a few dollars per month. In this situation, good customer service might take priority over a slightly higher rate. By way of comparison, the Vanguard Prime Money Market Fund (which is not FDIC insured), currently yields a mere 1.25%.
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