ING Direct Drops Rate For The Second Time In Less Than A Month
It was barely three weeks ago that ING Direct moved to drop the rates paid on its Orange Savings Account (open an ING Direct savings account) from 2.4% to 1.85%. Two days ago, they lowered the rate again by a modest amount to 1.6%, the lowest rate in recent memory.
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The Orange Savings Account. Great rates, no fees, no minimums.
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While I can’t blame them, the rapid succession of rate cuts is worrisome because I fear it represents a rapidly-deteriorating view of prospects for an economic recovery in the short term. One would expect rates to start inching upwards once a recovery gets under way (and downward adjustments when economic conditions are worsening). That rates continue falling tells me the end of our current difficulties is not yet in sight.
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In Canada, ING has a set of index tracking mutual funds. Unfortunately, they charge 1% annual fees.
Do you know of anyone who has similar Canadian products for less? I would go with Vanguard, but it’s a pain to work across borders.