Comments on: ING Direct’s interest rates drop

By: davmp

davmp — Wed, 28 Jan 2009 06:26:30 +0000

worker13: I think that sounds about right. They’ve recently shown a habit of dropping rates more than once within a 30 day period. So combining that with the low CD rates, it gets hard to read it any other way than they will likely lower the OSA yield even more in the not too distant future.

By: worker13

worker13 — Wed, 28 Jan 2009 00:50:20 +0000

Yes, I was referring to their CD maturity dates/interest rates. I also suspect that since their 6 & 9 month CDs are at a lower rate than their savings account, it is likely they are planning to drop the rates on their savings accounts further to correct this.

By: davmp

davmp — Tue, 27 Jan 2009 18:49:51 +0000

worker13: I agree with you about ING’s confidence but I disagree that it renders CD laddering useless, unless you restrict yourself to ING’s CDs. As an example, see the post I’m writing today regarding the fourth CD in our emergency fund CD ladder.

By: worker13

worker13 — Sun, 25 Jan 2009 19:23:27 +0000

What’s odd and a little unsettling is that their 6 & 9 month CD rates are now actually lower than their Orange Savings Account rate (1.75% and 2% versus 2.4%).
That renders a cd laddering strategy a bit useless. To me the message is clear: ING has no confidence in this current market to offer more short term and does not want to be obligated to paying higher rates short term on large amounts of cash being moved into short term CDs.

By: ING Direct lowered interest rates yesterday | Geographic Independence

ING Direct lowered interest rates yesterday | Geographic Independence — Wed, 21 Jan 2009 22:55:42 +0000

[...] interest rates on a number of bank products yesterday. It hasn’t been all that long from ING’s last rate drop which I wrote about on December 30th, 2008, so I’m guessing this answers my previous question regarding how frequently ING changes its [...]