INGDirect Bumped Up Its Rate to 4.50% APY

Got this email this morning from Commission Junction that INGDirect has increased the rate of its Orange Savings Account to 4.50% APY. I then checked with INGDirect and found that newest rate has also appeared on their website.

It seems that ING finally decided to play some catch up, while other popular internet banks hold their lines. The latest rate hike, from 4.40% to 4.50%, however, won't change the picture of online banking as more and more deposits are being driven to places link HSBC, EmigrantDirect, GMAC, Citibank, and E-Loan with above 5.00% yield. So even at 4.50%, there's nothing appealing to savers such that they want to switch from other banks to ING (besides the opening bonus). To be competitive and attractive again, ING definitely has to do more.  

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