Rate Update: ING Direct Holds Savings Rate Steady, EverBank Maintains 4.00% Till Year End

It seems that every time the Fed cut interest rate, ING Direct was the first one among banks I have/had a relationship with to respond, usually within a day or two. This time is no exception.

ING Direct informed me tonight the new, lowered tiered rates for their Electric Orange Checking Account while holding the rate for their Orange Savings Account steady at 2.75%, at least for now. Effective immediately, the new rates for checking account are:

• $0 – $49,999.99 earns a 0.50% APY
• $50,000.00 – $99,999.99 earns a 2.85% APY
• $100,000.00 or more earns a 3.05% APY

I am never a fan of an interest checking account, so the latest change doesn’t really concern me at all. And though the highest rate of 3.05% looks nice, I doubt there’s anybody earn that rate. Who keeps $100,000 in a personal checking account anyway?

EverBank, another bank that I track, also came out with their rate announcement today. Instead of change their rate immediately like ING did, EverBank will be lowering rates for their Yield Pledge Money Market Account and FreeNet Checking Account at the beginning of 2009. From now till the end of this year, the bonus rate will remain at 4.00%. And since the promotion period is 3 months, you are guaranteed to earn 4.00% till next March if you open an account now, which isn’t too bad given the current environment. Check out my intereview with EverBank if you are interested in knowing a little more about it.

Update:

• E*Trade Financial just lowered its Complete Savings Account rate to 3.01% APY from 3.30% APY.
• UFB Direct lowered its Traveler Savings Account to 3.15% APY from 4.00% APY.
• Capital One Online Savings Account now 3.25% APY.

The latest rate information can also be found on my Savings Deals page.

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