Just quick note to let everyone know that ING Direct has dropped the rate on the Orange Savings account to 4.30% APY. The driving force behind this decrease was the Federal Reserve’s decision to cut the federal funds rate by 0.50% earlier this week. While I would expect other banks to eventually follow suit, it’s important to remember that ING was already lagging behind the pack. Banks such as HSBC Direct, WT Direct, and Emigrant Direct pay substantially more and, even if they cut rates in the coming days/weeks, I would expect them to remain well ahead of ING Direct.
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