ING DIRECT Rate Increase
This morning I received an email indicating that the ING DIRECT Orange Savings account has increased their rate to 4.50% APY. While this is still lagging behind the current market leaders, it makes me happy because I still have some money in my ING account.
For those with ING accounts, enjoy the slight increase in the APY. If you do not have an ING Orange Savings account, open a savings account in under five minutes with no fees, no minimums and FDIC insurance .
Have you seen how much paypal is paying? It is over 5%!
While you are correct that PayPal pays a higher interest rate, I don’t think that is a viable solution for me because they are not FDIC insured and PayPal has a history of freezing entire accounts without much notice.
That is enough for me to not use PayPal for a savings vehicle as I would rather take a slightly lower rate than expose myself to those risks.
But as I wrote about more recently, my funds are now at HSBC taking advantage of their 6% promo rate.