Tuesday, May 23, 2006

Now that you mention it

I noticed it myself, at first, but didn't think there was anything fishy going on. So I bit my tongue and assumed the wrong would be righted shortly. But now that people like The Market Guy and the Toronto Star's Ellen Roseman have both brought it up, I can keep quiet no longer.

What gives, ING? When I opened my account, I love the simplistic philosophy of a basic, fluid, high-interest savings account. But the savings rate ING offers is stagnating at 3% in a time when the central bank has raised its rates about a half a dozen times in the past year or so. Heck, even some of those big, bad, mainstream banks are offering rates that compete with ING.

What's all the more galling is that ING appears to have the hammer down when it comes to raising lending rates, as mortgage rates have inched higher at the same time as the savings rate stagnates.

The jig is up, ING. Get with the program and reclaim your throne as the bank with the best rates. And I'll go back to telling my friends how great you are.

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