Friday, July 1, 2011

ING Direct Alternative Account

UPDATE: Since Consumers Credit Union has fallen to 3.09% APY as of January 2013, I am no longer recommending it. Also, CCU has punitive terms: if you miss the requirements for one month, you can never get back the high APY rate.

(Source: Simple.com)
Since July 2011, when I published this during the mass exodus from ING Direct after Capital One bought it, Bank Simple has come out. You can find my Bank Simple reviews on my site: Bank Simple Review Part IBank Simple Review Part II, and Bank Simple Review Part III. Bank Simple has slowly gotten even better, because they added remote check deposit and increased the amount of money you can move in the past few months.

Original Post
A lot of people have been scrambling for alternatives to ING Direct, especially as many of us have large chunks of savings parked with ING.

There is an account from Consumers Credit Union paying 4.09% APY for anybody with a balance under $10,000 who is willing to make 12 debit transactions per month in addition to choosing one of three options: one bill pay, one automatic debit, or one direct deposit every month. It's a credit union that you can apply to online and it's not bound by geography or employment. Considering the meager amount of interest that I'm collecting from ING and the potential earnings that I could get from 4.09% APY, I am considering switching to this account.


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