Bye ING Direct and Hello Etrade Complete Savings

I remember a short time ago when ING had a very competitive rate on their Orange Savings accounts and hoards of people were signing up. Well it seems once they got that strong customer base they haven’t stayed competitive on the rate. Perfect example, my parents signed up with them 2 years ago and have about $50,000 in their account earning 2.5%. Trying to get them to change their account is like pulling teeth.

Well I have decided to move on from ING. All my cash is now going to Etrade’s Complete Savings Account. The Complete Savings account is a high yield savings account just like ING’s Orange Savings. The account has all the same features of ING’s Orange Savings but with a higher interest rate which is currently 3.01%. There are no fees or minimum balances to keep the account open and this account is FDIC insured up $100,000 per account.

I never had to deal with ING’s Customer Service, but I did call Etrade’s just to ask them some questions about the account before I decided to move all my money. The call was answered quickly and the customer service rep was very friendly and helpful.

You can open multiple accounts and each account only needs to have a minimum of $1 to earn interest. They offer ACH capabilities so that you can transfer money from your linked bank account. You can also set up a schedule to transfer money into (or out of) your account.

When you compate feature by feature the two savings accounts are very similiar, but when you add in the fact that Etrade consistently has a higher rate that ING, the Etrade Complete Savings Account wins hands down.

Currently in this market where interest rates are being slashed left and right, you need to stick with a bank that gives you the best possible return! Now my next step is getting my parents to switch!

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