Wednesday, July 05, 2006
The Orange (ING) That Started It All Is Going Bad
They pratically revolutionized the online savings frenzy, but now they seemed to have lost focus. The high rates were key to their success, and suddenly with all the competition, they've just seem to have accepted taking last place. I'm pretty dissappointed by ING's recent decisions to lag behind in the rates war. I like the ING site, it's clean and easy to use. But if they can't keep up, then I might have to consider moving almost all of my funds out. The Orange is going bad. There is hope though. If ING doesn't want to play the rates game, then I think they could offer features. Features, like their "Orange Checkings," that they sent out surveys about 1 year ago, would be a good one. I don't think features are as effective as basic rates, but it could be enough. But still, for me, rates were the biggest draw to ING. We shall see. It seems the online banking business is going through a major stage of evolution. I'm guessing that largely due to the explosion in financial institutions offering "online" accounts. Competition is great isn't it?!