In the wake of the recent rate cuts, ING announced today that the rate on it’s Orange Savings Account has dropped to 3.40%. Below is the email I received from them:

Subject: ING DIRECT Rate Change

Dear Affiliate,

ING DIRECT’s Orange Savings Account has changed to 3.40% APY.

The rates for the Electric Orange Checking Account have changed as well.

* $0-49,999.99 earns a 2.25% APY
* $50,000.00-$99,999.99 earns a 3.75% APY
* $100,000.00 or more earns a 4.00% APY
Rates are variable and effective 02/01/08

Please update your listings, site content and advertisements immediately to reflect this increase. Note, banners will update automatically.

Thanks for being an ING DIRECT Affiliate.

On the plus side, if you have a spare $100,000 or more in cash laying around you can plop it in their Electric Orange Checking Account and still get a good rate of 4%! By using the rule of 72, you’d double your money every 18 years at that rate.

Lastly, a few Google searches seem to show that ING is still offering their $25 bonus to new accounts who sign up and deposit at least $250. Apparently you get your $25 bonus after 30 days of opening your account. This is a quick way to earn 10% on your money, so I’d recommend that everyone at least get an ING account to make that quick and easy bonus cash! Just use Google to search for an appropriate referral link that will net you the bonus.

Keep saving,

The Money Kings

Keywords: ING DIRECT Savings, rate, 3.40%, electric, orange, check, savings, referral, bonus