High yield online accounts in demand
ING Direct say that the competition from BankWest in the high yield, at call deposit account market has made no difference to their levels of new business. ING Direct chief executive Vaughn Richtor said ING's deposit book had grown from $10 billion at the end 2004 to $14 billion now. Richtor said ING continuee to open around 1,000 accounts, which is consistent with past levels of new business. BankWest, which is offering an interest rate of 6.0 per cent, says customer take-up exceeded internal expectations by 350 per cent The bank said 20,000 potential customers had requested an information pack and a further 176,000 had made internet inquiries.