ING offers 6.4 per cent on savings

Online retail bank provider ING Direct is offering its existing customers 6.4 per cent interest on savings deposited into their account by the end of May. The usual rate is 5.4 per cent. Total deposits held by ING Direct grew 13 per cent to 16.7 billion. Retail mortgages, mostly sold through brokers, rose 27 per cent to $20.9 billion. ING Direct has more than one million customers but no branch network. ING is planning to remain focussed on retail business and stay out of the business banking market.