ING won’t follow the high yield lead

ING Direct said it would follow a “functional and simple” approach in the deposit market, and would not follow newer competitors that are now providing price leadership in the high yield deposit market. ING Direct said it continued to open 1,000 accounts per week on average, and said there was no change in the rate of account opening. ING's interest rate, at 5.25 per cent, is less than the 5.4 per cent offered by Citibank and the 6.0 per cent offered by BankWest.

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