ING will be lowering the rates on its savings accounts from 1 January, the bank announced on Friday, explaining this adjustment by the European Central Bank's policy of cutting rates.
The ING Tempo Savings - an online regulated savings account where customers choose to save a fixed amount of up to €500 per month - currently offers an annual base rate of 1.20% and an annual fidelity premium of 1.80%.
From 1 January, the annual base rate will be 1.05% and the annual fidelity premium 1.70%.
The ING Savings Account offers a basic annual rate of 0.50% and an annual fidelity premium of 1.75%. The former will be lowered to 0.25%, while the latter will drop to 1.50%.
Finally, for ING Orange Savings, which is no longer marketed, the bank will offer a basic rate of 0.20% and a loyalty premium of 0.10%, compared with the current rates of 0.60% and 0.20% respectively.
