Cash Pay - Your Money Rate Chasers Are Online and Moving Cash - New York Times
The roots of online rate chasing go back to 1996, when NetBank, the first significant Internet-only operation, offered savings rates that were higher than any on a brick-and-mortar passbook account, so long as savers were willing to open an account at a bank with no physical branches. Then, in September 2000, ING Direct, an online division of the Dutch banking giant ING Group, offered a 6. Although there were smaller online banks offering the same rate or a little more, ING Direct had the resources to pay for a huge national advertising campaign featuring a distinctive orange ball. Rate chasing really began to take off in January 2005, when the online bank Emigrant Direct came on the scene with a 3 percent savings rate, topping ING Direct, which was offering 2. Find Out More
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