As you may know Capital One purchased ING Direct in early 2012. Capital One said that ING Direct will not change. Think again!
Capital one was always one of my less favorite banks due to their shameless high interest rates on credit cards and especially taking advantage on individuals with not excellent credit scores.
Around September 2012 you could see Ingdirect.com website changes from the regular orange to Capital One 360 brand.y.. Did not have to wait a lot… In October 10th I noticed the APY changed to 0.75% good bye highest online savings.. Just picked up my savings and transferred all to American Express for 0.90% not much difference I just can not stand the greedy Capital One trying to hide behind old ING reputation and start rip off its clients.
I also noticed that my Ingdirect mortgage rate renew is no longer showing up. I still have 3 years as fixed rate. I was just thinking of renewing my fixed rate for another 5 years and pay 1 month worth of mortgage fee but now…. I have no choice…
It is very unfortunate to see how Capital One will destroy a good brand like Ingdirect but we can not do anything about it.
RESPONSE FROM ING REGARDING RATE RENEW November 2012
Keep in mind, our interest rates, eligibility requirements and the cost of a Rate Renew may change at any time. We may not always offer Rate Renewals.
ING DIRECT USA
Equal Housing Lender
UPDATE: Nov 20, 2012. Called ING and they put the renewal back not sure what else changed and not sure if there are other hidden items why they asked me to call back when this Renewal option was always there on my account in prior years.
UPDATE Sep 15, 2014
Rate renew is still and option but in the spirit of Capital One 360 and not the old ING direct (that is rip off your customers) If I try to renew they offer me 5/1 arm at %3.75 if I go as a new client they offer it at %3.375 it is very unfortunate that the ING Direct brand is amortized but again it is Capital One now…
If you are thinking of taking a mortgage from Capital One 360 please think again as surprises most likely will continue and as a client you will pay for it.