Rate bonus revives ING Direct
ING Direct has picked up its level of customer acquisition. Quarterly data published by NG Groep overnight show the bank's Australian business increased customer numbers to 1.52 million at September 2007, up three per cent over the quarter and up 11 per cent over the year. ING's customer numbers, as disclosed in these reports, had increased only three per cent over the full year to September 2006.The ING quarterly profit also shows ING profit, reported in euros, fell to €22 million in the September 2007 quarter down from €23 million in the June 2007 quarter.ING has had to play catch up in recent months in the high yield deposit market in which it was the pioneer. In September the bank increased its at call interest rate by 85 basis points to 7 per cent for the period from 17 September to 31 December, with some conditions applying. ING Direct had passed on only 15 basis points of the 25 basis points rise in the cash rate in August.Yesterday ING Direct said it would lift deposit rates by 25 basis points, the same level as yesterday's rise in the RBA cash rate, but will leave the bonus interest rate the same.