ING Direct Sweetens the Pot (Sort of)
Tip It!ING Direct ($25 account opening bonus) is running a new promotiong called the “Winter Save Up Sale.” In short, the deal is that all new deposits from an external source between today and April 15th will earn an APY of 4.75%. But before you decided to transfer your money out and back in, keep in mind that this deal applies only to the net of all deposits and withdrawals made during the promo period. In other words, in order to determine you eligible funds, they subtract all withdrawals from the total of new deposits. Also, after April 15th all funds in your account will revert to the non-promotional APY (currently 3.80%). This is an interesting move, in that they’re effectively rewarding those that have taken their business elsewhere, rather than bumping their regular rate to reward (and retain) current customers. But hey, if your ING account is linked to another savings account where you’re hoarding your money, it’s easy enough to slide your money back for the promo period.
[Via: ConsumerismCommentary]
Published on January 19th, 2006 - 11 Comments
Filed under: Banking
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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11 Responses to “ING Direct Sweetens the Pot (Sort of)”
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January 19th, 2006 at 1:08 pm
0.5% for 3 months is not really worth the effort of opening a new account at the moment, I don’t think. I am in the process of opening an HSBC account, so perhaps if they ever offer a permanent rate at that I will open one.
January 19th, 2006 at 2:42 pm
ING and Emigrant Direct have lost momentum because they have failed to stay current with latest Federal Reserve rate increases. 4.25 is what they should be offering. HSBC and First Fed of California now offer those top rates.
I like the idea of using ING as the conduit. Saves a day over transfering ED to Checking, and Checking to ING.
January 19th, 2006 at 3:18 pm
I began opening an HSBC account in late December. The process ended up taking a few weeks (probably due to the Holidays). The worst part is waiting for the snail mail to get your account number (seperate letter), password (seperate letter), ATM Card (seperate letter) and finally PIN code (seperate letter). Double all this if you add a spouse!
Once you receive all these “pieces” you will need ALL of them to log on and configure your accounts. You then must run the gauntlet or setting up a secret “site key” to add/change/remove/transfer funds between accounts.
Be aware that you will be guided through various popup windows, virtual keyboards, security questions and ATM/Pin code combination to get this stuff done.
I grew increasingly frustrated with the process but now that it’s all done I am fairly happy with it. I hope they keep up competitive rates!
January 19th, 2006 at 3:33 pm
What about creating subaccounts at HSBC? Can you do it? And is the process equally painful to opening the account in the first place?
January 20th, 2006 at 6:27 am
I agree with Blaine. PLus, too many hoops on this one. Why don’t they just make the amount their going rate?
January 20th, 2006 at 9:57 am
I just started opening my account a few days ago, so I will take a look into it once I can log in, Nickel.
January 20th, 2006 at 11:56 am
It appears in response, Emigrant Direct has posted to their web site the details of their new American Dream Credit Card.
http://www.emigrantdirect.com/
Neo
January 20th, 2006 at 12:28 pm
HSBC doesn’t seem to have a way, as far as I can tell, to create any subaccounts online. I’ll email a rep to find out what I would need to do to open a sub account. The nice thing about HSBC is that they are a full service bank so you could theoretically open credit cards, investment accounts, loans and event insurance (auto/home) and have them all tied to this account (in theory).
January 20th, 2006 at 10:52 pm
I have a mortgage through HSBC and when I opened my HSBC Direct online savings account, my mortgage account was immediately accessible. I’m betting I will be able to pay my mortgage from the savings account online. neat. Now only problem is linking my ING Direct savings account to the HSBC account, so I can take advantage of this 4.75% offer at ING. Doesn’t appear to be possible, as ING Direct can’t be linked through the “Cash Edge” ACH transfer system used by HSBC and ING Direct will only link checking accounts where you have sent them a physical voided check by snail mail. This means I’ll have to move it through my Citibank checking account, which will take over a week to complete.
January 21st, 2006 at 8:02 pm
I will use this promo as a 4.75% 3 month CDthen go back to HSBC
February 4th, 2006 at 5:46 pm
Well now HSBC upped the ante to offer 4.8 on all funds involved, my money is going there. I do agree HSBC had too many hoops to get here, but it is done, so why not.