ING Direct “Added Value” CDs
Earlier this week, ING Direct announced a new promotion aimed at generating more deposits. Dubbed the “Added Value” CD, they are offering a 12 month CD that pays a 0.15% premium over and above their standard rate. As of right now, that means you’ll get 2.25% APY vs. the standard 2.10% APY.
The catch here is that you have to fund the CD with “new money” that is transferred in from elsewhere. And before you try to get clever and circumvent the rules, keep in mind that they are defining “new money” as deposits over and above your balance as of October 7th, 2009.
In other words… You can’t qualify by simply transferring your money out and then back in. Nonetheless, if you’re looking for a safe place to park you cash for the next year or so, you could do a lot worse than 2.25% APY at a bank like ING Direct. In fact, this ranks amongst the highest 12 month CD rates that are currently available.
Disclaimer: Discover is a paid advertiser of this site.
Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.
Filed under: Banking, Saving & Investing
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!
Related articles...
» HSBC Direct Adds (More) Annoying Security Features» ING Direct Adds Remote Deposit – Finally!
» Old Emigrant Direct Accounts Numbers Still Work
» How to Get Off Junk Mail and Telemarketing Lists
» Linking ING Direct and Emigrant Direct
» Save Money on Life Insurance by Paying Annually
» Online Bank Contact and Routing Information
» Opening an Emigrant Direct Savings Account
Was this article useful? Please sign up to receive our content via e-mail:
6 Responses to “ING Direct “Added Value” CDs”
Leave a Reply
Top Cards by Category
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
Bonus Miles: Earn 30,000 bonus miles toward Award Travel after you spend $500 on the Card within the first three months of Cardmembership. Earn As You Spend: Get 2X miles on Delta purchases and 1X miles for all other eligible dollars spent.
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
Treat yourself to the gold standard of The Business Gold Rewards Card(R) from American Express OPEN which includes $0 introductory annual fee for the first year, then $175. This charge card can supercharge the way your business earns rewards with three times points on airfare purchased from airlines, two times points on purchases at US gas stations up to $100,000 in each category per year, then 1 point. Terms and limitations apply.
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math
- Dish Network Customer Service SUCKS
- $8,000 Homebuyer Tax Credit
- Pay Off Mortgage Early or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Termite Control: Sentricon vs. Termidor
- How Much Should You Pay a Babysitter?
- Reduced Credit Limits? Share Your Experience
- Ethanol Blended Gas = Lower Mileage?
- $15,000 Homebuyer Tax Credit
- Buying Furniture off the Back of a Truck
- Will Mac OS X Lion Kill Quicken 2007?
How to save money on insurance
- Can you afford an international retirement living?
- How to help your family after you are gone
- Will Social Security be gone before I retire?
- Refund, or no refund?
- This battle of the sexes has no winner
- What to look for when buying an energy-efficient home
- The hidden savings in a rent payment
- How to save money on vacations using social media and new technologies
- How to budget without regular paychecks
- What do you do with your windfalls?
October 9th, 2009 at 3:09 pm
Fantastic tip, thanks. Beats what I’m doing now.
October 9th, 2009 at 3:45 pm
They are offering the same deal if you renew a ING CD that is about to mature, I have one maturing at the end of the month and received an email about it.
October 9th, 2009 at 6:28 pm
Eh, 2.15%??? For that kind of money I’d rather keep my CD money in a high-yield money market account that is liquid so when rates jump I can take advantage.
Yes, the percentage ranks the highest, but that doesn’t mean it is a good deal. I’m curious, do you really think this deal is worth it? I couldn’t quite tell from your post.
October 10th, 2009 at 4:03 am
I still remember the days, not so long ago, when they were promoting 5% + rates at the local chain bank. Bah. The stock market seems like a better place to put money these days, it’s still pretty down.
October 10th, 2009 at 2:33 pm
Bargain Babe: It’s not great, but when you compare it to prevailing savings account rates, it’s not too bad. For example, it’s almost a full percentage point higher than the ING Orange Savings rate (2.25% vs. 1.30%). If you need a place to park cash for a year, you could certainly do worse. This is especially true given how many readers already have an account at ING, so they won’t need to establish a relationship with a new bank to take advantage.
October 11th, 2009 at 9:40 pm
Always nice to get the extra interest! Value added=YES