ING Direct “Added Value” CDs
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FacebookEarlier 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.
Published on October 9th, 2009 - 6 Comments
Filed under: Banking, Saving & Investing
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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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Fantastic tip, thanks. Beats what I’m doing now.
Comment by Bobby — Oct 9th 2009 @ 3:09 pmThey 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.
Comment by Miss M — Oct 9th 2009 @ 3:45 pmEh, 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.
Comment by Bargain Babe — Oct 9th 2009 @ 6:28 pmI 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.
Comment by her every cent counts — Oct 10th 2009 @ 4:03 amBargain 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.
Always nice to get the extra interest! Value added=YES
Comment by John DeFlumeri Jr — Oct 11th 2009 @ 9:40 pm