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.

6 Responses to “ING Direct “Added Value” CDs”

  1. 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.

  2. Anonymous

    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.

  3. Anonymous

    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.

  4. Anonymous

    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.

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