ING Direct Winter Save Up Sale
ING Direct pulled out the big guns today when it announced that all new deposits (though existing members are eligible, you don’t have to be a new member) between January 19th and April 15th, 2006, would earn you 4.75% APY for that time period. Here are the terms:
Deposits eligible for the Winter Save Up Sale
Only New Funds are eligible for the 4.75% APY. New Funds must:
- Be from an external source
- Be deposited into an Orange Savings Account
- Be deposited any time between January 19, 2006 to April 15, 2006 – the Sale Period
- Increase your total balances with ING DIRECT compared to your balances in all deposit accounts at the beginning of the Sale Period
And their handy dandy example: “For example, using the Orange Savings Account APY from December 31, 2005 (3.80%), all New Funds that are deposited on January 19, 2006, will yield 4.75% APY for 87 days until April 15, 2006, and would yield 3.80% APY after that date. So, the blended APY for the first year after account opening is 4.03%. The blended APY for New Funds that are on deposit for fewer than 87 days will be lower, as it may vary depending on the number of days the promotional rate is earned. The non-promotional APY is variable and may change during the Sale Period.”
If you need to open an account, go to this ING Direct referral page and you’ll get $25 if you deposit $250 for thirty days.
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Since the interest period is for 87 days, here is a quick comparison:
$1000 in Emigrant Direct for 87 days @ 4% APY: $1009.39
$1000 in ING Orange Account for 87 days @ 4.75% APY: $1011.12
That’s a difference of $1.73. Is it worth it? Not sure
Oops, let me clarify, I was assuming that you’d move from one to the other after the sale period. So I was asking is that extra $1.73 worth it to do so. Sorry for not making myself clear.
Not sure myself is it worth it but I like ING being competitive, better for us. If you don’t have an ING account the deal is pretty good with the free $25.
Also take into account the few days you loose in interest during that transfer! I don’t the exact numbers now, but yesterday I figured out something like you loose 40 cents each transfer (4 days for transfer maybe?) per $1000. So, transferring to and from ING, that’s $0.80 off the $1.73.
Making it a WHOPPING $0.93 per $1000 invested! Excuse my sarcasm. It’s a new try on ING’s behalf, but in the end, it’s a gimick from our perspective…
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