New ING Direct Added Value CD

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Yesterday, ING Direct announced a clever new take on CDs – it’s the Added Value CD. The idea is very simple, you can get a 12 month CD with a rate of 2.25% if you open it and fund it with “new money” from a non ING Direct account. According to their terms and conditions, the new money must increase your total deposit balance as of yesterday, October 7th, 2009. Withdrawing money and then contributing it again will not work.

The 2.25% APY rate is a 0.15% premium on ING Direct’s current CD rates and it beats the best CD rates in that maturity range. With inflation at a scant 0.19%, getting 2.25% looks pretty good.

The Added Value CD [ING Direct]

{ 7 comments, please add your thoughts now! }

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7 Responses to “New ING Direct Added Value CD”

  1. daemondust says:

    Doesn’t look like there’s a minimum deposit either. Nice.

  2. eric says:

    1 year isn’t too bad since I expect rates to rise again soon (knock on wood!)

  3. Jill says:

    Is anyone concerned that this signals a liquidity issues for them? Didn’t WAMU raise rates to get in new money right before it went belly up?

    • Jim says:

      I’m not concerned, it’s not an unbelievable interest rate. WaMu was offering 5% when others were at 3%, this is 2.25% when others are 2%.

  4. thomas says:

    Seems like a safe investment to me. I don’t see much in the way of rates going up in the next 12.

  5. SavingEverything says:

    So you can at least do the reverse… deposit some money into this “Added Value CD”, and then, withdraw any money earning lesss.

  6. I’m definitely going to look into this.

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