7
comments
comments
New ING Direct Added Value CD
Email
 Print
|
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! }
Related Posts
 By jessicawilson |
 Stumble It! Bookmark reddit.comTags: CD, ING Direct Oct 07, 2009 | Read more in NEWS |
Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.
Doesn’t look like there’s a minimum deposit either. Nice.
1 year isn’t too bad since I expect rates to rise again soon (knock on wood!)
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?
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%.
Seems like a safe investment to me. I don’t see much in the way of rates going up in the next 12.
So you can at least do the reverse… deposit some money into this “Added Value CD”, and then, withdraw any money earning lesss.
I’m definitely going to look into this.