ING Direct - New Deposits - Savings Account is Now 4.75% APY!

[Spoofee]

ING Direct - New Deposits - Savings Account is Now 4.75% APY!

ING Direct has upped their interest rate to 4.75% for new signups for a savings account.

If you have money sitting in Wells Fargo, BofA, etc, why not earn with ING Direct's 4.75% interest.

- Click Here to See Offer

Note : The 4.75% APY is only good until 04/15/06. This is a fair deal.

 

[TweakFreak]

4.75% is for new accounts ONLY.
For old ones, it is still 3.80%

 

[Ordanos]

This is only through April 15, 2006. It's not THAT great of a deal unless you don't mind moving your money around constantly.

From the terms:
", 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. "

You guys should add some text notifying people that this ends in April. I almost hopped right on myself.

 

[stephsworld]

4.75% is for new accounts ONLY.
For old ones, it is still 3.80%

If you read the page, it says

What accounts are eligible for the Winter Save Up Sale

• All new Orange Savings Accounts opened by new ING DIRECT Customers
• All existing Orange Savings Accounts belonging to current ING DIRECT Customers

Therefore, it works for everyone.

 

[segaboy0]

4.75% is for new accounts ONLY.
For old ones, it is still 3.80%

This is actually not true. If you have an ING account currently, any NEW FUNDS you deposit between now and April will earn interest at 4.75%. After April, you're back to the 3.8% on any deposits. So basically...if you have an ING account already...deposit, deposit, deposit until April

 

[ribbz]

ya, the 50 dollar deal was probably better unless you are going to put the full 100k the FDIC insures...and if you put in more than that i have no clue why you didn't look into a CD

 

[banzaidags]

so can i withdrawl my money and then redeposit it?

i guess this answers my question:

"Increase your total balances with ING DIRECT compared to your balances in all deposit accounts at the beginning of the Sale Period "

 

[Ashoro]

so can i withdrawl my money and then redeposit it?

no you can't, it says it'll subtract withdrawal amount to prevent that...
which is just great... i deposited 11,500 just last week...

 

[Ashoro]

no you can't, it says it'll subtract withdrawal amount to prevent that...
which is just great... i deposited 11,500 just last week...

im very upset, those money would have been deposited to hsbc or emigrantdirect in the first place if emigrantdirect didn't screw up my application or if hsbc didn't take so long...

 

[TweakFreak]

This is actually not true. If you have an ING account currently, any NEW FUNDS you deposit between now and April will earn interest at 4.75%. After April, you're back to the 3.8% on any deposits. So basically...if you have an ING account already...deposit, deposit, deposit until April

Wow. Thanks for the info. So, if I deposit 10k today, and withdraw on April 16th :clock: , then I'll get 4.75% on this 10k deposited, not the TOTAL amount in the a/c. Right ?

 

[banzaidags]

I guess i can resign up a new account in my sons name and move all the monies from my account into that one... not sure if its worth it...

 

[jl514]

haha good thing i just cleared out my ing account last week in preparation of a big buy. Fell through, going back in at 4.75% !

 

[gr8nrg]

I guess i can resign up a new account in my sons name and move all the monies from my account into that one... not sure if its worth it...

that's actually a marvelous idea! :bigok: :claps:

but only worth it if you're depositing a very large amount (like over 50K or so)
because 4.75% is APY (a=annual, but the offer is only for 87 days), do the math!

better yet, go with CapitalOne

 

[Jon11582]

I guess i can resign up a new account in my sons name and move all the monies from my account into that one... not sure if its worth it...

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

4.75% Interest Calculation
To determine what portion of your Orange Savings Account balance will earn the 4.75% APY, during the Sale Period we add up all of your new deposits from an external source and then subtract all withdrawals from the account (whether internal or external) from that total. If that amount is greater than zero, it is eligible for the 4.75% APY. If an account is closed during the Sale Period, the 4.75% may not be earned for the entire period that the new funds were on deposit.
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Not only will your son's account not get the bonus APY from anything you transfer in from your ING account, but your account will be in the negative balance for purposes of calculating the baseline for this bonus APY. Worse, if you realize the issue and transfer back, youll be negative on both for the baseline.

Yes, they covered thier bases on this one. They only want new money from outside sources and they dont want the same money being tossed around ING and have to pay more for it.

 

[cobrac46]

if i had a million dollars in my account this would a be a wicked deal!!! The interrest i would gain is CRAZY i would get about 5000 in 87days....... for doing nothing...

 

[surplemaple]

Not only will your son's account not get the bonus APY from anything you transfer in from your ING account, but your account will be in the negative balance for purposes of calculating the baseline for this bonus APY. Worse, if you realize the issue and transfer back, youll be negative on both for the baseline.

Yes, they covered thier bases on this one. They only want new money from outside sources and they dont want the same money being tossed around ING and have to pay more for it.

I don't think this is necessarily true. You would have to first transfer the money from your account (Account A) into an outside account such as your checking. You would then open a new account for your son (Account B) and fund it with the money from the checking account.

Therefore, the money in Account B would receive the promotional 4.75% rate. Also, the "negative baseline" in Account A would be immaterial because any money remaining in that account would be receiving the normal 3.8% rate so you would not be "penalized" for withdrawing the money.

 

[forcedfx]

I have close to 60 grand sitting in an Emigrant account. Anyone have an idea of whether the extra .75% interest I'd earn is worth the trouble?

 

[Erik]

I don't have too much money, but I currently keep a lot of it in my checking account. I'm only 17, from what I'm reading, it's possible to open one of these accounts in my name? What are the disadvantages? Can I freely move money from my checking account to my ING account? Are there any tax implications? For example, I don't pay any taxes right now, is this a problem if I transfer my money to this?

 

[ScubaCat]

Erik:

If you open now, you wouldn't have to pay taxes until April 15, 2007. And it's only income tax, meaning it's just a small percentage of the interest you earn. (And you have to hit the minimum before you'd owe any tax - not sure what it is now.) You can open it in your name, but I'm pretty sure that you'll need a parent or someone 18 or over to co-sign. Once you turn 18, you can take him/her off. You can freely move money to and from your checking account online for no fee; I do it all the time, myself.

Hope this helps..

 

[foolme]

I have close to 60 grand sitting in an Emigrant account. Anyone have an idea of whether the extra .75% interest I'd earn is worth the trouble?

87 days~=2.95 months
(60000*.0075) /12 * 2.95(months)=110.6
i think you will get extra $110 if you do this.