Dedicated to Deposits: Deals, Data, and Discussion

New CD Promo at ING Direct


ING Direct just started a new CD promotion called The Added Value CD with a yield of 5.25% APY for a 9 and 12 month CD term. The regular Orange CD yield for these terms is 5.15% APY. The Added Value CD requires the funds to be new money: "New money must be from an external source and increase your total deposit balance with ING DIRECT above your balance on 9/5/2007." Like the Orange CDs, there's only a $1 minimum deposit requirement.

If the yield were something like 5.50%, I could get a little more excited. But for those who already have ING Direct savings or checking accounts, opening and managing an ING CD is very simple. Everything can be done online from your account to open and close a CD. So for some, the simplicity can make it worthwhile.

ING Direct is FDIC insured (FDIC Certificate # 35489).

Thanks to the readers who sent info on this new promotion.

  Tags: ING DIRECT, CD rates

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Comment #1 by Anonymous posted on
Thanks, Banking Guy, but ... yawn.

Comment #2 by Anonymous posted on
The simplicity of ING Direct encourages my wife to open up CD's that she might otherwise just leave in her non-interest bearing checking account. She has no paitence for more complicated process (i.e. trial deposits, mailing in sig cards, poorly designed online apps, etc...), so even with the slightly lower interest, it's very much worth it to her. I also take advantage of when they have more competitve rates. All is all, their quite good, and it's how I started saving my first pennies several years ago.

Comment #3 by Scott (anonymous) posted on
Show me another place where you can open a CD for as little as $1 to take advantage of interest rates as high as 5.25%. ING makes it easy to start saving even if you don't have money (like myself). Whenever I have a dribble of money, I buy a small CD and dump the monthly interest into my Orange Savings account so that I can buy more CDs. Works for me.

Comment #4 by Anonymous posted on
I agree, the $1 minimum is nice and this comes at a great time right before the FED is likely to lower interest rates.

Comment #5 by Jim (anonymous) posted on
If you only have $1 then I suggest you worry more about getting a job than finding a CD to stick that $1 in...