I'm hoping the CD special will be as competitive as their Added Value CD promotion last month when they were offering a 2.25% APY 12-month CD with new money.
ING Direct CDs are easy to open and to manage. I have many of the details in this ING Direct CD review which is based on my experience opening an ING Direct CD in October. The only downside to these CDs is that they don't allow beneficiaries on the accounts. They do offer joint and living trust accounts.
In addition to the two deposit product specials, there's also a mortgage special:
ING DIRECT will offer $683 off Easy Orange and Orange Mortgage (our mortgage products) closing costs for anyone who applies on Black Friday. Why $683? That’s what the average American will spend on gifts this holiday season, according to the National Retail Federation.
And on Cyber Monday, November 30, ING Direct’s brokerage, ShareBuilder, will offer a 20% rebate on trades.
Other Black Friday Bank Deals
ING Direct isn't alone with a bank-related Black Friday special. Service Credit Union is offering a low-max CD special (see post). If you see any other Black Friday bank specials, please leave a comment.
ING's Divestiture of ING Direct
The Dutch parent of ING Direct, ING, announced on Wednesday that the European Commission has formally approved the restructuring plan which includes the divestiture of ING Direct (see press release). The plan to divest ING Direct was first announced in October. It's the consequence of the government assistance ING received during the financial crisis. In the October press release, it was disclosed that the divestiture will not be completed before the end of 2013. So there should be no short-term changes at ING Direct. We'll have to wait and see what happens after 2013. With ING Direct's brand reputation, it would seem likely that any bank that acquires ING Direct would keep it operating as it is today.
ING Direct's rating for safety and soundness has dropped to 2 stars (below peer group) at Bankrate.com based on 6/30/09 financial data (it had been 3 stars based on 3/31/09 data). It continues to be 3 stars (adequate) at BauerFinancial based on 6/30/09 data. It has been a FDIC member since 2000 (FDIC Certificate # 35489). ING Direct is the largest internet-only bank with $90.1 billion in assets and $74.8 billion in deposits. As a comparison, Ally Bank has $42.5 billion in assets and $36.6 billion in deposits.