ING Offers 4.75% On New Deposits

ING Winter Save Up Sale 4.75% Interest

ING has decided to put together a rather tricky promotion to try and win back some of the deposits that have been heading to other online banks offering higher interest rates. In a new “Winter Save Up Sale” they are offering 4.75% on all new deposits made into an account between today (January 19, 2006) and April 15, 2006. The catch? The 4.75 % rate only lasts until April 15 at which point it goes back to their standard rate:

For example, using the Orange Savings Account APY from December 31, 2005 (3.80%), 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. So, the blended APY for

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4 Responses to ING Offers 4.75% On New Deposits

  1. Caitlin says:

    I’m glad you calculated the 10k example…I can extrapolate that I’d net an extra $5 or so moving my HSBC stash to ING and that just doesn’t seem worth it (especially after taxes are taken out of that…so you’re $12 example becomes $9 in the 25% tax bracket, eh?) I think you’re right that this really benefits new accounts the most. Thanks for posting!

  2. Kim says:

    The part that sucks is that for those of us that can’t take advantage of this (either we don’t have large stashes of money to move over for a few months or in my case, a lot of my savings will be drained for my wedding next month and I can’t deposit enough to cover that), it tells us that it’s very unlikely that we’ll see a rate increase above the regular 3.8% until after April 15.

  3. DrToast says:

    What a load of crap! I deposited $4,600 on January 18th!

  4. Frugal Momma says:

    I deposited a large amount two weeks ago and am bummed out :(

    Theresa

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