4.75% at ING!?!?

[DaiShan]

That's a very nice rate. I've got some excess cash right now and I've been too busy to keep abreast of the market enough to make additional sound investments, ING may be a good place for it

 

[monk3y]

Sweet!!! This is awesome.

 

[spidey07]

thanks for the heads up.

done.

 

[dabuddha]

Originally posted by: Rudee

Originally posted by: Taggart

Originally posted by: Rudee

Originally posted by: SeaMonki

Originally posted by: Rudee
The key word is "new deposits" your prior balance is still earning the lower rate.

Existing customers count too, it's just a promotional interest at 4.75% until April 2006. After April, the interest rate goes back to regular.

I'm not saying existing customers don't count, what I am saying is if you have $1000 in your ING account before today, that $1000 balance will earn the previous lower rate. Deposits after today (new deposits) until April 15th will earn the 4.75%. At least that's how they do it in Canada, as we had something similar with ING in Canada back in December. The catch was "new deposits". Existing deposits earned the old rate. It was a bit of a jip that I couldn't get the higher rate on my entire balance, just new deposits added to that balance.

Just withdraw all but $1 and then redeposit it.

Against the rules. I thought I could pull the same thing but the rules of the promotion state that the previous balance will not count toward the promotional rate, thus if you withdrawl and deposit again it does not count. However, if you have a big balance with another bank such as HSBC, you can certainly transfer it into ING if the rate of return is better, but your previous ING balance is not counted. Not a very exciting promotion for this very reason IMHO.

Yep

If you withdraw $5000 from your account and then deposit $6000 into it, you only get the 4.75% on $1000, not the whole $6000

 

[mugs]

Originally posted by: LordSegan
What is the difference between APY and Interest rate?

APY is the amount you'd earn in a year taking into account compounding.

 

[chuckywang]

Hmm...when does it start?

 

[Schfifty Five]

Originally posted by: chuckywang
Hmm...when does it start?

Jan. 19th - Apr. 15th

 

[OrganizedChaos]

i tried to sign up once, got an error saying i was already a member. i decided i didn't want to know what was going on and gave up.

 

[iwantanewcomputer]

why hasn't emigrant raised theirs from 4.0 yet? they were at 4.0 when ING moved to 3.75 if i remember correctly, and that was like 6 months ago

 

[psteng19]

Originally posted by: SeaMonki
Cool! Just moved majority of my HSBC online savings at 4.25% into ING savings.

Is it complicated and lengthy for the transfer from HSBC to ING?

I plan on opening an ING account just to take advantage of this APR and then closing it as soon as the promo is over.
Gonna do the math to see if it's worth my effort.

 

[iwantanewcomputer]

Originally posted by: psteng19

Originally posted by: SeaMonki
Cool! Just moved majority of my HSBC online savings at 4.25% into ING savings.

Is it complicated and lengthy for the transfer from HSBC to ING?

should take 1-3 days to clear like any other online bank transfer

 

[FrustratedUser]

This is cool!

 

[OS]

weak, they should just atleast match emigrant and that would have been good.

 

[FleshLight]

I transferred $XX,XXX out of INGDirect on the 18th but it was processed today. Will I be able to earn the 4.75% on that amount of I retransfer?

 

[Rickten]

am I the only one who has 10K+ just kinda floating around between ing, emigrant, HSBC. ITs my emergency money so I just kinda move it around to the highest interest rate. Does this hurt my credit score or anything?

 

[DBL]

Originally posted by: psteng19

Originally posted by: SeaMonki
Cool! Just moved majority of my HSBC online savings at 4.25% into ING savings.

Is it complicated and lengthy for the transfer from HSBC to ING?

I plan on opening an ING account just to take advantage of this APR and then closing it as soon as the promo is over.
Gonna do the math to see if it's worth my effor.

Why close it? Keep both and park your money with whoever is offering the best rate.

 

[psteng19]

Originally posted by: DBL

Originally posted by: psteng19

Originally posted by: SeaMonki
Cool! Just moved majority of my HSBC online savings at 4.25% into ING savings.

Is it complicated and lengthy for the transfer from HSBC to ING?

I plan on opening an ING account just to take advantage of this APR and then closing it as soon as the promo is over.
Gonna do the math to see if it's worth my effort.

Why close it? Keep both and park your money with whoever is offering the best rate.

I guess. I just hate having so many accounts to keep track of.

 

[Schfifty Five]

Originally posted by: Rickten
am I the only one who has 10K+ just kinda floating around between ing, emigrant, HSBC. ITs my emergency money so I just kinda move it around to the highest interest rate. Does this hurt my credit score or anything?

Don't think so. Savings accounts have nothing to do with credit.

 

[ElFenix]

Originally posted by: LordSegan
What is the difference between APY and Interest rate?

APY is a standardized yearly rate that takes into account both the interest rate and the accrual time period. it's because 10% calculated daily and 10% calculated yearly do not end up with the same number. so congress created the 'truth in lending' act which makes people disclose a standardized number.

 

[Playmaker]

Bah, I just doubled my balance with a Jan. 18 deposit. What kind of a company starts a promo on a Thursday? Do you think they'd offer me the rate on the Jan. 18 deposit if I asked nicely?

 

[randomlinh]

Originally posted by: Rickten
am I the only one who has 10K+ just kinda floating around between ing, emigrant, HSBC. ITs my emergency money so I just kinda move it around to the highest interest rate. Does this hurt my credit score or anything?

you're probably one of the few in america who can do that. heh. i have no where near that for emergency built up yet working at it though...

 

[Slew Foot]

$10K in a savings account? That's wayyyyy too much IMHO. You only really need about 1 month of funds to be that liquid, everything else should be invested in higher yields.

 

[Torghn]

Can you still link Emigrant directly to ING? I went to go do it after reading this, but they only have a link my mail in ING now.

 

[spidey07]

Originally posted by: Slew Foot
$10K in a savings account? That's wayyyyy too much IMHO. You only really need about 1 month of funds to be that liquid, everything else should be invested in higher yields.

that goes against most all good financial moves. norm is 6 months liquid.

 

[suse920]

1 month????? Wtf would even be the point of that? 6+ months is the norm.