ING DIRECT 2.25%APY

[Mayfriday0529]

Originally posted by: paulmob
I like the sounds of this, but there has to be some catch... or some reason that they can offer such higher interest rates than other banks, only thing I could come up with so far is that they don't have ATMs?

also--i need a referral

Yeah the Catch is, they dont have ATM's and they do everythign electronicly, no actualy papers mailed to you or ATM cards, also you can't really access your money right away if you need it.

Example, if you deposite 10 dollars you can't withdraw it for like 7 days after 7 days you can withdraw it.

By the way if you need a referal still PM me.

Anyone else need a referal let me know.

 

[kamranziadar]

Is there is a limit to open the account, and why does any body needs referal.

 

[thirdlegstump]

Shoot me a referral please. Thanks.

 

[Mayfriday0529]

Originally posted by: kamranziadar
Is there is a limit to open the account, and why does any body needs referal.

no limit to open an account, you could open it with 1 dollar.
if you open it on your own you get 1 dollar in your account, if you get a referal you get free 25 bucks for signing up.

 

[Anonemous]

Originally posted by: kamranziadar
Is there is a limit to open the account, and why does any body needs referal.

referrals benefit both parties, it gives the new member 25$ while giving the person who referred them 10$.

 

[kamranziadar]

Damn thats good. I will open an account soon and i definately need a referal then.

 

[kamranziadar]

But i was thinking you will get 2.25APY if you deposit $20,000 for one year.

 

[snapdadc]

I have a few referrals left if anyone needs one. PM me you name and email address.

 

[Jedibus]

Originally posted by: kamranziadar
Damn thats good. I will open an account soon and i definately need a referal then.

You got one.

 

[abnormalbo]

This is a dumb question.... http://forums.anandtech.com/i/...ace-icon-small-mad.gif" border="0">

How does the 2.25% work?

Is it 2.25%/12 per month? Or is it 6 times a year, or quarterly?

2.25 % apy (ANNUAL percentage yield ) so if you kep 1000 in the band for one year, you would earn 2.25 percent on it. If you kept it in for one month you would earn 2.25% / (divided by) 12

 

[athakur999]

The interest is compounded monthly, so your effective annual rate is more like 2.27% or so.

Interest rates overseas seem to be much better overseas Here's ING Direct's UK interest rate listing:
http://www.ingdirect.co.uk/htm...ngs/interestrates.html

That 5.0% is in AER, but that still blows away the 2.27% AER we have here.

 

[kamranziadar]

So it is not monthly it is annually 2.27%. What is monthly? 2.27/12 = .189

 

[athakur999]

The annual rate is 2.25%, but it is compounded monthly which means your principal is increasing each month, raising the overall effective interest rate.
Let's say you put in $1000 (and make no other deposits) on Jan 1st, at the end of each month you'd have:

Jan: 1000 + 1000 * (2.25%/12) = 1001.875
Feb: 1001.875 + 1001.875 * (2.25/12) = 1003.754
Mar: 1003.754 + 1003.754 * (2.25/12) = 1005.636
... etc.

At the end of December, you'd have 1022.733, which is effectively a 2.2733% interest rate.

 

[zmzhang]

Let me know if you need any referrals, I have plenty of them

 

[EternalVortex]

That's not accurate. The annual percentage yield is 2.25%, which means you will get exactly that after compounding is taken into account. Thus the APR would be around 2.227% or so.

 

[Mayfriday0529]

WoW i already got .03 cents this month of interest.

 

[AnimEva]

If anyone needs a referral, please PM me your email address and Name if you would like to get $25 to start when you open the ING account. Also if you know of any of the $50 sign ups which I dont know if they still exist, then please post those as well. My friend is looking to open an account. If he cant find one, he will just do the referral.

 

[nopital]

I have few $25 ING referrals left. Kindly PM me your Name and Email address and I can send you the referral.

 

[Jedibus]

I also have all of my referrals left if so if anyone needs, shoot me a PM.

 

[Papasmurfie]

I also have my referrals left...if anyone needs one, pm me...thx

 

[paulmob]

I would also like to say-- anybody want a referral, PM me.

 

[maximo]

Has anyone heard of a bank called Liberty Bell Bank, they pay 3% apy and they have a branch in NJ, and they offer free checking and no fee ATMS transactions...

Anyone using them? Reputation???