ING Direct is looking to win back defectors who have left the bank in search of higher interest rates. The “Orange One” is now offering 4.75% APY on new deposits from January 19 until April 15.
In order for the funds to qualify, the money must be from an external source and be deposited into the savings account between the dates listed above. The amount available for the higher interest rate is the net of new deposits and withdrawals, so you can’t withdraw money to another bank and redeposit it to qualify for the higher rate.
New and current account holders qualify for this winter special. After the promotion ends, funds will return to the standard APY at that time. I keep my cash funds between ING Direct and Emigrant Direct, but you can shop for the best rates here.
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So basically the’re rewarding those that have moved their money elsewhere, as opposed to trying to retain current customers.
Essentially, yes, but it’s sneaky. If accused of favoring new customers ahead of current customers, they could simply say that the offer is for current customers as well, because every deposit (minus any withdrawal) will also qualify for the rate, encouraging consistent depositing, not just holding.
This is going to piss off their best customers.
Hm. Are they still offering the bonus for opening a new account? If so, anyone got a referral code?
Mine are used up. My girlfriend has some but she doesn’t remember her account number for checking her account. I’m sure someone will step up and offer — Email addresses aren’t public here so the first comment poster with a valid email to offer their $25 referral will get forwarded by me to Jerry.
I can send Jerry a referral. Remember you now need to fund it with a minimum amount – $250?
It appears in response, Emigrant Direct has posted to their web site the details of their new American Dream Credit Card.
http://www.emigrantdirect.com/
Neo
I’ve just written these people a note to get back to their original roots. Have you seen the orange car commerical? What do you suppose that costs? I will be moving all of my funds out of their CD’s and savings when they come due. I can find better rates (Bankrate.com) on savings and CD’s even after they give you the .1% rollover bonus.
If they would return to the basics they would hold us as customers.
I’ll give out referrals for ING Direct to anyone. I have 10 left and I get $10 for each one I give out. Contact me and I’ll send you the link.