According to BlogAhorro, ING Direct is offering existing customers 10% APY for one month. Here is a rough translation:
ING Direct has sent a letter to its customers offering a 10% APY for its Orange Savings Account for one month.
In order to qualify, make a deposit from any other bank before April 5, 2007. From the moment of deposit, all funds up to 10,000 euros deposited in the account will receive 10% interest APY for one month, after which it will return to the previous 3% APY.
I don’t see anything about the 10% APY on the information page for Spain’s Orange Savings. That leads me to believe this offer is only for existing customers. Otherwise, one could determine the probabiliy of the euro declining against the dollar over the next month and decide that it may be worth it to place funds in Spain’s version of ING Direct. They do seem to accept account opening applications from those living outside of Spain, but you may need to provide your passport number.
A 10% annual return on a maximum of 10,000 euros can net only about 83 euros over the course of one month. Right now, that’s worth US $109. Who knows how much will it be worth at the end of the 10% promotional period?
One commenter on BlogAhorro plans on taking advantage of the offer as soon as the letter arrives.
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That sounds like way too much work for a month’s worth of high interest to me. Even if it was in the US, I wouldn’t open an account for such a short-term bonus.
and my bank in Japan is paying .03% (that is not a typo) – you can guess why I don’t keep my money in Japan