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ING Direct Offering 10% APY Promotion… In Spain

This article was written by in Saving. 7 comments.

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.

ING Direct (Spain) logoI 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.

Updated August 9, 2011 and originally published March 8, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 3 comments… read them below or add one }

avatar Lazy Man and Money

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.

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avatar Demetrius Phillips

My business partner has a relationship with an international investment consortium that offers a guaranteed APY of 10% on a minimum of $100K principal ($1M maximum), which is insured by an A+ rated, US insurance company. The 10% annual interest is deposited into a savings account in a major US bank to be released to the client at the end of the year.

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avatar Saving Advice

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

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