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.
Updated February 6, 2012 and originally published January 19, 2006. 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.