ING Direct’s Save Up Sale Offers 4.75% APY On New Deposits
ING Direct has finally revealed its Winter Save Up Sale, which promises a high 4.75% APY from today (January 19th) until April 15th on all new deposits only. Current balances stay at 3.80% APY.
New deposits basically means anything above your account balance on 1/19. No, you can’t just transfer money out and then back in the same account, they already thought of that. Now if you had a wife… shhh. 
Both new and existing accounts are eligible. I wish ING would just plain raise their rates, but if they want to play little promo games that’s fine too. They can have my money for 3 months. For new accounts get your $25 opening bonus first, then deposit away.
January 19th, 2006 at 10:10 am
That’s interesting. I just pull out a big amount from ING on 1/18/2006. And the transfer showed up in my linked checking today. I was supposed to move it to HSBC. Can I move it back to ing
and earn 4.75% rate.
January 19th, 2006 at 10:27 am
Is it worth it to move money from another savings account (e.g., Emigrant) into checking into ING? Will the interest lost during transfers negate the savings gained with the higher ING rate?
January 19th, 2006 at 10:57 am
A couple of months back I read one of your posts and linked my ING with my Emigrant account and transferred amount directly from ING to Emigrant. Can i now transfer from Emigrant to ING directly without using my checking account??
Do you recommend moving in ING but what about the lost interest for those days?
January 19th, 2006 at 10:59 am
I estimated that if I move the $ from HSBC (4.25%) to ING (4.75%) before about 2/23 (withdraw on 4/16 of course), then I’ll definitely make more $ despite of the interest loss during the 4-6 transfer days.
Well, I guess the $1.26 in my ING account needs some friends.
January 19th, 2006 at 10:59 am
If you transfer directly from 4%(ED) to 4.75% you’ll need 5 days to recover lost interest for every day in transaction (when your money earns 0%).
4.25%(HSBC) –> 4.75% it is 9 days per day in transaction.
4.30%(GMAC) –> 4.75% — 10 days per lost day.
HSBC is the worst case I think since you lose 3 days and will not recover until the first month.
Indirect transfer (Saving -> Checking -> ING) is even worse as you definitely gonna lose more than one day.
January 19th, 2006 at 11:07 am
What happened to the blog roll?
January 19th, 2006 at 11:09 am
My ING account was completely drained to EmigrantDirect on 10/24, which was then drained to HSBCdirect at a later date. I think I might just move it back to ING. Gotta go link up my ING account with HSBC now, or does that not work? Anyone know the ING routing number?
January 19th, 2006 at 11:19 am
HSBC can’t link to ING. ING can link to HSBC, tho.
January 19th, 2006 at 11:33 am
A: do you include the weekends? Say if you make the transfer to ING today, you can not earn any interest until Tuesday, that is 5 DAYS already. And remember you need to transfer it back to HSBC, it may be another 5 DAYS even you do the DIRECT transfer. I can imagine if you need to do it through a checking account.
January 19th, 2006 at 11:41 am
sorry, it should be I CANNOT imagine in my previous post.
Let’s do a simple Calculation. If I need to do it through a Checking. I transfer my money out today and it will be available in my checking tomorrow. Then I transfer it to ING tomorrow and it hits the weekend. I can not get interest until Wednesday. Lose 5 days. After the promotion ends, I need to get it back to my original account. Another 5 days of interests. That is at 10 days on the way, maybe even more…
January 19th, 2006 at 11:53 am
Sillycat, you’re considering a very unfavourable scenario. If you time transactions wisely this promotion can earn you some money.
I went to my ING account and found out I couldn’t link any new accounts online anymore. Only via mail. Although I haven’t reached the 3 account limit yet. Anyone’s having the same problem?
January 19th, 2006 at 11:53 am
I’m doing it today (transfer tomorrow), no matter how you calculate, I still make more $, tho it may be just a few bucks.
January 19th, 2006 at 11:56 am
oh well, maybe set up the transfer over the weekends since Friday is never a good day to do it.
According to the schedule:
http://www.mymoneyblog.com/images/0601/hsbc.gif
January 19th, 2006 at 12:21 pm
circle - I think you’re all good, as 1/19 is the reference date.
As for HSBC transfers, I haven’t done the math yet myself.
ING allowed the linking of external accounts with only account + routing number for a while, but removed it recently. For those that managed to link ED to ING like me, we are the lucky ones. Now you need to send a check into ING to link, so the only way is to open an HSBC checking account. I might do that today.
January 19th, 2006 at 12:26 pm
ING Account,
What is the max you can put into ING w/out any problem with the APY. I know that some account you cannot put more then $25,000 to keep the high APY or it will go down to 2% or what ever the normal APY. I was looking on ING but didn’t see one. If anyone can help, that would be fantastic.
January 19th, 2006 at 12:29 pm
I’m reading on Fatwallet forums that it’s not worth it to make the switch if you plan on sending your money to ING via a third party.
http://www.fatwallet.com/forum.....did=570553
(ttt03’s post)
January 19th, 2006 at 12:34 pm
There is a chance for any of the competitors (we got a lot of competitors) to have promotion or even increase the rate during this 3 months, right?
You definitely would hit this weekend, no chance to avoid it. Third party transaction would not worth it.
January 19th, 2006 at 12:53 pm
From the ING Terms and Conditions:
“As with all non-cash deposits, interest will begin to accrue no later than 2 business days after the banking day on which the funds were deposited. (Here’s an example - if you make a deposit on a Sunday, we will process it on Monday, and interest will begin to accrue no later than Wednesday.) Also, we reserve the right to return any deposit to you that causes the combined balance of all of your accounts with us (including any joint accounts) to exceed $2,000,000.”
January 19th, 2006 at 5:59 pm
Thanks Jonathan.
For the person that asked can you transger back to ING from ED if you had already setup the link from ING to ED? The answer is yes. Just did it.
If you are doing a pull from say ED to ING then ING is going to initiate the transfer the next day. For the one I just did today 1/19 the date is 1/20. Remember that ED will not see the ACH transfer till Monday. So I’m earning interest at ED through the weekend. I’ll start earning interest on Tuesday per the info in the previous post. Lost interest - one day. The credit transaction date in ING will be 1/20 but the debit transaction date at ED will be 1/23. The accrual start date will be 1/24. Don’t confuse the credit transaction date at one institution with the debit transaction date at the other.
January 19th, 2006 at 9:42 pm
considering how competitive these savings accounts are getting, maybe its a good idea to get all the accounts linked together before they take away the option like ING Direct.
January 20th, 2006 at 8:24 am
Anyone think it’s a good idea to move all your money from HSBC to ING via a third party? It would take so long it’s probably not worth it.
January 20th, 2006 at 8:30 am
mc - Thanks for the info. Not sure I understand what you said about earning interest over the weekend at ED.
I did ED –> ING transfer yesterday before I saw all the posts saying it would be better to wait until Monday, supposedly because there would be no interest from either bank over the weekend if initiated on Thursday or Friday.
Well, ED debited yesterday and ING credited today, so I believe no days of interest were lost (assuming I’m understanding correctly that I get the 3.8% right away and then the Winter Sale rate will start a couple of days later.)
Not that I’m stressing or anything over the $0.11 or so per $1000 that I wouldn’t be getting for any no-interest days, but am I misunderstanding something about these transactions?
Also, are any other readers who did the T-Bill ladder changing your payment destination in Treasury Direct to ING? I figured it’s unlikely those 28-day bills will top the State-Tax-free equivalent of 4.75% before April, so I switched from C-of-I to ING for all four of them. (Have to be careful with the # of ACH transactions in February though.)
January 20th, 2006 at 9:24 am
I was doing my pull within ING with the cash coming from ED. ING will post the transaction the next day and start accruing no later that two business days after the credit but it will take to Monday for ED to receive the ACH transfer and the debit will be Monday in ED. So no lost intereset in ED for the weekend. I wasn’t that clear where I started the transfer. ED is probably the best for speed of transfers.
January 20th, 2006 at 12:05 pm
I was going to participate but for me it wouldn’t be that great of a thing.
I have been with ING for a long time but this won’t change me at this time. Take a look at this. If I put in a deposit of $300 but then I take out $1200.00 to pay a mortgage; that will put me a minus $900. ING will only pay if my total is above zero. Is that worth 4.75% if I should then deposit $901.00? Nah
January 20th, 2006 at 4:53 pm
oh snap. its on NEW deposits?
I’ve been thinking its on new account opening.
January 25th, 2006 at 3:29 pm
I made my first deposit to my new ING account on 20 January, but when I log in to the account it still says I am earning a current APY of 3.8%, not the 4.75% rate. Anyone else experience this? What gives?