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Originally Posted by jeffrey
ING has raised the initial deposit from $1 to $250 to receive the $25 referral from an existing customer. The website still says that there are no minimums or fees, so I would assume that you could take the $250 out right away after receiving the bonus if you wanted - but it makes it a bit more difficult with those who have limited funds to open an account and get the bonus.
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Another change ING made today was the addition of more CD terms (6-months, 9-months, 18-months and 30-months). The 9-month CD has an APY of 4%. So perhaps ING hopes these new CDs may discourage people from switching to ED. I think it would have a better chance if the 6-month CD had an APY of something like 4.2% (currently it's only 3.75%).
I do like the fact that ING's CDs don't have minimum requirements and can easily be opened online. If they had better rates, that would be a big advantage over ED.