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Originally Posted by goodtosave
As I understand it, the offer is only for funds transferred between 1/19/06 and 4/25/06. After 4/25/06, the rate goes back to regular ING Direct's rates.
However, if you only intend for this to be a temporary move, consider the 2 days of lost interest when you move money in and out of ING Direct.
And you will lose 1 day of interest when transferring funds out of ED.
So for 10K, you will gain an additional 18.75(assume 3 months) - 3.29 for 3 days of lost interest. So your net is about 18.50 for 3 months.
However, my hunch tells me that ED will raise its rates to 4.25 before or after the Fed meeting in a few days. If that's the case, then you will net gain about 9.20 for 10K during this period.
Just something to consider.
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It took about 24 hours to get money out of ED and into ING; this time. The calculator mentioned below your post says that I need to keep the money in ING for 5.33 day to break even. If it's 2 days then it will take 10 days. A 3 day transfer would take 16 days.
I am a bit surprised that ED didn't raise their rate after the last fed increase. I hope the next rate they offer will be 4.5%. I am going to see what happens at the end of my time with ING before I make a decision about where to keep my savings. It's too easy to transfer money for ED to fall behind the pack.