ING CD's

[DougG]

I recently opened my first Online savings account through ing. i have invested a little bit of money there and as i was viewing my account info i saw they actually have CD's available. is it possible to transfer money from the ing account into one of their cd accounts and then when it matures have the money go back to the ing account? i am thinking of doing this because the interest is a little higher for the cd than for the savings accounts.

i know i could get better interest with other online accounts but i want to keep my account with ing and not open another.

has anyone done this and is it as easy as it looks? i am new and cautious with online banking and wanted to get some input first. does the cd just show up as another account on the "account home" page?

thanks
doug

[sweeps]

I'm not an ING customer, but according to this post, it takes just "a couple of minutes" to open and close a CD if you have an ING checking or savings account.

[omicron]

Yes, I've done it before. Interest was directly transfered into ING Orange Savings account. After maturity, the CD automatically renews, so you need to cancel within the ten day window. I canceled and the money went back into my ING Savings acct. It's more convenient than trying to open an IndyMac Bank account but IMB has higher rates (6 mo. at 5.45% APY) compared to 5% for INGDirect (5.25% for GMAC).

Hey, GMAC Money Market account currently is at 5.3% APY.

edit: Of yeah, it's really easy to open and is just listed as another account.

[kimiko]

Extremely easy. You don't even need to wait for it to mature to decide what it should do. ING gives you the option to get interest distribution deposit to whatever account you want, not sure if they let you add more money or not, where the money goes when it matures, etc... Just click on it for details and set your preference any time. I set mine to end and money deposit into saving and it was done the day it matured.

[TBH]

I have been setting up a CD ladder by putting $1000 into a new 12-month CD every month. In a couple months the ladder will be in place. So every month on the 1st I go online and open an ING CD. I agree that it is super fast and easy. If you're opening up a joint account, though, make sure the other person is there to put in their customer number and password at the appropriate point.