ING Direct of offering a $25 cash bonus when you open an Orange Savings Account.
ING Direct of offering a $25 cash bonus when you open an Orange Savings Account. The best part of the deal is that it doesn't require you to jump through hoops to get the deal. Just open a new account, fund it with a minimum of $1, and the $25 will be deposited into your account. The only restriction is that you cannot withdraw the bonus for 30 days. The bonus at $25 is a bit skimpy compared to other bank cash bonuses, but at the same time it's for a savings account and doesn't come with restrictions or requirements.
Unfortunately, the rate on an ING Orange Savings Account is nothing to write home about. They are currently offering 1.50% APY, which is well below the best savings and money market rate on the BestCashCow rate tables (the top rate is currently 2.32% APY).
Last week, President Obama signed a law that includes provisions that extend the $250,000 FDIC & NCUA deposit insurance limit to December 31, 2013.
Last year, FDIC and MCUA deposit insurance was temporarily increased from $100,000 to $250,000 until the end of 2008. The Helping Families Save Their Homes Act of 2009 (S. 896), signed by President Obama last week, includes a provision that extends the FDIC and NCUA deposit insurance limit off $250,000 until December 31, 2013.
The bulk of the bill deals with mortgages and foreclosures, so the extention was not widely covered in the media.
Tennessee Commerce Bank is offering a competitive savings account paying 2.30% APY. It's also offering a some top cd rates.
Tennessee Commerce Bank is offering a competitive savings account paying 2.30% APY as of 6/5/2009. That puts it near the top of the best savings and money market rates on the BestCashCow rate table. It's also offering a some top cd rates. As of 6/5/2009:
2.40% APY 12 months
2.45% APY 18 months
2.87% APY 24 months
3.27% APY 36 months
3.45% APY 48 months
3.65% APY 60 months
Opening and Funding
To open the savings account or a certificate of deposit, you'll need to download an application form, fill it out and mail it back with two pieces of identification. To fund the account, you can send a check with your application, use ACH, or use a wire transfer.
Some key things to know about the account include:
The account is available nationally
There is a $250 minimum opening deposit and balance to avoid a $2.50 monthly fee
Trust accounts and POD accounts available
$2.50 charge for more than one withdrawal per month.
Safety and Soundness
Based on FDIC data from March 31, 2009, Tennessee Commerce Bank has$1.266 billion in assets and $1.108 billion in deposits. Bauer Financial gives it 3.5 out of 5 stars (Good) for its safety and soundness. The bank is FDIC insured.
