Dead Thread

[Kaervak]

 

[fr]

It's compounded monthly so if you kept $3,000 in the account for the whole year, you would get about $5.75 at the end of each month.

 

[Kaervak]

Hmm, intersting. Anyone else with an ING account care to comment?

 

[RossMAN]

Here is a good calculator if you plan on making monthly contributions.

 

[RossMAN]

I have an ING Direct Savings account and interest is compounded monthly, so it's $69/yr based on $3000 average daily balance at the current 2.30%

Your Monthly Deposit for 1 Years of $ 0.00
for an Interest Rate of 2.300 % compounded Monthly
With an Initial Amount of $ 3000.00:
Yr Mo Ending
Balance Average
Balance
1 1 3005.75 3000.00
1 2 3011.51 6005.75
1 3 3017.28 9017.26
1 4 3023.07 12034.54
1 5 3028.86 15057.61
1 6 3034.67 18086.47
1 7 3040.48 21121.14
1 8 3046.31 24161.62
1 9 3052.15 27207.93
1 10 3058.00 30260.08
1 11 3063.86 33318.08
1 12 3069.73 36381.94

Final Savings Balance: $ 3069.73
Initial Investment plus Monthly Contributions: $ 3000.00
Total Interest Earned: $ 69.73

http://www.interest.com/hugh/calc/savings.cgi

 

[Kaervak]

Thanks for the info RossMAN. I really need to get myself investing/saving money.

 

[Blieb]

FYI:

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We will be performing scheduled maintenance on our systems during this time.

 

[isasir]

I have a question -
Has anyone tried to withdraw funds from their ING account? If I needed say, $3000 right now (and I had $10k in there). How long would it take me to get that money? If I called 'em up, went through the security process, would it be within an hour I have the money in my checking acct.?

 

[Jzero]

Usually funds transferred to your checking account aren't actually available to you for a few days. That's not just an ING thing, it's pretty common practice at most banks.

 

[isasir]

Originally posted by: Jzero
Usually funds transferred to your checking account aren't actually available to you for a few days. That's not just an ING thing, it's pretty common practice at most banks.

True, but at the same time, withdrawing money from a savings account, say one with Citibank or Chase, would be an instantaneous thing, since I could just walk into a B&M Citibank and take out the money. I would think that perhaps ING would have something similar set up.

 

[Jzero]

Originally posted by: RishiS

Originally posted by: Jzero
Usually funds transferred to your checking account aren't actually available to you for a few days. That's not just an ING thing, it's pretty common practice at most banks.

True, but at the same time, withdrawing money from a savings account, say one with Citibank or Chase, would be an instantaneous thing, since I could just walk into a B&M Citibank and take out the money. I would think that perhaps ING would have something similar set up.

I see what you're saying. Yeah, withdrawing funds directly out of an account is usually straight forward, but I don't think ING offers a mechanism to do that. I think the only option is transferring to your B&M bank's checking account, and I think it's the B&M bank that is going to make you wait 3 days or whatever.

 

[RossMAN]

RishiS - I believe it's done electronically and takes at least 2-3 business days but I could be wrong.

I can easily move funds between my ING Direct savings and my local CU's checking account but it's always taken 2 business days.