ING accounts rock

[Jgtdragon]

I am thinking moving more of my Bank Saving money to ING.

 

[minendo]

Originally posted by: Achtung
Hmm... the rates on their savings accounts and CDs look real good.

They are. That's why I use them as my primary savings account.

 

[rocadelpunk]

how does it work for the cds?

is the interest calculated monthly?

can someone explain these things a little more..with numbers

i have a bad headache : (

 

[DaWhim]

Interest Paid Year to Date: $49.36
Interest Paid in 2003: $13.99

 

[Rudee]

Current Interest Rate: 2.5%
Interest, Year to Date ($): 647.32

 

[Mandos]

Originally posted by: Jgtdragon
I am thinking moving more of my Bank Saving money to ING.

I just did this. My bank made the mistake of charigng me a 3$ random fee, and couldnt explain it when I called them today soa fter reading this thread I moved it all over there. Yay for ING.

Would someone mind explainig to me what a CD is, and exactly how much I"d have to put in it at first, etc?

 

[Kev]

sh*t, i signed up for this 3 years ago and completely forgot about it. would they have closed my account?

 

[Achtung]

Originally posted by: Mandos

Originally posted by: Jgtdragon
I am thinking moving more of my Bank Saving money to ING.

I just did this. My bank made the mistake of charigng me a 3$ random fee, and couldnt explain it when I called them today soa fter reading this thread I moved it all over there. Yay for ING.

Would someone mind explainig to me what a CD is, and exactly how much I"d have to put in it at first, etc?

CD = Certificate of Deposit, which is like a savings account except you have to leave your money there for a specific amount of time. The tradeoff is that your interest rate is much higher.

There are no fees to open or maintain an Orange CD and no minimums. You get our highest available rate per term regardless how much or little you deposit. As with any CD, should you decide to withdraw your money before the end of the term, certain penalties would apply. The penalty is effectively one-half (½) of all interest accrued on your deposit since the account was opened or renewed. In most cases this rate is still higher than most banks are offering on savings accounts.

 

[pyonir]

Originally posted by: Achtung
There are no fees to open or maintain an Orange CD and no minimums. You get our highest available rate per term regardless how much or little you deposit. As with any CD, should you decide to withdraw your money before the end of the term, certain penalties would apply. The penalty is effectively one-half (½) of all interest accrued on your deposit since the account was opened or renewed. In most cases this rate is still higher than most banks are offering on savings accounts.

Wow...so if i wanted to open a CD with say...$50, I could? No minimums? That's awesome.

 

[AgentEL]

2.1%?! What's the catch?

My WaMu account gets only 0.5%. The WaMu premium account gets 0.9%.

 

[TallBill]

I signed up off of a referral, but never got my 25 dolla

 

[Ausm]

Originally posted by: djheater
Super easy to set up recurring deposits and super easy to transfer.

There aren't any cons as far as I can tell, accept remembering the damn accuount ID.

I agree it is a good way to save money.


Sysadmin

 

[IHYLN]

yeah is there any catch? sounds really good.

 

[Jzero]

Originally posted by: AgentEL
2.1%?! What's the catch?

My WaMu account gets only 0.5%. The WaMu premium account gets 0.9%.

No physical branches, no checking. They claim they are passing the savings of their low overhead on to you.

 

[gistech1978]

Originally posted by: Sysadmin

Originally posted by: djheater
Super easy to set up recurring deposits and super easy to transfer.

There aren't any cons as far as I can tell, accept remembering the damn accuount ID.

I agree it is a good way to save money.


Sysadmin

and make some for very little effort.
:beer:

 

[ivol07]

Interest Paid Year to Date: $49.18
Interest Paid in 2003: $94.44

Hope the rate continues to go up.

 

[misle]

When I first signed up with ING, they gave you $50 for opening the account and had 5% interest. Hopefully they will make it back up to that!

 

[pyonir]

Originally posted by: IHYLN
yeah is there any catch? sounds really good.

I thought there would be one too. I've found no catch. About the only thing is you can only transfer money like 6 times a month. I guess that is a federal law though:

3. ACCOUNT TRANSFER LIMITATIONS. You may only transfer funds out of your savings account(s) up to six (6) times per monthly statement cycle using any combination of our electronic fund transfer services; no more than three (3) of these transfers may be made by debit card. You are not limited in the number of transfers that you may make into your savings account(s). These transfer limitations are imposed to comply with Federal Law.

 

[djheater]

with an ING CD, are you able to withdraw it the same day as the term expiration without penalty? If you lezve it there does it continue to accrue at the same rate?.. Waht I'm interested to know about is term expiration and withdrawal procedures.

 

[pyonir]

Originally posted by: djheater
with an ING CD, are you able to withdraw it the same day as the term expiration without penalty? If you lezve it there does it continue to accrue at the same rate?.. Waht I'm interested to know about is term expiration and withdrawal procedures.

Here is some info from their FAQ:

Will ING DIRECT remind me of the maturity date on my Orange CD?
Yes. We will send you a notice about 60 days prior to maturity, including information on renewal and the current renewal rate. Then as owner of the CD, you must contact an ING DIRECT Sales Associate at 1-888-ING-0727 and give instructions to either transfer the maturity value to the linked account, or to renew the CD at the current rate. If instructions are not provided, the CD (including accrued interest) will automatically be renewed at the current rate.

Upon maturity of my Orange CD, how long will it take for money to appear in my linked account?
You will have access to money transferred from your Orange CD into your linked account usually within two business days.

What if I provide ING DIRECT with maturity instructions after the CD maturity date?
Your Orange CD (including accrued interest) will automatically renew at the current rate. However, you may still redeem your certificate, or change the amount or term, within 10 calendar days from the maturity date without penalty.

Can I add money to my CD once it has been opened?
While you can't add money to an existing CD, you can open additional CDs at any time. And with no minimums, you can open an Orange CD whenever you want to save your money. You also have the opportunity to add to your CD, if you chose when you renew at maturity.

Can I change the account that is linked to my Orange CD?
Yes. You can always change your linked account. Simply call 1-888-ING-0727 to speak with an ING DIRECT Sales Associate. But remember certain types of checks cannot be linked. Click here for a complete explanation of how to link an account.

 

[AgentEL]

If there is no physical branch, how do you get your money? Transfer it to another bank with a physical location and withdraw from them?

 

[gistech1978]

Originally posted by: AgentEL
If there is no physical branch, how do you get your money? Transfer it to another bank with a physical location and withdraw from them?

you link it to your account at your existing bank.

 

[ElFenix]

Originally posted by: pyonir

Originally posted by: djheater
accept remembering the damn accuount ID.

I just keep a little slip of paper in my wallet with the number on it. Simple as that.

*steals pyonir's wallet*

 

[djheater]

Originally posted by: pyonir

Originally posted by: djheater
with an ING CD, are you able to withdraw it the same day as the term expiration without penalty? If you lezve it there does it continue to accrue at the same rate?.. Waht I'm interested to know about is term expiration and withdrawal procedures.

Here is some info from their FAQ:

Will ING DIRECT remind me of the maturity date on my Orange CD?
Yes. We will send you a notice about 60 days prior to maturity, including information on renewal and the current renewal rate. Then as owner of the CD, you must contact an ING DIRECT Sales Associate at 1-888-ING-0727 and give instructions to either transfer the maturity value to the linked account, or to renew the CD at the current rate. If instructions are not provided, the CD (including accrued interest) will automatically be renewed at the current rate.

Upon maturity of my Orange CD, how long will it take for money to appear in my linked account?
You will have access to money transferred from your Orange CD into your linked account usually within two business days.

What if I provide ING DIRECT with maturity instructions after the CD maturity date?
Your Orange CD (including accrued interest) will automatically renew at the current rate. However, you may still redeem your certificate, or change the amount or term, within 10 calendar days from the maturity date without penalty.

Can I add money to my CD once it has been opened?
While you can't add money to an existing CD, you can open additional CDs at any time. And with no minimums, you can open an Orange CD whenever you want to save your money. You also have the opportunity to add to your CD, if you chose when you renew at maturity.

Can I change the account that is linked to my Orange CD?
Yes. You can always change your linked account. Simply call 1-888-ING-0727 to speak with an ING DIRECT Sales Associate. But remember certain types of checks cannot be linked. Click here for a complete explanation of how to link an account.

Thanks pyonir, RTFM, .

 

[Turkish]

So who is using CD here?