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ING Direct Accounts

R

RagingBITCH

Lifer
The general rule is the greater the interest rate, the greater the risk. What "risks" are there in putting your money into an ING direct account? I have a CD paying like 1%, savings account like .5%, but those are inherently safe. What is it about the ING direct accounts that are "less safe" that they can offer a higher interest rate?
 
Assuming you're talking about their Orange Savings Account, there is NO RISK since they are FDIC insured and one of the largest financial instutions in Europe.

Since they are an "internet only bank" they have SIGNIFICANTLY less overhead than traditional b&m banks do.
 
Their regular savings accounts are insured, so you're safe. They do have mutual fund like accounts that have some risk.
 

How can ING Direct offer consistently high rates?
Simple... as a direct bank, we've eliminated many expenses other banks have, like managing and maintaining a lot of branches. We concentrate on what we do best: Savings Accounts. That saves money, and we pass those savings on to you. As part of ING, one of the world's largest financial services providers, we have the capacity to reach millions of customers, providing them with superior service, and high interest on their savings accounts. C insured...ING Statement
 
I have an ING account. Kristin and I are both shoveling money into our accounts for the wedding. I dont know if I can fully answer your question corrently, but from what I can tell, once you transfer the money, you cannot touch is (access it, or pull it out) for 3-4 days. Then, once you do pull it out, it takes another 3-4 days. I think they have to "uninvest it". There are no branches, its all done online and on the phone, so they save money there and that trickles down to you.

If you're interested, do you mind using my name as a refferal? So I can get $25 to put towards the wedding? 😀
 
Originally posted by: RagingBITCH
Yea - the Orange Savings Account. So the OSA is Grand Nagus approved over a normal Savings Account?
Click to expand...

Why not have both?

[insert pimp avatar]

Of course if you have any bad debts (credit cards) you should pay those off first before thinking about investing.

Melvin, PM me your name and email address. I can send you an offer for free $25 if you open a savings account 🙂
 
lol, hmm.......RossMAN or warcrow....who should I join/open with? 🙂

RM - no bad debts - all CCs are paid in full every month. I only have 2 CC's (one for gas, one for purchases) and a car note to worry about. Of course I'm going to continue to have my savings account, but it'd be wiser to just dump it monthly into the OSA?
 
I'm about to open an ING account so that I can have a dedicated bank account for PayPal/eBay. I used the the referral code from pics.apartment808.com
 
Originally posted by: RagingBITCH
Of course I'm going to continue to have my savings account, but it'd be wiser to just dump it monthly into the OSA?
Click to expand...

Yes of course since the % yield is higher than your local bank is.

While you're at it, open a checking account with PresidentialBank.com and earn a nice 2.75% 😉
 
Ehh, I'd rather keep all these accounts to a minimum if possible. My checking stays barebones dry 99% of the time (except for a few hundred maybe) until it times to pay bills, then I just transfer the right amount over.
 
You would be donating to Kristin and I. Thats two people with one donation. Also, its going straight to the wedding.

Oh, and you're a sexy bitch, have I ever told you that.
 
Originally posted by: warcrow
You would be donating to Kristin and I. Thats two people with one donation. Also, its going straight to the wedding.

Oh, and you're a sexy bitch, have I ever told you that.
Click to expand...

I tell him that every night on the phone, so I got you beat!
 
Originally posted by: RagingBITCH
lol, hmm.......RossMAN or warcrow....who should I join/open with? 🙂
Click to expand...

depends on who's gonna paypal you back part of the 25 bucks 🙂



anyways, if the 2.20 APR is something not I wanted, is there any reason to open an ING OS account?
 
Originally posted by: andylawcc
Originally posted by: RossMAN
While you're at it, open a checking account with PresidentialBank.com and earn a nice 2.75% 😉
Click to expand...

whao, 2.75? so the interest is compounded daily?

how come the rates for 1 yr CD is actually lower than the checking account one?
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is that for real??? if so I gotta get on it. I generally keep 5K in my checking account
 
Originally posted by: RossMAN
Originally posted by: warcrow
You would be donating to Kristin and I. Thats two people with one donation. Also, its going straight to the wedding.

Oh, and you're a sexy bitch, have I ever told you that.
Click to expand...

I tell him that every night on the phone, so I got you beat!
Click to expand...

lol
 
Originally posted by: spidey07
Originally posted by: andylawcc
Originally posted by: RossMAN
While you're at it, open a checking account with PresidentialBank.com and earn a nice 2.75% 😉
Click to expand...

whao, 2.75? so the interest is compounded daily?

how come the rates for 1 yr CD is actually lower than the checking account one?
Click to expand...

is that for real??? if so I gotta get on it. I generally keep 5K in my checking account
Click to expand...

Yes.

My bank pays a PATHETIC 0.71% something like that.
 
hum... I have roughly 500 buck leftover each month, so 500 x 12 x 2.75 = 165 each year from interest? (of course, it is not calculated "compoundly")

that is not too shabby.
 
Originally posted by: andylawcc
hum... I have roughly 500 buck leftover each month, so 500 x 12 x 2.75 = 165 each year from interest? (of course, it is not calculated "compoundly")

that is not too shabby.
Click to expand...

looks like you forgot a decimal point
 
Originally posted by: elanarchist
Originally posted by: andylawcc
hum... I have roughly 500 buck leftover each month, so 500 x 12 x 2.75 = 165 each year from interest? (of course, it is not calculated "compoundly")

that is not too shabby.
Click to expand...

looks like you forgot a decimal point
Click to expand...

$500 x 12 month x 2.75 / 100 = 165.
 
Originally posted by: andylawcc
Originally posted by: elanarchist
Originally posted by: andylawcc
hum... I have roughly 500 buck leftover each month, so 500 x 12 x 2.75 = 165 each year from interest? (of course, it is not calculated "compoundly")

that is not too shabby.
Click to expand...

looks like you forgot a decimal point
Click to expand...

$500 x 12 month x 2.75 / 100 = 165.
Click to expand...

500 x e^(1.0275) = 514
continuously compounded and assuming the 500 and the interest from it stays in there the whole year. actual amount is a bit lower because the real account is compounded daily. yes i have too much time on my hands =)
 
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