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ING Direct Orange Account

B

bleeb

Lifer
I got in on the deal to help out Minendo's Apt808 Pic Hosting site.

If I leave that account and never touch it, how much will accumulate in 75 years?

Current interest rate (2.10%) on it and I initially put $1.00 + free $25.

Assume I started today. =)
 
Originally posted by: bleeb
I got in on the deal to help out Minendo's Apt808 Pic Hosting site.

If I leave that account and never touch it, how much will accumulate in 75 years?

I'm not sure of the current interest rate on it but I initially put $1.00 + free $25.

Assume I started today. =)
Click to expand...

Assuming interest rates remain the same at 2.1% and account is compounded monthly,

$26* ( 0.021/12 + 1)^(75*12) = a WHOPPING $125.43!
 
Originally posted by: minendo
Originally posted by: bleeb
hahah thats it???!!

That blows!!
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Sure, but it's $140 or so more dollars than if you just spent the $1 right away. 😉
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But I'll be dead by the time I can get the 140 bones. plus, it's going to take 75 years to amass that wealth.
 
But if you take your current $26 and put in $10 more each month for the next 900 months (75 years) you'll have $21,810.08. 😉

ING has the calculator for this in their tips & tools section btw.
 
Originally posted by: Sysadmin
Originally posted by: AgentEL
Don't forget to account for inflation ;-)
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That would make it a negative number then.


😉


SYsadmin
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what is the inflation rate these days? If its say 3%, and you have your money earning 2.1%, are you technically losing money? Like, would it be better to spend the money on something now, like realestate?
 
Originally posted by: austin316
Originally posted by: Sysadmin
Originally posted by: AgentEL
Don't forget to account for inflation ;-)
Click to expand...



That would make it a negative number then.


😉


SYsadmin
Click to expand...

what is the inflation rate these days? If its say 3%, and you have your money earning 2.1%, are you technically losing money? Like, would it be better to spend the money on something now, like realestate?
Click to expand...

Yup, indeed it would. This scenario is also induced purposely by Mr. Greenspan btw to compel people to spend instead of save. The reverse is done to curb inflation, ie, raise rates to make people save instead of spend.
 
I assume bleeb is satisfied with his answer so maybe he won't mind if I try and hijack the thread.


Thread hijack:

The Orange Savings Account info says, "When you open your account, it is automatically linked to your current checking account used for your initial deposit."

So, say I make a deposit using my Citibank check, then the ING account links to the Citibank account and I can transfer between the two??

For those who have tried something like this; there are fees to transfer money from one bank to another, no?
 
Originally posted by: Rumpltzer
I assume bleeb is satisfied with his answer so maybe he won't mind if I try and hijack the thread.


Thread hijack:

The Orange Savings Account info says, "When you open your account, it is automatically linked to your current checking account used for your initial deposit."

So, say I make a deposit using my Citibank check, then the ING account links to the Citibank account and I can transfer between the two??

For those who have tried something like this; there are fees to transfer money from one bank to another, no?
Click to expand...

nope, just like a regular account, but the transfer takes about 3 days
 
Originally posted by: JoeKing
Originally posted by: Rumpltzer
I assume bleeb is satisfied with his answer so maybe he won't mind if I try and hijack the thread.


Thread hijack:

The Orange Savings Account info says, "When you open your account, it is automatically linked to your current checking account used for your initial deposit."

So, say I make a deposit using my Citibank check, then the ING account links to the Citibank account and I can transfer between the two??

For those who have tried something like this; there are fees to transfer money from one bank to another, no?
Click to expand...

nope, just like a regular account, but the transfer takes about 3 days
Click to expand...

Same experience here.

It's not transferred via "wire transfer" so there are no fees, however it does take around 3 full business days for the transactions to post.
 
You're forgetting that you will have to pay tax on the yearly interest, so the true amount of money you have at the end is less.
 
does it have to be linked to a checking account? could i link it to a paypal account? then keep my paypall empty and transfer money in whenever i need it?
 
Originally posted by: OrganizedChaos
does it have to be linked to a checking account? could i link it to a paypal account? then keep my paypall empty and transfer money in whenever i need it?
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don't think so. Call their customer service number to make sure. They are really helpful and polite... I think they're Canadian 😉
 
Originally posted by: Rudee
You're forgetting that you will have to pay tax on the yearly interest, so the true amount of money you have at the end is less.
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...only if you make above a certain amount in interest...
 
Originally posted by: Rudee
You're forgetting that you will have to pay tax on the yearly interest, so the true amount of money you have at the end is less.
Click to expand...

Isn't this how it works with ALL interest bearing savings and checking accounts?
 
Originally posted by: RossMAN
Originally posted by: Rudee
You're forgetting that you will have to pay tax on the yearly interest, so the true amount of money you have at the end is less.
Click to expand...

Isn't this how it works with ALL interest bearing savings and checking accounts?
Click to expand...

how much do you have to make to pay taxes?
 
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