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ING Direct Orange Savings account - interest rate bumped!

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Who still needs a referral? PM me with your full name and e-mail. Pretty nice that you just need like $0.50 to sign up and you get $25 free.
 
I suggest people do not sign up just to get the $25. I hope people do this to save extra money and want a better interest rate than their current land based banks.
 
Originally posted by: digitalchris
2.35% APY

does that mean if you leave 20k in there for a year, all you'll make in interest is $470?
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Don't know about you and yours, but my credit union (DCU, rated one of the best CUs in the nation) only offers 0.25% APY on the basic savings, and 2.40%APY on the "LTD Account" with a $25,000 minimum. 2.35 with no minimum is a great deal for those of us who aren't (yet) Rockafellers... 😉

And yes I agree with another above poster, while the free money is good, the account is definitely worth keeping beyond that. They have an excellent automatic savings plan if you do want to use it to sock away some scratch.
 
I am single and I am in-between houses now and don't know when I will be buying another. So I have a good bit of cash. The FDIC only insures each customer $100,000 per institution. In other words, if I have $100,000 in ING Direct, that is all I would be covered for if ING goes under. I would feel safer having more than that in another "bank", but ING is SO convenient. I don't want a joint account.

I have no reason to think that ING is going under, but then I am talking about my life savings.

Any thoughts, suggestions or words of wisdom?
 
Originally posted by: spyboy64
I am single and I am in-between houses now and don't know when I will be buying another. So I have a good bit of cash. The FDIC only insures each customer $100,000 per institution. In other words, if I have $100,000 in ING Direct, that is all I would be covered for if ING goes under. I would feel safer having more than that in another "bank", but ING is SO convenient. I don't want a joint account.

I have no reason to think that ING is going under, but then I am talking about my life savings.

Any thoughts, suggestions or words of wisdom?
Click to expand...

If it's FDIC insured, you really don't have to worry about anything in terms of getting your money back if the unforseen should happen. I don't expect ING to be going anywhere in the next decade unless it's purchased by another institution. What makes you think that something would happen to ING, anyway? What makes an online-only bank more of a risk than Bob's Bank down on the corner next to the 7-11?

Gotta put your life savings somewhere, though. 🙂 If you know for certain that you're going to be hanging on to your money for a good amount of time, I'd recommend a CD instead of a savings account. CD's are guaranteed and typically have a shorter period of time in which they accrue interest. For instance, a 3-month CD through E*TRADE will net you about 2.3% interest while a full year is about 3-4%. Slightly better return than a regular savings account. I'd shop around for a convienient institution and investigate a little more fully, though.
 
Thanks Hender

I have no reason to think ING is going down. Just very cautious about putting all my eggs in one basket. And I don't have any qualms about ING being an on-line institution, of course that is how they can afford to pay 2.35%. Low overhead. No B&M, no ATM, etc.

Etrade 3 month CD at about 2.28% is pretty good for such a short term. With the FDIC max in ING, I should be more than liquid enough. Even if I were to buy a house, I should have more than enough to make a down payment in my ING account. Etrade 3 month CD looks good, thanks.
 
When does the interest that they show actually go into the account. I see where it says monthly interest earned but for the current month (my first month with them), but that interest doesn't show in my balance.
 
Originally posted by: nippyjun
When does the interest that they show actually go into the account. I see where it says monthly interest earned but for the current month (my first month with them), but that interest doesn't show in my balance.
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Monthly.

Edit: Keep in mind with the weak dollar that inflation is at around 4-5% I believe, so this isn't a good long-term solution for your $.
 
Originally posted by: MadCowDisease
Originally posted by: nippyjun
When does the interest that they show actually go into the account. I see where it says monthly interest earned but for the current month (my first month with them), but that interest doesn't show in my balance.
Click to expand...

Monthly.

Edit: Keep in mind with the weak dollar that inflation is at around 4-5% I believe, so this isn't a good long-term solution for your $.
Click to expand...

Perhaps, but is the under-1% offered by most savings accounts better? 😕
 
there's a $50 bonus if u just search for abit. there's been one in discussion on B$ for quite some time.

//krunk (^_^x)
 
ING Referrals available:

PM me with your 1st & last name + the e-mail address you will open the account with.

Specify the type of referral you want - savings referral ($25 bonus) or loan ($50 bonus).


Cheers.
Dave

 
I have quite a few referrals left.
PM me with first and last name and the email address with which you will open the account.
 
I also have quite a few referrals left.
PM me with first and last name and the email address with which you will open the account and I'll send you one.
 
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