ING Direct Savings Account newb questions

[austin316]

I looked through atot and the faqs on home.ingdirect.com and I have a couple of questions.

1. is the orange savings account the same as a regular savings account?
2. how many times a month can I wire money to the account or wire money out of the account without a fee or penalty.
3. does my bank charge to put money into ing direct? I have bankone
4. has anyone used their mutual funds? it seems that they have no fees, which doesn't seem correct. if you earn what they earn on the mutual funds, how do they pay people to manage them, plus the website overhead?

 

[JzL]

roth

 

[austin316]

Originally posted by: JzL
roth

IRA? huh?

 

[pyonir]

1. yes
2. it's is up to the discretion of ING, usually it is up to six a month, but if you go over in a month, they won't charge you, unless you go over by a lot or keep doing it.
3. i have wellsfargo and there is no fee
4. no idea.

 

[pyonir]

In regard to #2:

Limits on Withdrawals/Transfers from Your OSA: Pursuant to Federal law, you're only allowed to take money out of your OSA 6 times per monthly statement cycle ("Cycle"). If you repeatedly make more than 6 withdrawals during a Cycle, we may close your account. Under Federal law, we must reserve the right to require you to give us at least 7 days written notice before you take money out of your OSA. (This hardly ever happens but legally we have to say it!)

 

[Shyatic]

Mutual funds, or hell.. most funds and stocks are money that's used for investments both long and short term. ING will take your money and invest it as they see fit. If they make a 10% return, they may give you 5% and keep 5% as margin. That's how they make money without 'fees'. In fact, most good funds don't have fees. The only thing you have to lose is all your money... which in a mutual fund is unlikely since the risk is shared amongst others and since these fund managers aren't morons (generally), they diversify your assets. It depends on whether you go with an aggressive, medium, or low risk fund. Right now I'm putting a bit of cash into an aggressive fund since the market is still rebounding and there's room for growth. Next year I'll put it into a medium risk fund and let it sit there.

 

[austin316]

Originally posted by: Scribe
Mutual funds, or hell.. most funds and stocks are money that's used for investments both long and short term. ING will take your money and invest it as they see fit. If they make a 10% return, they may give you 5% and keep 5% as margin. That's how they make money without 'fees'. In fact, most good funds don't have fees. The only thing you have to lose is all your money... which in a mutual fund is unlikely since the risk is shared amongst others and since these fund managers aren't morons (generally), they diversify your assets. It depends on whether you go with an aggressive, medium, or low risk fund. Right now I'm putting a bit of cash into an aggressive fund since the market is still rebounding and there's room for growth. Next year I'll put it into a medium risk fund and let it sit there.

so the return on ing mutual funds in not necessarily the returns I will see?

 

[RossMAN]

Originally posted by: austin316

Originally posted by: Scribe
Mutual funds, or hell.. most funds and stocks are money that's used for investments both long and short term. ING will take your money and invest it as they see fit. If they make a 10% return, they may give you 5% and keep 5% as margin. That's how they make money without 'fees'. In fact, most good funds don't have fees. The only thing you have to lose is all your money... which in a mutual fund is unlikely since the risk is shared amongst others and since these fund managers aren't morons (generally), they diversify your assets. It depends on whether you go with an aggressive, medium, or low risk fund. Right now I'm putting a bit of cash into an aggressive fund since the market is still rebounding and there's room for growth. Next year I'll put it into a medium risk fund and let it sit there.

so the return on ing mutual funds in not necessarily the returns I will see?

Also regarding Mutual Funds, remember the small print:

Mutual Funds are:
? not insured by the FDIC;
? not a deposit of or other obligation of, or guaranteed by, ING DIRECT;
? subject to investment risks, including the possible loss of principal amount invested.