ING Direct: What are the pros and cons?

[RossMAN]

ACH = Automatic Clearing House or automatic payments debited from your checking account every month, like a car loan.

 

[NoReMoRsE]

Two more questions:

1. I understand that the interest rate for the savings account is variable. But how variable is it (i.e. how far up or down can they change the rate)? And do they give written notice prior to changing the rate?

2. What does it mean by "amount on hold" in my account information on the ING Website?

Thanks.

 

[NoReMoRsE]

Bumpity Bump for Assistance
Thanks guys

 

[Mutilator]

Most of us use the US ING so Canada's may be slightly different but I'll throw out some responses:
1. They don't give us any notice, they just post the new rate on their website with an explanation of why rates change. I don't think there is a limit on how high or low the rates can go.

2. With the US ING if you make a deposit to your account it starts getting interest 2 days later, it is then available for withdrawl 10? (might be 7) days later. You can't make a deposit and then pull it back out immediately... you have to wait a week or so.

 

[Mr N8]

Originally posted by: InverseOfNeo

Originally posted by: lnguyen
con: rates keep falling ah well, that's how the market goes.

it's nice to have.. i auto-debit from my checking monthly.... granted it's a very small amount, but i gotta start somewhere. started w/ a $50 bonus too

Maybe the rates are falling BUT its just over 1% better than my bank that I am with now.

Yep. We're down to .65% on savings at my bank.

Another pro I thought of. At least it is for me. Since I don't have immediate access to the funds, its easier for me to just leave it sitting there. I've saved more money in my ING account than I have in anything else.

 

[NoReMoRsE]

Originally posted by: MogulMonster

Originally posted by: InverseOfNeo

Originally posted by: lnguyen con: rates keep falling ah well, that's how the market goes. it's nice to have.. i auto-debit from my checking monthly.... granted it's a very small amount, but i gotta start somewhere. started w/ a $50 bonus too

Maybe the rates are falling BUT its just over 1% better than my bank that I am with now.

Yep. We're down to .65% on savings at my bank. Another pro I thought of. At least it is for me. Since I don't have immediate access to the funds, its easier for me to just leave it sitting there. I've saved more money in my ING account than I have in anything else.

Thanks for the responses guys.

Turns out the rate for Canadians dropped from 3.00% to 2.75% yesterday. The rates depend on what is set by the Bank of Canada (I guess it's similar to your Federal Reserve in the U.S.?).

 

[brtspears2]

Pro and Con:
I can't get my money quickly.