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Question about INGdirect interest rates

C

coolred

Diamond Member
I am about ready to sign up for an INGdirect savings account, they are offering 2.3% on it. Can someone explain to me how this is figured. I mean say I have 100.00 dollars in the account, how long must it be there before it earns interest and then how much interest will it earn?


 
snapshot of my acct:


31-Dec-02 Interest Paid 1.34
30-Nov-02 Interest Paid 1.29
31-Oct-02 Interest Paid 1.11
7-Oct-02 EFT Internet Deposit from THE TORONTO-DOMINION BANK 500.00
 
if it's a 2.3 APR (Annual Percentage Rate) which means that when you deposit $100.00 they calculate (continusly, but for the purposes fo the example we'll do it monthly) how much interest you would earn throughout the year ($2.30) and divide that by the month (2.30/12 = $0.19) which means you can expect to earn about 19 cents each month.

The banks have comptuers that will compute more precise results but that's a very accurate estimate.
 
I have an account with ING Direct, but have never put money in there yet. Are they FDIC insured? I'm getting ready to transfer about two grand and let it sit there to collect interest, but I'm not ready to lose that money should they fold. I'm not too familiar with them, someone referred me to them so I figured why not.
 
Just a note about ING... their savings interest rate does change with the market... I remember getting 6%!!!
I was getting like 20 bucks a month for a while... it was sweet... but now I'm broke. 🙁
 
Originally posted by: Down4U
I have an account with ING Direct, but have never put money in there yet. Are they FDIC insured? I'm getting ready to transfer about two grand and let it sit there to collect interest, but I'm not ready to lose that money should they fold. I'm not too familiar with them, someone referred me to them so I figured why not.
Click to expand...

they're a real bank, and FDIC insured, so unless you are putting $100,000+ in there i wouldn't worry about it
 
i have 50 dollar interest a month from them.. they pay me beginning of every month. I like it.. they are a big bank, traded on nasdaq. too bad no atm
 
Originally posted by: falconx80
Originally posted by: Down4U
I have an account with ING Direct, but have never put money in there yet. Are they FDIC insured? I'm getting ready to transfer about two grand and let it sit there to collect interest, but I'm not ready to lose that money should they fold. I'm not too familiar with them, someone referred me to them so I figured why not.
Click to expand...

read this thread

http://forums.anandtech.com/messageview.cfm?catid=40&threadid=976930&highlight_key=y&keyword1=ing
Click to expand...

Thanks. Seems to me I have nothing to worry about.
 
So it is calculated daily though, right? I mean say you have 100.00 dollars in the account from May 1st to may 31st. As was explained that would earn .19 cents a month or 2.30 a year. Now what happens if you deposit 400.00 dollars into the account on the 30th of may and then withdrawl it on the 1st of June. You would only get interest for the 2 days it was in your account right?
 
Yes they are FDIC insured and backed by one of the largest financial institutions in Europe.

So your money is safe.
 
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