What do you think of ING savings accounts?

[GoingUp]

I was looking at opening one as a place to put some money aside for saving for a place. The rate seems pretty good and my money wont be tied up or at risk.

Just wondering what you all thought, and if there is someone who might get a referral if I sign up, the first one to PM me with that information will get the credit.

Edit: edro13 was the first one to respond, so hell get the credit if I sign up. I want to know what the rest of you think of the accounts.

 

[imported_FishTaco]

It's 2.6% with no minimums and no fees. FDIC insured, so I don't see anything wrong with it. The only drwaback is that you have to transfer your money from your ing to a checking account before you can withdraw it. So it's not as convenient as a bank where you can walk in with your savings passbook and get your money the same day.

 

[KoolAidKid]

There are approxiamtely 11 billion threads about ING on this forum. ING is the darling of ATOT.

 

[jadinolf]

Originally posted by: KoolAidKid
There are approxiamtely 11 billion threads about ING on this forum. ING is the darling of ATOT.

Don't exaggerate. It's only 10.5 billion.

 

[Alex]

DO IT!

damn... rfeferral alrady taken....

but yeah do it you cant go wrong they never charge anything even if you move tghe money back n forth

 

[Ausm]

ING Account rock I really like all the ones I have.

Ausm

 

[osiris3mc]

I just opened one up yesterday! It seems very cool - good rate, no fees.

 

[jdub1107]

Started with ING, now giving Emigrant Direct a try. So far, the latter's site and signup process doesn't seem as nice and simple as ING's.

 

[RossMAN]

Originally posted by: FishTaco
It's 2.6% with no minimums and no fees. FDIC insured, so I don't see anything wrong with it. The only drwaback is that you have to transfer your money from your ing to a checking account before you can withdraw it. So it's not as convenient as a bank where you can walk in with your savings passbook and get your money the same day.

Very nice summary and I totally agree.

 

[KarenMarie]

I opened one a few months ago. So far, so good.

 

[rh71]

I thought it was a PITA.

I have left $35 in there untouched for about 3-4 years because it is a PITA to deal with. How do you deposit checks ? Still by mail ? I'm not sending any $100+ check through the mail. Especially rebate checks.

The other deal breaker was the waiting period before funds become available. As if the days with a regular bank weren't enough already before you did the transfer to ING.

If anything's changed, fill me in.

 

[TallBill]

I set one up before coming on deployment, but I need to print and sign and mail in something which I just cant do over here, so I'll activate the account when I get home. I'll probably use it often.

 

[GoingUp]

What is the minimum that you need to put in there to start?

 

[AStar617]

Originally posted by: rh71
I thought it was a PITA.

I have left $35 in there untouched for about 3-4 years because it is a PITA to deal with. How do you deposit checks ? Still by mail ? I'm not sending any $100+ check through the mail. Especially rebate checks.

The other deal breaker was the waiting period before funds become available. As if the days with a regular bank weren't enough already before you did the transfer to ING.

If anything's changed, fill me in.

Link your savings account to your existing checking account from another bank, then deposit the check there and transfer it electronically to ING. It's not that big a deal at all.

And regarding the wait period, why are you even bothering to put your money in a savings account if you're gonna withdraw it in less than a week?

 

[Anonemous]

Originally posted by: rh71
I thought it was a PITA.

I have left $35 in there untouched for about 3-4 years because it is a PITA to deal with. How do you deposit checks ? Still by mail ? I'm not sending any $100+ check through the mail. Especially rebate checks.

The other deal breaker was the waiting period before funds become available. As if the days with a regular bank weren't enough already before you did the transfer to ING.

If anything's changed, fill me in.

Just deposit checks at your local bank. And e-transfer to it from your bank.

edit: dang it astar beat me to it

 

[AStar617]

Originally posted by: Gobadgrs
What is the minimum that you need to put in there to start?

I started with $1.

 

[NikPreviousAcct]

Originally posted by: Gobadgrs
What is the minimum that you need to put in there to start?

Originally posted by: FishTaco
It's 2.6% with no minimums and no fees.

 

[NikPreviousAcct]

I really like ING so far. I've called their customer service twice in the past two days for an issue and they've been so completely helpful, concise, and professional. I'm extremely impressed with their customer service. I forgot to transfer funds from one account to another, so when they tried debiting the beginning balance that I told them to take, it failed, and they closed my account. Luckily, when I called them to tell them "oh, yeah I'm a dumbass. Here's the funds" they opened the account and gave me my referral back.

 

No, I wouldn't recommend ING. I wanted to use them 4 years ago--until I realized that I was required to link my checking account to my savings account. You could get just the same or higher competitive rate from other internet based banks without having to do that. Check bankrate for current rates.

Personally, I chose UFB, which is a subsidiary of National Interbank. Their current rate is 2.75%, and their rate is always competitive. But if you still want a bank like ING, I would rather go with virtualbank.com or emigrant-direct.com (current rate is 3%). I would go with them because their rates are usually higher than ING's, and interest is compounded daily. I also have an account with Netbank, but their rate isn't as good as UFB's. They did give a free introductory checkbook. If you do not want that temptation, then go with a bank like UFB because they will not give a free checkbook for money market accounts.

 

[edro]

Originally posted by: Gobadgrs
What is the minimum that you need to put in there to start?

I sent you a $1 gift, you you don't need to deposit anything (I don't think).

 

[dabuddha]

Originally posted by: rh71
I thought it was a PITA.

I have left $35 in there untouched for about 3-4 years because it is a PITA to deal with. How do you deposit checks ? Still by mail ? I'm not sending any $100+ check through the mail. Especially rebate checks.

The other deal breaker was the waiting period before funds become available. As if the days with a regular bank weren't enough already before you did the transfer to ING.

If anything's changed, fill me in.

I have them take the money directly out of my checking account. No mailing required.

 

[AStar617]

Originally posted by: DearQT
No, I wouldn't recommend ING. I wanted to use them 4 years ago--until I realized that I was required to link my checking account to my savings account. You could get just the same or higher competitive rate from other internet based banks without having to do that. Check bankrate for current rates.

Personally, I chose UFB, which is a subsidiary of National Interbank. Their current rate is 2.75%, and their rate is always competitive. But if you still want a bank like ING, I would rather go with virtualbank.com or emigrant-direct.com (current rate is 3%). I would go with them because their rates are usually higher than ING's, and interest is compounded daily. I also have an account with Netbank, but their rate isn't as good as UFB's. They did give a free introductory checkbook. If you do not want that temptation, then go with a bank like UFB because they will not give a free checkbook for money market accounts.

Apples and oranges. The rate you quote at UFB is for a money market account, and ING offers a savings account. There is always a possibility that your balance can decrease in a money market account, which is still an investment regardless of its liquidity. No such possibility with ING's Orange account.

 

[NikPreviousAcct]

Originally posted by: AStar617

Originally posted by: DearQT
No, I wouldn't recommend ING. I wanted to use them 4 years ago--until I realized that I was required to link my checking account to my savings account. You could get just the same or higher competitive rate from other internet based banks without having to do that. Check bankrate for current rates.

Personally, I chose UFB, which is a subsidiary of National Interbank. Their current rate is 2.75%, and their rate is always competitive. But if you still want a bank like ING, I would rather go with virtualbank.com or emigrant-direct.com (current rate is 3%). I would go with them because their rates are usually higher than ING's, and interest is compounded daily. I also have an account with Netbank, but their rate isn't as good as UFB's. They did give a free introductory checkbook. If you do not want that temptation, then go with a bank like UFB because they will not give a free checkbook for money market accounts.

Apples and oranges. The rate you quote at UFB is for a money market account, and ING offers a savings account. There is always a possibility that your balance can decrease in a money market account, which is still an investment regardless of its liquidity. No such possibility with ING's Orange account.

Bingo. Plus that and why is it a problem to link to your bank account? How else are you going to transfer funds over the internet from checking to savings account? Why are people worried about linking to their bank account as long as the company is respectable and has a trustworthy reputation?

 

[Yossarian]

I named my first child ING.

 

Originally posted by: AStar617
Apples and oranges. The rate you quote at UFB is for a money market account, and ING offers a savings account. There is always a possibility that your balance can decrease in a money market account, which is still an investment regardless of its liquidity. No such possibility with ING's Orange account.

I'm sorry, but I have no idea what you're talking about! How's it possible that your money decreases in a MMA but that possiblity absent in a savings account?

Secondly, even if your statement were true, National Interstate bank, which owns UFB have competitive rates (2.70% compounded daily) that are even higher than ING's and the account type is savings account. So I still wouldn't recomment ING. However, I still want clarity in regards to your statement.