What do you think of ING savings accounts?

[AStar617]

Originally posted by: Yossarian
I named my first child ING.

You seriously need to quote yourself in your sig. Particularly since you're promoting the referrals too, I'm guaranteeing that'll help you move them. :laugh:

 

[dabuddha]

Originally posted by: Nik

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?

That and you should do what I did. I setup another checking account at wells fargo and linked that checking account to my ING direct account. That way, they don't have access to my main account. Whenever I want to transfer funds to my ING account, I just transfer money from my main checking account to my 2nd account (done instantly) and then transfer that to ING. Same sort of setup I have for paypal as well.

 

[AStar617]

Originally posted by: DearQT

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.

A money market account is actually a low-yield, low-risk mutual fund. But note the wording: that means a risk exists, low as it may be. Savings accounts are NO-RISK so long as you bank at a reputable institution and stay under the FDIC insurance limit.

I won't bother retyping details that can easily be Googled--here's a good summary on how they work.

 

[dabuddha]

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.

You never gave a clear reason why you wouldn't use ING. You state that you have to link your checking account but how else would you transfer money to the account? Mailing them a check?

 

[mcvickj]

Does anyone know if you can direct deposit directly to the ING account? I already have the funds going to my checking account but it would be nice to just have X number pulled from my check and moved right to the ING account. Sort of like a set it and forget it kind of thing.

EDIT: I just noticed dabuddha's comment. So it is possible.

 

[Jzero]

Originally posted by: mcvickj
Does anyone know if you can direct deposit directly to the ING account? I already have the funds going to my checking account but it would be nice to just have X number pulled from my check and moved right to the ING account. Sort of like a set it and forget it kind of thing.

Log into your ING account. It's easy to set up recurring withdrawals from your checking account.

 

[AStar617]

Originally posted by: mcvickj
Does anyone know if you can direct deposit directly to the ING account? I already have the funds going to my checking account but it would be nice to just have X number pulled from my check and moved right to the ING account. Sort of like a set it and forget it kind of thing.

Don't remember offhand if they do an actual direct deposit, but I know they offer a scheduled electronic withdrawal program from your linked checking account. I use this to dump X in the the account every 15th of the month.

Edit: or listen to jzero, who beat me to the punch.

 

[MSCoder610]

Actually, I'm not sure if that's correct-
Text

Originally posted by: AStar617

A money market account is actually a low-yield, low-risk mutual fund. But note the wording: that means a risk exists, low as it may be. Savings accounts are NO-RISK so long as you bank at a reputable institution and stay under the FDIC insurance limit.

I won't bother retyping details that can easily be Googled--here's a good summary on how they work.

 

[dabuddha]

Originally posted by: mcvickj
Does anyone know if you can direct deposit directly to the ING account? I already have the funds going to my checking account but it would be nice to just have X number pulled from my check and moved right to the ING account. Sort of like a set it and forget it kind of thing.

EDIT: I just noticed dabuddha's comment. So it is possible.

Yes you can
I just set my direct deposit up last week and it's already working. For now, I'm only putting $25 per paycheck in there.

From the My Account link, look carefully and you'll see a link labeled "Direct Deposit Form for this Account"
Click on that and it'll show you the routing number and account number to use.

 

Originally posted by: AStar617

Originally posted by: DearQT

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.

A money market account is actually a low-yield, low-risk mutual fund. But note the wording: that means a risk exists, low as it may be. Savings accounts are NO-RISK so long as you bank at a reputable institution and stay under the FDIC insurance limit.

I won't bother retyping details that can easily be Googled--here's a good summary on how they work.

Do you mean to tell me that the bank is misleading me when it says that all deposit products are FDIC insured up to $100,000.00? I think you have things mixed up. It's funny, ING advertises its products on google as a money market account. Way to mislead people; isn't it?

Okay, I'm afraid you're mixing two different concepts together. Note that the article you linked said "Money-Market Funds". Here's an article on Money Market Funds that briefly touches on the difference between Money-Market Funds and Money-Markey accounts: Money Market Mutual Funds. Now you know the difference!

"Money market funds, however, are completely different from money market accounts and money market instruments. Money market accounts are basically special kinds of savings accounts that you can open at any local bank, and a money market instrument is a form of highly-liquid short-term debt security. Furthermore, unlike a bank account, returns from money market funds are not guaranteed even though they are lower risk."

 

[AStar617]

Yup, I mixed the two up.

 

Originally posted by: AStar617
Yup, I mixed the two up.

Yeah, the only draw back and difference between the two accounts that I am aware of, as a consumer, is the fact that you're only allowed to write 1 check in 6 months for MMA. You get penalized if you write more than one in six months. However, that's actually a motivation not to withdraw from your savings account, which is a good thing. Actually, UFB doesn't offer check writing privileges for high-yield MMA.

Originally posted by: dabuddha
You never gave a clear reason why you wouldn't use ING. You state that you have to link your checking account but how else would you transfer money to the account? Mailing them a check?

I wouldn't use it because of the link to checking accounts. I don't feel comfortable doing that for an internet based service. Moreover, I generally like to keep my checking account(s) separate from my savings account(s). I didn't want to open another checking account solely for ING savings, especially as I had bad experiences with internet banks that promised free checking but soon began charging. Now I have a second, and secondary, checking account with a B&M bank, so maybe I wouldn't mind now. However, ING is still competitive but not as competitive as before.

I do my deposits via mail. UFB has partnership with The UPS Store (a.k.a Mail Box Etc.), so you could even track your checks! They have different options for deposits, though. You could transfer funds online if you have a free checking account with them. You could do a direct deposit, wire transfer or mail your deposits with their prepaid postage envelopes.

To the OP: Btw, UFB also offers an ATM card for purchases and withdrawals, but they only reimburse up to $4.50 for ATM charges by other banks. You can see all fees.

 

[GoingUp]

Geez, lots of info in this thread. Thanks to everyone for the replies. I just basically wanted somewhere that I can stick cash away for buying a house. I dont want any risk and the fact that I have to wait 5 days to get the money will prevent me from blowing it on anything stupid. (Kind of like a waiting period for handguns but in this case it would apply to electronics)

Edit: I went ahead and opened and ING account. I didn't trust some of those other places that were named. I've never heard of them and I don't want to take the chance with my money. It's too risky, kind of like using Russian anti-virus software.

 

[Rudee]

WTf??? Over 10k posts and you can't do a search on this overdiscussed topic?

 

[GoingUp]

Originally posted by: Rudee
WTf??? Over 10k posts and you can't do a search on this overdiscussed topic?

i didnt get to 10k posts by wasting my time searching

 

[NikPreviousAcct]

Originally posted by: Rudee
WTf??? Over 10k posts and you can't do a search on this overdiscussed topic?

teh search is teh busted

 

[johnlmiii]

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.

Actually a money market ACCOUNT is FDIC insured and there is no possibility that your balance will decrease. It is every bit as safe as a savings account. What you are speaking of is a money market FUND which can decrease in value and is not FDIC insured.