ING Direct Savings - Anyone use them?

[PaKettle]

I've heard some good things about this internet savings bank and am thinking of putting my tax returns and economic recovery incentive check in there when I get them.

Right now they are offering $25 for opening an account with $250 or more and they pay better interest than most brick and mortar banks.

Just wondering if anyone here uses them or knows anyone who's used them?

I do know they say you can link them to your regular bank checking account. And I've heard generally good things about one of the other internet only banks (bankofinternet.com).

[chpxiii]

I use them. I love my Ing Direct savings account. What's great about it is there is a delay to take money out so it helps to discourage withdrawals. Atleast with me. hehe..

I have it linked to my checking account. When I want to deposit money into my IngDirect savings account, on the IngDirect website I start a transfer from my linked checking account to the IngDirect account. Infact, I did one just last night. IngDirect will email you a notification of the transfer and when funds will be available *from* the IngDirect account. For my transfer last night, the funds won't be available until March 12th. I don't know if times are different for different banks.

If I want to withdraw money from IngDirect, again in the IngDirect website I initiate a transfer from my linked checking account, except I transfer out of Ing into my checking account. It can take anywhere from 3 to 5 days, not including weekends.

And the interest rate is pretty decent.

I've had my IngDirect account going on 2 years now. Although, I have had to take money out when my cat had surgery, and for other emergencies. And I was also able to open an account while in an active Chapter 13 (as I only got discharged last Nov. 2007.)

If you have any other questions, feel to ask.

[stopthebleeding]

I just opened a account with them. I didn't put enough in initially so i guess thats why they didn't offer me the 25 dollars I was looking for the deal on that do you have the link. Well now i have earned 2 dollars in 10 days on it lol. they have a checking that has a debit card so you can get to your money fast too.

[PaKettle]

I just opened a account with them. I didn't put enough in initially so i guess thats why they didn't offer me the 25 dollars I was looking for the deal on that do you have the link. Well now i have earned 2 dollars in 10 days on it lol. they have a checking that has a debit card so you can get to your money fast too.

If you google ING Direct you can find links to open an account to get $25 free for opening an account with $250 or more. I found a bunch of them.

For small depositors it looks like bankofinternet.com might be an equally good or better option. But the free $25 at ING is a good deal.

I'm always skeptical when someone offers money to open accounts, though. BofA gave us $50 to open a checking account with them a few years ago, and they were the WORST.

Sounds like ING is okay though. Thanks for the info.

[One Half Full]

Hey, thanks for the tip pakettle. I heard about internet only banks a while back and spaced it off due to "things happening" aka BK. I did hear that the interest rate was usually better than physical banks.

Funny: You get something symbolic of something of value (paper money = gold). You put it into something symbolic of the thing symbolic of something of value (check = money= gold) then store it in a virtual bank. The only thing you have to prove this thing called value exists is documentation. Never is there actually physical contact with the thing that has value. YOu may as well have written a story about money as earned it.

[Cassiopeia]

I've used ING for over 6 months now and just love it! I like the fact that you can have "subaccounts".....I have one for Christmas savings, one for savings for a cruise we're planning, one for emergency money, and one for my son, which is his "YOU CANNOT EVER TOUCH THIS MONEY" savings acct.

I never could keep a savings acct. when I was in such bad financial problems prior to my BK; now I just love the "empowerment" it gives me. ING is so easy to use and set up. I love to watch my money grow!

[HRx]

I haven't used ING personally...but know of people who do and they're pretty content with ING. I just have a couple of Tier 3 MMA's, in addition to a checking/savings account. For liquidable cash.

[zenmamajen]

Is "no complaints" a good recommendation? ;)

I've had an ING Orange Savings account for almost 4 years, they have excellent rates and it's easy to set up, view accounts, transfer in & out. It does take a day or two for money to move in & out but if you know to plan for that, it shouldn't be an issue.

[CATCHMEIFYOUCAN]

Others have used EMIGRANT as well. When I had an account with them I got like a $50 dollar bonus. At one time they were offering like 5% and some interest savings but since the market has been going haywire the interest has been knocked down under 4% ! I contemplating on an ING account but for investing in mutual funds. (Sharebuilder.com, I believe goes through ING)

Best of Luck, Catchmeifyoucan

[cool33097]

I also now a lot of people with that account and they LOVE it.

[danaf]

good thread - I've always wondered about ING. thanks for starting it PaK.

[chpxiii]

Funny: You get something symbolic of something of value (paper money = gold). You put it into something symbolic of the thing symbolic of something of value (check = money= gold) then store it in a virtual bank. The only thing you have to prove this thing called value exists is documentation. Never is there actually physical contact with the thing that has value. YOu may as well have written a story about money as earned it.

I know where you're going with this, but I also wanted to say that money is no longer backed by gold. It's backed by a futures market. How much people think money will be worth in the future.

Gold as backing for money simply no longer exists.

However!

You can, of course, still buy gold, although it's over $1k/oz now. eeps! (I sort of follow the precious metals market. )

What I learned recently is any precious metals that you do buy and have, you can actually borrow money against, i.e. use it for collatoral on a loan.

Interesting!

BTW, I bought my first 1/10th of an oz platinum piece. It's purrrdy and shiney!

[I want out]

Please check to see what these returns are based on.

The bond market is in turmoil now, and many of these artificially high savings rates were based on derivatives.

[jp2861]

ING's rates have been plumetting for the last couple of months. I have a savings account with them. The only reason I use it is so I can save some money and not have quick access to it. No ATM card with the account I have so it makes it a little inconvenient to get at it. But, for me that's fine. It gives me a little time to cool off when I get the urge to buy something I don't really need. At the rate they're going I wouldn't be expecting the same great interest rates in 6 months. Last time I checked I think WAMU was 1% or so higher than ING.

[Cassiopeia]

I noticed recently that their rates are quite low....and it shocked me that the rate for a CD was LESS than the rate for the regular Orange Savings acct. What's up with that? Aren't CDs always higher than savings accts??? (rates)