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Anyone have an ING Direct savings account?

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Anyone have an ING Direct savings account?

Old 08-22-05, 10:05 PM
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Originally Posted by asabase
ING will do this too. Limit is 6 or so per month (according to a guy on FW that was transfering that often).
It is actually a federal law limiting the amount of withdrawals per cycle to 6 for a savings account. Banks will do more than 6, but you will be charged an excess activity fee.
Old 08-23-05, 07:34 AM
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I have one...rates just keep going up! I don't have very much in there though.
Old 08-23-05, 09:19 AM
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I opened one several months ago. Tossed in $10,000 and haven't really looked at it much. I guess I've made quite a lot of beer money in there now, from the rising interest rate.
Old 08-23-05, 09:26 AM
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Damn, wish I had $10k to just throw into a bank account and forget about.
Old 08-23-05, 09:39 AM
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Originally Posted by criptik28
Damn, wish I had $10k to just throw into a bank account and forget about.
Well, better to stick it in a savings account than to let it sit in checking doing nothing. I'm saving up for a down payment on a house, eventually.

I mean I don't like when my checking account balance drops much below $5000, but I don't see the need to keep $10k+ in there either.
Old 08-23-05, 12:27 PM
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Originally Posted by Otto
Well, better to stick it in a savings account than to let it sit in checking doing nothing. I'm saving up for a down payment on a house, eventually.

I mean I don't like when my checking account balance drops much below $5000, but I don't see the need to keep $10k+ in there either.
Same here. I've got a down payment currently being saved up and have $32k in there right now. The interest alone pays my cell phone and internet bills every month.
Old 08-23-05, 02:16 PM
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Let's put in another vote for ING Direct. Also, they're part of ING, a huge international bank, not sure what ED's roots are.

3.3% now!
Old 08-23-05, 02:20 PM
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Somebody help me out here. I'm still trying to convince my wife to let me use this as our primary savings account.

If I have $4K in our BOA savings account at .5% APY how much would that make in a month?

And if I put that $4K in the ING account at 3.3% APY how much would that make in a month?


I used to know how to do this but for the life of me I can't figure it out right now.
Old 08-23-05, 02:25 PM
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Originally Posted by Timber
Somebody help me out here. I'm still trying to convince my wife to let me use this as our primary savings account.

If I have $4K in our BOA savings account at .5% APY how much would that make in a month?

And if I put that $4K in the ING account at 3.3% APY how much would that make in a month?


I used to know how to do this but for the life of me I can't figure it out right now.
probably about $11 per month, I think.
Old 08-23-05, 02:40 PM
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Originally Posted by Timber
Somebody help me out here. I'm still trying to convince my wife to let me use this as our primary savings account.

If I have $4K in our BOA savings account at .5% APY how much would that make in a month?

And if I put that $4K in the ING account at 3.3% APY how much would that make in a month?


I used to know how to do this but for the life of me I can't figure it out right now.
ING:
3.3%/yr 3.3%/month
$4,000.00 $132.00 $11.00

Other:
0.5%/yr 0.5%/month
$4,000.00 $20.00 $1.67

Big difference IMO!
Old 08-23-05, 02:48 PM
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Originally Posted by Timber
I used to know how to do this but for the life of me I can't figure it out right now.
$Principal * percentage% = $Amount per year.
$Amount per year / 12 = $Amount per month.

$4000 * 3.3 = $132
$132 / 12 = $11.00
Old 08-23-05, 05:10 PM
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Oh, that's simple enough. I thought I had to compound and whatnot. Thanks.
Old 08-23-05, 10:49 PM
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I have accounts at both ING (for a few years now) and Emigrant Direct, which has raised its rate to 3.50%.
Old 08-23-05, 11:13 PM
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We have 3 (1 for each of us) accts with ing.

I think they are good - no going to the bank, all done online.
Old 08-23-05, 11:54 PM
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Moved from ING to Emigrant Direct about six months ago. Better earnings, plus, it only takes one business day for Emigrant Direct to move money into my checking account. ING used to take two business days. YMMV.
Old 08-24-05, 09:37 AM
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Originally Posted by Timber
Oh, that's simple enough. I thought I had to compound and whatnot. Thanks.
Technically, you do, as they pay interest monthly. However the difference between the simple interest and the compound interest is very low, on the order of a couple of bucks for your particular numbers. And the difference is always in your favor, so for quick calculations, the simple interest is good enough for comparison purposes.
Old 08-24-05, 09:53 AM
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Typically these banks list the Annual Percentage Yield, which takes compounding into account. Annual Percentage Rate would be calculating simple interest.
Old 08-30-05, 02:41 PM
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The taxcut offer is for TaxCut owners only, we've removed it per request of ING.
Old 08-30-05, 07:33 PM
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Only thing I do not like about them is that you cannot wire money from that account, it is kind of limited compared to a full service bank..but I like it otherwise!

You can get referrals and get I think $25 for the new account and $10 for the referring account...I have gotten a couple so far!

[email protected]
Old 08-31-05, 12:06 AM
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Another thumbs up for ING. I used my tax cut code and got the $50 bonus and transfered most of my savings there. I wish I would of known about this sooner. I'm looking into doing a 1-yr cd.

Hopefully they will raise their rate to compete w/ Emigrant Direct. ED web site sucks ass me thinks...but who cares I guess if you're making $$$??
Old 12-08-05, 01:52 PM
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Originally Posted by Chili Palmer
Hopefully they will raise their rate to compete w/ Emigrant Direct.
Well, just got an email that ING is now 3.75%. Have no idea what ED is.
Old 12-08-05, 02:04 PM
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Looks like ED is at 4% now.
Old 12-08-05, 02:06 PM
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I just opened an ING account a couple weeks ago. Been enjoying the interest rate so far.
Old 12-08-05, 03:06 PM
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how easy has it been for people to withdraw money from ING? do they charge fees?
Old 12-08-05, 03:09 PM
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Originally Posted by atari2600
how easy has it been for people to withdraw money from ING? do they charge fees?
no fees.

look into emigrant direct, same concept better rate. although CS is better at ING.

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