Ing bank account?

Question

does anybody know if the 4.75 is a yearly interest or a quartery thing and what would happen if i put in 500$ in and what would the amount be after 1 year

Answer 1

Hey ING is great. If you decide yo go with them email me, because I can refer you and you'd get 20 extra bucks and Id get 10.

Answer 2

That 4.75% APY is compounded daily and paid out monthly. For more information on calculating interest, please refer to wikipedia.org.

Anyhow, interest would keep coming in to your savings account every month based on how much money you have in place. Obviously the more funds you have, the higher the interest paid.

For a rough estimate, you can expect to make 4.75% of you 500 dollars. Realize that after 1 month, you will have about $505, but the rate builds off the 505, not 500 anymore, and so on and so forth.

Basically, it's always a good idea to keep your money in high yield savings accounts like this, to earn money while doing nothing, basically.

Other good banks are Emigrantdirect.com and Citi E-savings.

Answer 3

Even though I have an ING account, I'll have to assume monthly compounding. The equation is

amount = start value * (1 + APR/12)^12 [for twelve months]

amount = 500 * (1 + 0.0475/12)^12 = 524.27

Interest would be $24.27.

Answer 4

I think its compounded daily but maybe monthly, you can do better than ING, try Emigrant.com or Citybank I think, presently Emigrant is paying 5% compounded daily and interest paid monthly and they are raising their rate to 5.15% on 7/28.