If so, would you recommend them?
2007-02-05 13:40:07 · 8 answers · asked by ♣Hey jude♣ 5 in Business & Finance ➔ Personal Finance
I have an ING account, never any problems. As others have posted, you do have to be conscious of the up to 3 day wait to get funds. This is quite standard for on line banking.
Worth considering: ING does not offer an account with regular paper check writing ... it is some kind of online sending of a paper check option ... ??? ... not sure how it works. If that is important to you, ask them to clarify. And to get the check writing, you have to have at least $50K (last time I checked) in the account, or the interest they pay you is quite low.
The regular ING Orange Savings (with no checking at all) pays nice interest even if you keep only a modest balance.
An option you might want to investigate is GMAC bank ... online banking similar to ING, and they offer standard check writing.
You have to have at least $500 to open a GMAC account, and keep at least $500 in this account to avoid service fees and get a good interest rate. I have a gmac account, I am very happy with it.
http://www.gmacbank.com/
2007-02-05 15:59:11 · answer #1 · answered by West Coaster 4 · 0⤊ 0⤋
I have had an ING account for over 5 years and I have never had trouble with them. I have monthly withdraws from my regular checking into an ING savings which makes it easy to save money because I don't miss it. Keep in mind, however, that if you want the money transfered from ING back into a checking account it takes up to 72 hours, at least it did a few years back when I tried to take some out, so make sure you give yourself time before you need to use it.
2007-02-05 13:44:23 · answer #2 · answered by Lil Gal 3 · 0⤊ 0⤋
If you are comfortable with the technology era versus a "live" person to talk to then no problem providing you are also comfortable with the 72 hour wait to gain access to your money when you need to.
When you consider the cost of inflation which is running at 2-4%, then you would have to consider whether it is worth it to pay the extra dollars in taxes for the upfront interest you would be getting.
Far better to invest in an investment strategy to purchase mutaul funds and if you don't have the lump sum to invest, you can do so by pre-authorized payments monthly which will also take care of dollar cost averaging.
Seek financial advice from your local bank or financial advisor.
2007-02-05 13:53:15 · answer #3 · answered by lg 1 · 0⤊ 0⤋
I have opened an ING direct account but I do not recommend it based on its APY on saving account.
HSBC and Etrade are offering better interest rates (links below) than ING direct. However, ING direct is offering better APY (5.30%) on checking account if you can deposit over $100,000 and if it does not fall below $100,000 at any time. If your account falls below this amount your interest rate drops to 3.5% APY. But I have read somewhere this ING direct checking account can be opened by an individual only with their invitation.
2007-02-05 14:00:09 · answer #4 · answered by purplemollies 3 · 0⤊ 0⤋
yeah I had on for a while....One thing to know is that if you plan on having an online account funds don't transfer to your offline checking account for 3+ business days
But if you are like me it forces me to save money. The savings account intrest rates are higher than banks in most cities. ING direct is FDIC insured so that helps also!
2007-02-05 13:45:50 · answer #5 · answered by USuck79 4 · 0⤊ 0⤋
yeah they are good, I have an account with them, they have great rates, and the service is pretty friendly.
2007-02-05 13:55:20 · answer #6 · answered by Nattiedred 3 · 0⤊ 0⤋
Yes. Sure.
Smooth, well-run, good interest rates.
2007-02-05 13:49:34 · answer #7 · answered by mattzcoz 5 · 0⤊ 0⤋
yes fantastic.
2007-02-05 13:43:24 · answer #8 · answered by Corrine L 4 · 0⤊ 0⤋