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View Full Version : ING account holders, when is interest applied to account?


thelittlemermaid
03-28-2005, 02:51 PM
I'm pretty sure I remember that they apply interest every month, but on what day? No matter how many number of days is in the month, do they just wait till the very last day?

Stupid question.....How is interest figured up? It has been such a LONG time since I have done it, I have forgotten. :guilty:

Thanks!!

CMKN
03-28-2005, 02:57 PM
It posts on the last day of the month. You can get a running tally daily too!!!
I honestly havent figured out how it breaks down - I "think" it may be done at 2.8% monthly????? but I could very well be wrong. I too am new to ING

sleepyone
03-28-2005, 03:20 PM
I am curious too. Does anyone know for sure?

gary4jenn
03-28-2005, 03:28 PM
the interest rate go up so frequently? I love getting those emails saying our rate went up! It's been one of the best things I've heard about on the DIS boards!

sleepyone
03-28-2005, 08:31 PM
I e-mailed ING to ask how interest accrues and received this answer:

Interest accrues daily and posts monthly on the Orange Savings Account.

Thanks for your interest in ING DIRECT,

Steve H.

thelittlemermaid
03-28-2005, 08:52 PM
I e-mailed ING to ask how interest accrues and received this answer:

Interest accrues daily and posts monthly on the Orange Savings Account.

Thanks for your interest in ING DIRECT,

Steve H.

Thanks for posting that sleepyone!!! :)

NancyIL
03-29-2005, 12:27 AM
It posts on the last day of the month. You can get a running tally daily too!!!
I honestly havent figured out how it breaks down - I "think" it may be done at 2.8% monthly????? but I could very well be wrong. I too am new to ING

2.8% is the annual percentage yield. The amount of interest added each month is roughly 1/12th of 2.8% times the amount invested.

cepmom
03-29-2005, 08:06 AM
they apply the interest on the last day of the month (or at least they did last month...just opened my first ING account in February :) )

DisneyForLife
03-29-2005, 08:10 AM
However they do it is fine with me, it helps me to save for Disney and the interest is better than my regular savings. I love my ING :love:

CMKN
03-29-2005, 08:32 AM
Thank you NancyIL for clarifying.

Disneyglobegirl
03-29-2005, 09:03 AM
Thanks for the info - I just opened an account for me and the kids. This will be great when saving for Disney!

sleepyone
03-29-2005, 11:34 AM
I just received this e-mail from ING:

The current Annual Percentage Yield (APY) is 2.80%, but the actual daily
interest rate is 2.7647%.

Thank You for your interest in ING DIRECT,

Dave

sleepyone
03-29-2005, 11:48 AM
I called and was given this formula:

balance X interest rate X days in month
365

melissa64153
03-29-2005, 04:58 PM
Can I ask how this works?? I would love to put 500.00 away and see it "grow" is that do able? And if so what would my return be in a year?

Thank you for your help...we want to save for a dcl vacation next year after the baby...in Sept. :earsgirl:

disneymagical
03-29-2005, 06:10 PM
Melissa...here is a link to great financial calucators http://dinkytown.net/

Just go to the savings calculator and have fun dreaming.

belsayre
03-29-2005, 06:34 PM
Can I ask how this works?? I would love to put 500.00 away and see it "grow" is that do able? And if so what would my return be in a year?

Thank you for your help...we want to save for a dcl vacation next year after the baby...in Sept. :earsgirl:
It wont grow as fast as your baby :flower: but it will be a great way to save~ ING is wonderful ( if that is what youare considering)
Congrats on the baby !! Sept is a Great month :flower: except for the fact you have to be Pg ALL :sunny: summer LOL
best wishes
lesley princess:

DebbieB
03-29-2005, 06:49 PM
Can I ask how this works?? I would love to put 500.00 away and see it "grow" is that do able? And if so what would my return be in a year?

Thank you for your help...we want to save for a dcl vacation next year after the baby...in Sept. :earsgirl:

I had a $50 balance when I opened it last August when everyone was sending referrals (I put in $25 and they put in the $25 bonus). I get about 10 cents per month in interest. So on $500, you should get about $1 per month. When I got the e-mail this week about 2.8%, I put $500 in, I figure it's better than I'm getting in my money market.

idealady
03-29-2005, 10:25 PM
Thanks to the Dis board I just found out about ING and opened up an account. I can't believe how much better the interest rate is than I was getting on my money market account through my credit union ... which was supposed to be above average! Does anyone know how multiple accounts work? Is there any advantage? Has anyone had any experience getting the money back out of the ING? Does it really take 2-3 days or can it be faster?

curlyjbs
03-30-2005, 06:26 AM
Thanks to the Dis board I just found out about ING and opened up an account. I can't believe how much better the interest rate is than I was getting on my money market account through my credit union ... which was supposed to be above average! Does anyone know how multiple accounts work? Is there any advantage? Has anyone had any experience getting the money back out of the ING? Does it really take 2-3 days or can it be faster?

It's pretty slow but that's a good thing. No impulse spending! ;)

~curly :wave2: