ING account holders, when is interest applied to account?

[thelittlemermaid]

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.

Thanks!!

 

[CMKN]

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]

I am curious too. Does anyone know for sure?

 

[gary4jenn]

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]

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]

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]

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]

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]

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

 

[CMKN]

Thank you NancyIL for clarifying.

 

[Disneyglobegirl]

Thanks for the info - I just opened an account for me and the kids. This will be great when saving for Disney!

 

[sleepyone]

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]

I called and was given this formula:

balance X interest rate X days in month
365

 

[melissa64153]

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.

 

[disneymagical]

Melissa...here is a link to great financial calucators http://dinkytown.net/

Just go to the savings calculator and have fun dreaming.

 

[belsayre]

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.

It wont grow as fast as your baby 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 except for the fact you have to be Pg ALL summer LOL
best wishes
lesley

 

[DebbieB]

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.

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]

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]

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