ING account holders, when is interest applied to account?

Discussion in 'Budget Board' started by thelittlemermaid, Mar 28, 2005.

  1. thelittlemermaid

    thelittlemermaid <font color=purple>My life was forever changed whe

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    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!!
     
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  3. CMKN

    CMKN Mouseketeer

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    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
     
  4. sleepyone

    sleepyone DIS Veteran

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    I am curious too. Does anyone know for sure?
     
  5. gary4jenn

    gary4jenn Mary Kay pays my way to Disney!

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    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!
     
  6. sleepyone

    sleepyone DIS Veteran

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    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.
     
  7. thelittlemermaid

    thelittlemermaid <font color=purple>My life was forever changed whe

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    Thanks for posting that sleepyone!!! :)
     
  8. NancyIL

    NancyIL DIS Veteran

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    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.
     
  9. cepmom

    cepmom <font color=red>Mine are painted too<br><font colo

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    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 :) )
     
  10. DisneyForLife

    DisneyForLife DIS Veteran

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    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:
     
  11. CMKN

    CMKN Mouseketeer

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    Thank you NancyIL for clarifying.
     
  12. Disneyglobegirl

    Disneyglobegirl DIS Veteran

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

    sleepyone DIS Veteran

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    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
     
  14. sleepyone

    sleepyone DIS Veteran

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    I called and was given this formula:

    balance X interest rate X days in month
    365
     
  15. melissa64153

    melissa64153 Earning My Ears

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    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:
     
  16. disneymagical

    disneymagical Earning My Ears

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

    Just go to the savings calculator and have fun dreaming.
     
  17. belsayre

    belsayre Can't wait for my kids to meet MICKEY!!!!!

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    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:
     
  18. DebbieB

    DebbieB DIS Veteran

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    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.
     
  19. idealady

    idealady Earning My Ears

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    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?
     
  20. curlyjbs

    curlyjbs <font color=cc0066>1 Tequila...2 Tequila...3 Tequi

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

    ~curly :wave2:
     

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