I'm Slow...Explain ING Please?

[Ozymoe]

I have read at various times about ING and I still don't:

1) Understand what it is (a definition would be helpful)

2) Understand what it does (for whom)

3) Understand what the benefits are (a list would be helpful)

Feel free to explain in terms as if speaking to a smart 7 year old...I was very smart at 7.

 

[belsayre]

there is a great post above that explains a lot
basically ING is just a savings account that pays better interest ~ 2.35% right now I believe ~ if you sign up with a referral ( just pm someone about it) you get a FREE $25 and then can refer others and if they get an account you get another $10 for the referral( you can refer 25 people per account ~ so could be a FREE $250 from referrals)
I signed up myself last May thru a referral from here and just yesterday signed my kids up ( from a referal from myself) and they got $25 and I got the $10 referral $$ ~ great deal!!!!!!!
most everyone here has tons of referral spots to give away so just pm someone and they will send you a link ~
I dont know if i answered you questions at all
but i hope to help some
lesley

 

[missmulan]

1. ING are acronyms for a Switzerland based bank. I cannot even remember it right now.

2. They are FDIC Insured Savings Bank that operate as Online Banking and have been around for several years now.

3. They benefits are high savings interest 2.35% and CD rate of 4.10%. The reason why they can give high interest rate is because they do not have regular branches so they save on overhead and operational expenses. Therefore, they pass the savings on to the consumers. Great concept so we all benefit mutually. Benefit #2 is word of mouth referral bonuses. If you open an account through a link that an existing customer sends you, you will earn $25 and the person who referred you will earn $10.

There is a "sticky thread" regarding ING Direct Savings & frequently asked questions if you want to read more about it from other Dis'ers. If you want to try it but still unsure, just start your deposit small until you become comfortable.

 

[Ozymoe]

Thank you both. I've read the ING things and never quite understood for sure but now I see (lol...sounds like Amazing Grace)

 

[corndog]

wouldn't it be better to sign up new accounts with the $50 bonus rather than by referral (within the family), or can you not do multiple accounts per checking acct. with the promo code?

 

[Tiggerlover91]

wouldn't it be better to sign up new accounts with the $50 bonus rather than by referral (within the family), or can you not do multiple accounts per checking acct. with the promo code?

ING only allows one account per ss#, so you have to either chose the $25 or the $50. DH and myself are linked to the same checking account through ING, so multiple accounts from ING through one checking account is not a problem.

 

[RobinMarie]

I have two savings accounts with them AND a home equity line of credit. Referrals for the Home Equity are 100.00 to the person who opens and accesses their credit. (25 to the referrer)

We have been very happy with ING. ING is online banking. My accounts are linked to my checking so I can easily move money to the accounts to keep my money seperate. The accounts also earn a higher interest than my other savings accounts.

HTH!

 

[Imzadi]

ING only allows one account per ss#, so you have to either chose the $25 or the $50.

This may be true in terms of getting money through a referral. But a Customer Service Rep told me I can have up to 3 savings accounts with them. That's why you give your accout a nickname, so you can tell the accounts from one another.

 

[WDWorBUST]

The other good thing for me is that the money is accessible - but it takes 2-3 days to get it back in your checking account so I don't have to worry about "impulse" purchases. You can only get the bonus once per ss#- but you can have more than one account....if I am understanding it all correctly.

Amanda

 

[corndog]

So you are saying my spouse and daughter can sign up (from the same checking acct.) and get the $50 bonuses too?

 

[cepmom]

I believe you can only get one $50 bonus per household. There is another thread with the details of the $50 bonus here on this board. I think someone else tried to use the $50 bonus for their spouse or child and it was denied as they already had it applied to their own account.

 

[WDWorBUST]

You can get the $25 referral for your wife and daughter though. That's what I did and I got the $25 for opening, my DH got the $25 for opening one, and my DD got the $25 for opening one. Then I got $10 for each of them opening one.

 

[ZPT1022]

Do you have to have a checking account with ING in order to have the savings accounts? We have our checking through our credit union and have been very happy with them and have no desire to switch but we've been thinking we need to start a separate vacation savings account anyway and this may be just the ticket. Any info is appreciated. Thanks in advance!


-Becky

 

[beattyfamily]

Do you have to have a checking account with ING in order to have the savings accounts? We have our checking through our credit union and have been very happy with them and have no desire to switch but we've been thinking we need to start a separate vacation savings account anyway and this may be just the ticket. Any info is appreciated. Thanks in advance!


-Becky

No, ING is an online savings account. What you need is a regular bank checking account to link it to. Then you can open an ING savings (with a refererral link) and get $25. Then you can refer your family and get $10 each for referring them and they each get $25 for opening an account. You can all use the same checking account to link to.

 

[BethR]

Do you have to have a checking account with ING in order to have the savings accounts?

-Becky

Hi Becky!

No need to worry about switching checking accounts to have a savings account with ING. They do not even HAVE checking accounts. You do need your own checking account outside of ING though to "link" to your ING savings. It is the means that you will deposit and withdraw money to and from your ING account.

And ING account is a great way to save for Disney - or anything else you want to save for.