ING online bank question

[bigcrit]

I have read a few posts by people using this bank. Is it really worth it to join? I read the percentage yield was 2.6% Does anyone have any pro's and con's to opening a savings account with them?

Thanks

 

[vettechick99]

I haven't come across a bad point yet. It allows me to draft money straight out of my account every week/whatever and I never miss it. Also, it takes several days to get the money back out, so I'm less likely to sneak a dollar out here or there.

Just ask anyone with an ING account can send you an invite. I really like them!

 

[christinadei]

I haven't found anything bad either, other than it takes a few days to transfer money back into your checking. But that is good for me! I was iffy when i joined, but I love it!

 

[WDWorBUST]

I'm the same - the only negative is that it takes a few days to get in your account from there - which is one reason I liked them. It was bad for me in one particular instance though. I had transferred our tax return in there because we were spending it with it in our checking account. Of course the day I did the transfer I found out we had two years of back taxes to pay on a property that we had bought through a sheriff's sale and it was 5 days before I could initiate the transfer back and then it took the usual 2-3 days to get in the account. Usually it's not a problem though and that is something I would list under a pro - not a con Oh and you sure can't beat the interest!!

 

[calie_j]

I just opened my account a few weeks ago and did the referals for my kids & H the next week. They promptly paid the bonus's into the accounts. The interest rate is higher then my bank, Ing 2.6% my bank 1%. Their CD's went up just in the week after I opened my account so I set up CD's for my older children at 3.9% for 3 yrs which is higher then my bank offers.

I'm loving the convenience of it. It's so quick and easy to check my account or make transfers, no more driving to the bank to make deposits or withdrawals. And no more passbooks to keep track of. (I know I'm behind the times and am probably the only person in the world who doesn't pay bills online, I still write out each check and mail it). When I called their 800# with a question they were very friendly and helpful and set up my CD's for me.

The only drawback I see is the initial deposit can't be withdrawn for 10 business days (2 weeks but no biggie since I started with a small amt before closing out my other savings to transfer into it) and deposits after that aren't available for withdrawal for 5 business days plus 1-3 days it may take to transfer into your linked account. So you will have to plan ahead a little, but the 24 hour access helps to be able to do it when you need to without having to find time to go to a bank during their hours. I kept this in mind and kept out the money I "think" I might need this month and won't transfer it into ING until my other deposits are available to use. I don't think this will be a big issue after it's all set up and I start using it the way I used my normal savings with regular smaller deposits and withdrawals just to pay for trips and extras.

HTH, Calie

 

[CheapMom]

It is definately worth opening ING accounts especially if you don't already have a savings account and double-especially if you have several people in your family. You will get $25 for your first account and essentially $35 for each additional account you open within your family. ($25 into each new account and $10 into your account for referring)
Love ING.

 

[chiconh]

I too was skeptical when I first heard about this. I did a lot of on-line research and realized that it was true and a very good deal. I singed up and got a $50 bonus for joining. I have sent our referrals and have already received one back. Feee money ...how can you complain? :thewave:

 

[ericafny]

Hi. I too JUST opened an ING account so I can save spending $$$ for my trip. It does seem really really convenient and I also like the fact that it takes several days to get your money out of there. I can't imagine why there are people that don't have one?!?

 

[bdb7607]

I wasn't skeptical, but was too lazy to open up a savings account for each of our kids (now 6,5 & 3), this made it easy to do that and will continue to feed their b-day money into..., plus its a perfect way for us to save on the next trip to Disney!

 

[dreams91]

I was skeptical, but have jumped on the bandwagon. PM someone on this board if you need a referral. Jump on board....you won't find better rates!!! I figure I will save my money there, that way I 'forget' about it and can then go on vacations with the money.

 

[SueEllen]

There is a great thread about this stuck at the top of the board. I have been very happy with my ING account. The interest is better than any bank around here, and I don't touch the money so I tend to forget it's there. I'm saving for a future WDW trip. I have $$ debited directly out of my regular checking account (like a Christmas Club) so that I don't miss it.

Give it a try--
Sue Ellen

 

[Mitchell]

Can one person have more than one savings account?

I would love to have one savings account for Disney, one for upcoming wedding, one for vacation, etc.

Melissa

 

[tinaluis]

Melissa,
You can have more than 1 account in your name, but you only get the $25 account opening bonus for the first account.

 

[beattyfamily]

No cons for me and I've been a customer for over a year now.

 

[christinadei]

Yes, you can have several accounts and that's what I like about it. We have one for us and one for our son. Plus I'm about to open one for vacation and one for medical expenses. Then I can have the money automatically go in there each week and just withdraw it when I need it! That's one of the great things about ING.

 

[fourfoxesinpa]

And, after you get all your free money for ING referrals, open an account at Virtual Bank and start getting their referral money. They operate exactly like ING. 2.6% interest and you get $20 for signing up (when referred by an existing account holder) and $20 for each person you sign up (ING is only $10 per person!) You must be 18 and you need $100 to open the account (which you have if you've maxed out your ING referrals). After 90 days, you are free to withdraw all your money if you wish. If you take it out before the 90 days are up, you are subject to a small penalty. But, if you're saving for a vacation that "out-there," what is 90 days? Do a little transferring of money "online" and make some cash, that's what I say!

 

[bigcrit]

Could anyone give me the details about ING? Such as;

- Minimum deposit amount - I will be opening 4 accounts - one ofr me, DW, DD(8), DD(8).

- Funds availability on new account.

- Actual % rate.

- Any other pertinent information.

 

[vettechick99]

Could anyone give me the details about ING? Such as;

- Minimum deposit amount - I will be opening 4 accounts - one ofr me, DW, DD(8), DD(8).

- Funds availability on new account.

- Actual % rate.

- Any other pertinent information.

Lemme think...I believe I only had to put in like $1 or so to start it. They automatically give you the $25 for being referred. I had them draft out $10/week and so that kept upping my balance. When I had extra money laying around, I'd draft that in there too.

Someone can better answer the funds availability, but I think they will let you clean it out (minus the $25 for at least 1 month) at any time. But it normally takes several days to get the money. So if you need it ASAP, that could be an issue. It never bothered me b/c I used it for vacation money.

2.6% is the rate right now.

Here is the website and they have lots of info you can look through.

http://home.ingdirect.com/

Hope I answered those questions right!

 

[cobbler]

Here is a link to another thread about it:
http://www.disboards.com/showthread.php?t=727229&highlight=ing

There is also a thread stickied to the top of the page.

Also if you do a search you will find lots of other threads to read.

 

[crisrn2003]

I am BRAND new at this. I've opened my account with $25, so it's already showing $50 on my balance---YEAH!! My question is this....I'm seeing people saying they opened accounts for their children--do they have to have a checking account of their own to be hooking up with? Can their accounts be linked with my checking account? I only have their SS #'s but no other identifying numbers for them (for me it was my license #) so how does that work? I've already sent out several referrals so I'm waiting to see if they will join. Thanks in advance for the help!!