ING Savings Account

[Cindy B]

Originally posted by spagheddie
Barbe,


As others have said, they can offer referral fees and $25 incentives to open accounts because there aren't any branches, so the overhead is extremely low. Think about it, no buildings with utilities and upkeep, no employees needed to staff each branch, and it never closes.

In addition, people still have the comfort of being connected to their local bank.

Actually there are TWO branches, called ING Cafes. One is in Philly and one is in NYC. My DH has been to the Philly one. The people in there were wonderful, and very very helpful. As my DH described it, there were a bunch of terminals, and a person there to guide you if you needed help. They also had coffees/cappucinos there. The guy working there was giving out cappacucinos to customers (0ffered my DH one no charge)

He also gave DH some paperwork and other things, and answered questions.

We've had the account for about two years, and its been wonderful for us. We just bought a car in CASH from my ING savings. I put my ebay sales in there, and other items in there. Its very easy, and its definetely out of sight, out of mind thing.

It does take a few more days than usual for my paypal funds to go to ING, than it does to move ING to checking account. I'm not sure why, but ING to checking is about two business days. Paypal to ING took six business days this week. However they were large amounts of money, three times this week, so the amount may have something to do with it.

And the referrals Stepharoonie, expire within a month I think! Then you can cancel the referral and start over.

 

[PrincessaC]

Hello, this sounds like a great way to save! From what I understand I have to link my checking acct to this saving acct.....then make deposits into the saving acct by transferring the money? Or do I have to set up a monthly allotment? And if I link the two accounts, does that mean ING has access to my account and take the funds w/out my consent? Is there an amount maximum or minimum that can be transferred at a time? Is there a website that I can get more info from? Thx

 

[oogieboogie]

Yes you link it from your checking account and you transfer money from your checking account into the ING account, just like the way you pay your bills online or wire money to another bank, via ACH.

You can set up a monthly schedule of when you want it taken out automatically and how much you want to put it. Think of it as an online savings account. Anything you can do with a regular savings account in a bank, you can do with ING.

http://www.ingdirect.com/osa_work/

 

[beattyfamily]

Originally posted by PrincessaC
Hello, this sounds like a great way to save! From what I understand I have to link my checking acct to this saving acct.....then make deposits into the saving acct by transferring the money? Or do I have to set up a monthly allotment? And if I link the two accounts, does that mean ING has access to my account and take the funds w/out my consent? Is there an amount maximum or minimum that can be transferred at a time? Is there a website that I can get more info from? Thx

ING Website

No they will not have access to your account and you can transfer whatever amount you want. You can set a re-occuring transfer, which I did but you don't have to.

 

[PrincessaC]

Thanks so much!! Going to look it over!

 

[kixx]

Ing is sounding better and better to me, thanks for all the great input on this subject.