ING Savings Accounts

[CEK40]

Hi

I believe I have read about these accounts before and I apologize for repeating the same question if it has been discussed, but I would like to know if anyone uses them and if you do how do what is you thoughts on them? I appreciate your imput and thoughts.

 

[aka-mad4themouse]

A lot of people use ING because their interest rate is generally higher than your B&M bank. And having the account less accessible means that you're less likely to succumb to impulse buying with your saved money. It takes 3 days for money to transfer back into your checking account.

 

[bunsen382]

I have one that I used to save money for our recent trip. I’ve never had a problem with it. My only caution would be to make sure you don’t immediately need the money you put in there. Even though the money gets withdrawn from your other account as soon as you make the order, it won’t be posted to your ING account until several days later. It is also the same for when you withdraw money. It gets immediately taken out of your ING account, but won’t post to your other account until days later.

Having the funds in ‘money limbo’ is a little unnerving, but I suppose that is how ING makes their money (by collecting profits from those days and not giving them to the customer). Overall though, you can earn a lot more in interest over a standard savings account at a regular bank. I would recommend one to save for a trip or big event.

 

[WDWorBUST]

If you open an ING Orange Checking account along with your savings you have the ability to do an immediate transfer between ING accounts and then you can do a withdrawal at an ATM. Although I very rarely do this it does give me some peace of mind.

 

[NeverlandClub23]

I have many ING accounts. While I'm irritated about the fact that their interest rate has stayed between 1.25-1.5% for the last 10 months (October of 08 it was 4.5%; they pride themselves on saying they can offer better rates because they don't have the overhead that banks/credit unions do and that they didn't make the type of loans that other financial institutions did that got them in trouble but even my credit union has been offering 1.25% for the past 15 years on just a plain ol' savings account, I feel like now they're just using the economy as an excuse not to raise their rates back up to at least above 2%, but I digress...), I do like the layout of their website and the ease of use.

I have about 10 ING savings accounts that I have automatic money going into every paycheck (one for taxes, one for car maintenance, one for vacations, one for Christmas, etc.). I also have an ING CD that I got last November for 2 or 3 years (can't remember) at 4.75%.

I also have an Electric Orange checking account that I have a check card with and keep about a $100 so if I'm in a pickle (like I was driving to Atlantic City when I realized I didn't have any money for tolls and had just received a new check card for my regular checking account at my credit union but didn't remember what the new PIN was) I can get money out or use the card for gas or whatever.

I put a small amount every paycheck automatically into my Sharebuilder money market account through ING. When I get over a hundred dollars I invest in stocks or mutual funds for $4.

All of these services are free. I've been with ING for 9 years and I've never had any problems.

**Oh, and one of my favorite things is that you can label the accounts as to what you are saving for. It makes it a lot clearer to see how much money you have for what.

 

[Karenj2]

I love it because it's easy to set up multiple "envelopes" within the same account... I have an emergency fund, a Christmas fund, a general savings fund, and a "repay a loan" fund. I have automatic withdrawls from my checking account to each of those, so that it's out of site, out of mind...

Right now I think the interest is just 1.4%, but hopefully when the economy improves, it'll go back up to the 4-5% that it used to be. And heck, free money is free money!

 

[pyrxtc]

I have one for each my kids. A local place was offering a little more in interest as a promotion but i cannot link it to my account and it would be a pain to go there to get he money since it is about 1 1/2 hrs away.

I use it to sock money away for house projects and vacations. The interest has dropped significantly since I opened it tho.

 

[Johnson1220]

I agree with all of these posts - they are super easy to open, no fees and transferring $ from your primary accounts is easy. But yes when you want the $ back you need wait atleast a week for it to show up in your primary checking.

I have 3 and forget about them most of the time. If I don't see it I will not spend it.

Just waiting for the interest rates to bouce back up.

 

[rflorek]

lthough I miss the days of higher interest at ING, I can't complain: my local bank chain is currently paying .10% on a savings account, and you have to maintain a minimum balance of $250 to avoid monthly fees.

 

[omghidanielle]

The rates at the CU I bank with are much higher than ING, but I still keep money there because I feel like if the money is 'easily accessible', I will end up spending it.

 

[ekmom]

I have been with ING for about 2 years now and I love it! I have 2 savings accounts, 1 for vacations and 1 to save for a car down payment. I have automatic deductions going to each one every payday.

Just this week I opened a checking account with them (electric orange). I did this because it allows me to transfer money to my son at college for free. I request the transfer, give ING the routing number and account number of my son's account and his email address and my son gets an email saying that Mom has sent him money. He clicks on the link, enters his routing number and account number, and the money is transferred to his account 2 business days later. The person you're sending the money to does not have to have an ING account, my son's account is at a credit union. I think this is much easier than me writing a check and mailing it and then my son having to go and deposit it. And it's free!

 

[Chicago]

Will someone explain the ING mortgage program to me? It sounds confusing.

 

[mominwestlake]

My sister has an I Go Banking accounting. How are the 2 different? I am not sure which one to use but I like the idea of opening multiple accounts to save for different things.