Trying to get into the virtual world of banking....

[gctong]

I recently got an "invitation" from ING direct in the mail so I decided to read about it on disboards. Now I'm getting confused.

I've read on the boards that everyone recommending ING direct over Virtual Bank. Anyone know the difference? Is it difficult to transfer money between a "real bank" and the virtual bank? And I guess the follow up question...which one is better? ING or Virtual Bank? Most Dis-ers recommend ING but every so often, I see a post for Virtual bank because of the slightly higher rate. Does it make a difference?

Although I'm not trying to save money for our Sept trip (feels a little late), I'd like to save for my wedding (in about a year and a half). Every little bit helps!

 

[beattyfamily]

Sorry I haven't heard of this Virtual Bank but I've been a customer of ING since January.

I just did a search on Virtual Bank and didn't get much info except that the interest rate is higher and the referrals are $20. I did also read that you must deposit $100 to open the account...I believe that might be the MAIN reason ING is more popular.

At ING you can deposit as little as $1 to open the account and get the $25 bonus and then right away you can refer all your family (even kids) and friends and start earning the $10. Each family member also can get the $25 bonus. They hold those bonuses for 30 days but at 30 days, you can transfer it out and close the account if you only wanted to bonus money...but of course, I don't recommend that. I LOVE my ING account. I love how easy it is to transfer the money back and forth.

The interest rate just went up a hair to 2.10%.

The limit of referrals for one account is the $25 plus referring 25 people for $250 so a total of $275 per account.

If you transfer money in, they hold it for 7 days but then you can transfer it back out again. You can set up re-occuring transfers in weekly, bi-weekly or monthly. I do it monthly.

ING has NO fees at all. Also, you cannot get a debit card to withdraw.

Now I'm off to read more on this Virtual Bank! I just went to www.virtualbank.com and it states you have to deposit a minimum of $1000. and $20 fee for transferring money out?? Maybe I'm at the wrong website?????

 

[Cindy B]

I've never heard of Virtual Bank. I"ve been a customer of ING for two years, and love it.

ING is headquartered locally from here, and have used one of the two ING branches (Philly).

Personally, i like the flexibility ING offers.

 

[Amirah95]

Just joined ING three weeks ago and it's going good so far.