ING, opinions??

[cbmeeks]

I believe in a multiple forms of investments and not put all of my eggs in one basket.

So, I am curious about the ING savings account.

Anyone use them? How long? Were your returns decent?

Are they really a bank (FDIC insured) or are the like PayPal?

Thanks!

cbmeeks

[jmjj215]

I've been using them for several years. They're FDIC insured and one of the biggest banks in the world. Their service is impeccable. Their return is above average, but not the highest (I just received word that they raised their rate to 4.25%).

If you want an extra $25 for opening one with a minimum of $200 (to get the bonus, not required otherwise)

[jmjj215]

Oh and no - they're nothing like Paypal (though Paypal's money market account pays 4.5% after fees, so I like them too).

[sakigt]

I love the Sub-accounts. Im making one for my vacation fund soon.

[cbmeeks]

Thanks. jmjj215, I just sent you a PM with my email. It might be a couple weeks before I can put $200 in so will the offer still be good?


Sub accounts?

[enabler]

The minimum deposit is $250 for that $25 bonus, not $200. The offer will still be good.
By sub-accounts, you can devide your savings up into different categories if you like. For instance, say you want a account dedicated to a vacation, or saving up for a car - whatever you can think of.

[cbmeeks]

ah. but the account still draws the interest based on all of the money? The sub-accounts are more like a category than anything else?

[boefixepa]

I'll add that they are really easy to use. There is a huge thread about thirty pages or so...where you can look at everyone's experiences and thoughts on the various different on line banks. It's called ING vs. Emigrant Direct I believe, get comfy..it's long. There are ones with a little higher return...less than a percent, but I felt more comfortable going with ING and have not had a single problem. Just bought my first CD too!! No problems.

[ms_businesswoman]

I have had ING for years (since 2002) or so. I love them. When I joined then, the interest rate was at 5% and a friend suggested it to me. I researched them before joining. I too, love that you can setup SUB-accounts with them. I have accounts with them entitled
Emergency Fund, House Fund, Paydown Debt Fund, Cosmetic Dentistry Fund, and Car Maintenance Fund..

I say go for it!! You'll love it. I have referred 2 others and got the bonus, too

[jmjj215]

The subaccounts aren't really SUB accounts, but it feels like it because it's all under your main dashboard. They all accrue interest independently of each other.

[cbmeeks]

well, when the wife gets back from vacation ( :-/ ) then I will start with ING.

I like the 4.25%

Do you guys see monthly growth or is it at the end of the year?

[WellManicuredMan]

I use Emigrant because they offer better rates. I have had absolutely no problems with them and transfers are very fast. You can't do anything fancy like create sub-accounts and their interface is very basic. But you might want to consider them since they pay more than ING (currently Emigrant is at 4.65%) and are FDIC insured. The interest is paid monthly to your account. I believe you can get a cash bonus through this site although I didn't take advantage of it so don't know the details.

[BTC]

If your number one priority is maximizing your return, there are better alternatives. ING Direct was my first online savings account because they were the only online savings account I had ever heard of. In addition to ING Direct, I now have accounts with Emigrant Direct & HSBC. I've had no problems with any of them, although HSBC's transfers are frustratingly slow, imo.

There are a plethora of alternatives that are just as easy to use, just as secure, if not moreso, that offer higher returns than ING Direct.

http://www.bankrate.com/brm/rate/mmm...tate=US&sort=2

Bank United isn't on that list, but they're currently offerering a 5.0% yield for their online savings account. I believe they require a 5,000 minimum deposit to open, which might be a barrier. There is a Bank United thread on this forum somewhere.

[cbmeeks]

I think I will spread across 2-3 online banks. The whole, eggs in one basket thing. :-)

thanks

[jmjj215]

just as secure, if not moreso

What do you mean other alternatives that are just as secure if not moreso than ING? Or any other online bank for that matter. What makes one more secure than another?

[cbmeeks]

Originally Posted by jmjj215

What do you mean other alternatives that are just as secure if not moreso than ING? Or any other online bank for that matter. What makes one more secure than another?

Well, I noticed that ED used 256bit encryption and if ING only used 128bit, then that would mean in theory, ED is billions of times more secure (in it's purest sense).

However, I didn't read the cert from ING so I don't know what they are using.

In my opinion, any bank using anything less than 256bit is retarded.

But, I'm not the original poster of that remark so I don't know what they were talking about. :-)

cbmeeks

[jmjj215]

But, I'm not the original poster of that remark so I don't know what they were talking about. :-)

I'm not sure either.

Any time you use paper and have to mail something it's going to be inherently less secure than doing things through a secured, encrypted connection. I guess that gives ING a one-up. Does ED still require the paper-based sign up?

[PRICEPLUS]

I started with ING and I am very happy with them and their service.

[lrjohnson]

Coming to this site I had no debt but I was sitting on way too much in a one percent credit union account. I know all about line drying and washing ziplocs, but not enough about building wealth.

(I subscribed to Kiplinger's Personal Finance a few weeks ago-no issue has arrived yet.)

So as a first step I opened an ED account and an ING account, to get the not insignificant total of $45 in bonuses and triple my interest rate.

ED was still a paper sign up. Slow, but I'm patient. I've been quite happy with both so far. ING is a pretty user friendly site.

[abowers]

I signed up with ING around mid/end of April and I am happy so far. The interest rate has gone up twice since I signed up (now at 4.25%) The website is easy to use, the questions always change for when you sign in, it seems secure. It was very quick to sign up, I got the $25 bonus, and interest is paid monthly. Every time you sign in you can see what you are up to with interest. Transfers into ING are very fast, I haven't had a need to take out yet, This is kind of my "emergency fund" -- I've got my car insurance money set aside in here as well as other extra money.