ING Savings Account question

[genchan]

Does anyone have an ING savings account and if you do, is it worth getting one? Any information on good and bad points about it would be appreciated.

[cmorus]

I have a whole BUNCH of them and highly recommend them. They have excellent security access, the website is easy to navigate, and best of all they're paying the highest interest rates around.

You will have to be prepared for it to take a few days to transfer money between ING and your checking account and ING holds new money for 5 business days so you can't get it back out.

I use mine for "Anti-Emergency Funds" like car repairs, home repairs, kids' sports and camp expenses, gifts. I also have "Future Spending" accounts like vacation and new car. I also keep my Rainy Day money there.

Be sure to set up your checking account for transferring. Then you'll be able to put money automatically into your ING accounts and get it back out as necessary.

Cindy Morus

[genchan]

Originally Posted by cmorus

You will have to be prepared for it to take a few days to transfer money between ING and your checking account and ING holds new money for 5 business days so you can't get it back out.

Cindy,

Thank you for the quick answer. Another question if you don't mind. You said it takes a few days to transfer and then they hold the money for five days, so I'm assuming that you can't use money you deposit into the account for 7 - 10 days. Is that correct?

Also, once the money has cleared the 5 day wait, is there any problems getting it out or does it take another few days to transfer to an account?

[cmorus]

Hi Genchan, it takes 5 business days from the time it gets to ING until it is available. Then it will take a few more days to get out of ING and back to your checking account.

It's not really designed to be a quick in and out. I have money go to each of my accounts automatically every month. Then when I know I'm going to need it, I transfer it back.

For example, I send $75 per month to my Home Repair account. I recently had an attic ventilation fan (not whole house) installed to force the hot air out of the attic (made a huge difference in how comfortable the house is and extends the life of the roof, too!). It was $425. So, when I got the bill, I transferred $425 from ING-Home Repair to my personal checking account and then used my bill-paying service to send the payment a few days later.

Presto! All done!

Hope that helps!

Cindy Morus
www.phelps-creek.com

[genchan]

Cindy,

Thank you again for the prompt response. I just went ahead and signed up for an account

[cmorus]

That's great! I hope you like it as much as I do. Now you can recommend it to all your friends and make some money for both of you!

Cindy Morus
www.phelps-creek.com

[hocazzo]

I opened a savings account in 2003 and have never had any problems with ING. The phone is answered on the second ring; the staff is very helpful and knowledgable. This year I opened some CDs as well. I give ING the highest possible rating.
ING makes my brick and mortar bank in LA look pathetic which is why I keep all my savings in ING.

[Firefly]

I love them so far.

[frugalfarmwife]

I also really like ING, we have several accounts there for specific savings goals and just automatically transfer money weekly to them. I've had the money transferred back into my regular bank as quickly as 2 days when needed.

Has anyone else seen the ING commercials they've just come out with, interesting to see!

kj

[CJsoccerchic]

I love ING!!!

[twoanddone]

I love ING. I just refi- with them. EASY AS PIE!!!! Love it

[CJsoccerchic]

you can refinance a mortgage with them? Solid!

[weiwentg]

Originally Posted by frugalfarmwife

I also really like ING, we have several accounts there for specific savings goals and just automatically transfer money weekly to them. I've had the money transferred back into my regular bank as quickly as 2 days when needed.

Has anyone else seen the ING commercials they've just come out with, interesting to see!

kj

personally, I would rather they cut down on the ads and work on bettering their interest rates.

[Firefly]

Originally Posted by twoanddone

I love ING. I just refi- with them. EASY AS PIE!!!! Love it

Now that is cool.

[BTC]

ING is a great company. Their rates? Not so great. I've scheduled a transfer of pretty much all of my savings for 4/17. It'll be interesting to see if they decide to offer a competitive long term rate for their online savings account. Considering how many people seem willing to settle for mediocre rates in comparison to their competitors, my guess is that they won't.

[CRFSaver]

I have had mine since 2002 and have been quite pleased. Interface is very user friendly and their quality rates have been deteriorated through to other banks implimenting the idea. Part of ING's lower rates have to do with how good they have become at gathering deposits. Last time I checked a Call Report they had deposits of 33 Billion. They have to invest those deposits in loans and investments to be able to pay that higher rate and with the yield curve so flat that has been difficult.