ING - Why

[boefixepa]

Re: ING - Why

Unless of course your envelopes are of the ceber variety!!!

I do keep cash (small bills) at home in my emergency kit....

Hate to have to pay $50 bucks for a $10 item because I really need it and the owner of it can't make change...need I say Katrina.

[jmjj215]

Re: ING - Why

Jesse, actually diversifying does make sense even in FDIC-insured accounts. Not because of investment risk, but because of transaction risk. It's possible that a catastrophe at a bank (caused by a financial problem, computer problem, terrorism, act of God, whatever) could make it impossible to access your money at that bank for an extended period of time. Your money is "safe" but you just can't access it.

The chances of that simultaneously happening at more than one of your banks is much lower.

Addressing liquidity, there is a point there. But out of one side of a person's mouth they say they seek the highest return, and out of the other they say they "diversify" across multiple FDIC-insured banks. I think that's a bit of a contradiction when diversification is supposed to mitigate your risk w/o necessarily diminishing your return.

I supposed I shot off a bit quick - but I think we throw around the word "diversify" a bit too loosely.

[joseblanco]

Re: ING - Why

Addressing liquidity, there is a point there. But out of one side of a person's mouth they say they seek the highest return, and out of the other they say they "diversify" across multiple FDIC-insured banks. I think that's a bit of a contradiction when diversification is supposed to mitigate your risk w/o necessarily diminishing your return.

I supposed I shot off a bit quick - but I think we throw around the word "diversify" a bit too loosely.

Yes, the only thing I can see in regards to diversifying across banks is if you really have alot of cash and would exceed the FDIC cap of 100k with a single bank (250k for IRAs in cash deposits). Pre FDIC days it might have been smart to put cash in multiple banks, but that was along time ago.

[neguy11]

Re: ING - Why

Their website is VERY easy to use. You can set up auto payments, make one time withdrawls and keep track of all of your accounts easily.

Yes.

I had Emigrant. I closed it because of their AWFUL website. If it's an INTERNET savings account, they ought to have a halfway decent site. It wasn't the least bit user friendly. Whoever designed it should really have been fired. One of the worst sites I've ever had to navitage. I couldn't ever figure out how to do anything.

[neguy11]

Re: ING - Why

My biggest thing with ING is I feel good when I log in and see what my interest for the month is and that it does indeed change daily. I made 40 cents today WooHoo.

Yes that's it!

It I could have figured out how to do that with ED I would have stayed.

[BTC]

Re: ING - Why

Yes.

I had Emigrant. I closed it because of their AWFUL website. If it's an INTERNET savings account, they ought to have a halfway decent site. It wasn't the least bit user friendly. Whoever designed it should really have been fired. One of the worst sites I've ever had to navitage. I couldn't ever figure out how to do anything.

I'm not trying to be harsh, but if you can't figure out how to use ED's site, I'm not sure I would be blaming them for that.

Btw, they are supposedly launching a new site this month, but I'm guessing it's going to be July or later.

[neguy11]

Re: ING - Why

My main thing was I couldn't figure out where to find how much interest had accrued like ING would list. Mainly I just didn't care for the layout.

[BTC]

Re: ING - Why

Yeah. Emigrant Direct doesn't display a running total of interest earned. It will be interesting to see if they add that to their new site.

[Diolla]

Re: ING - Why

We opened an account at ING because they were the only online bank I could find that allowed my DS (16) to open an account in his name. Most required you to be 18 yo or else I couldn't find out.

I have my savings at Capitol One because back when I had a CC with them I saw the interest rate and opened one. I haven't changed because they have stayed competitive in their rates and actually I find their interface MORE user friendly than ING's. I have my own login name intead of that stupid ID number to look up and there is no question and answer portion or 'typing' your pin onto a keypad. I realize that those are for security but I find them to be a real pain. I have heard people like ING because they can set up multiple accounts and see them all but I just lump all the money together and keep track of them on a spreadsheet, I would think my way would be easier if it was necessary to 'borrow' from one to pay another (like if I was $20 short on my property tax I could borrow from the car fund)

I considered changing to ED because I am not enamored of CC companies and no longer have a CC but now ED has come out with their own CC and I have heard so many horror stories about their customer service so I guess I will just stay with Capitol One for awhile.