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MonkeyLuv
It's An Obsession
Member since 8/04 4437 total posts
Wedding Date:
1/1/2012 12:00 AM
Wed. Location:
booked
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ING direct savings account
I was just lurking on the Newlyweds Board (sorry...  ) and I saw the post about saving. It seems a lot of you have ING accounts.
How do they work? Is the money accessible any time? Are they risky?
TIA!
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Posted 4/12/05 11:49 AM 
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Janice
Don't call it a comeback
Member since 6/01 3270 total posts
Wedding Date:
6/1/2002 12:00 AM
Wed. Location:
Staten Island
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Re: ING direct savings account
I have had mine for 3 years now, no problems, totally free, you can get your money out and back into checking in 3-4 days. no minimum balance necessary
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Posted 4/12/05 11:52 AM
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cloddy
Can I do this every year?
Member since 12/04 1067 total posts
Wedding Date:
6/4/2005 11:30 AM
Wed. Location:
KofC Oceanside
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Re: ING direct savings account
We opened an ING account when we bought the house. It's not risky. We can transfer money back and forth between it and our other accounts.
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Posted 4/12/05 11:52 AM
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MonkeyLuv
It's An Obsession
Member since 8/04 4437 total posts
Wedding Date:
1/1/2012 12:00 AM
Wed. Location:
booked
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Re: ING direct savings account
So it's not like a mutual fund where the money is locked up" for a certain amount of time?
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Posted 4/12/05 11:55 AM
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xjulietx
It's A Sickness!
Member since 4/03 6637 total posts
Wedding Date:
6/20/2004 3:30 PM
Wed. Location:
Westbury Manor
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Re: ING direct savings account
Really easy to use. Money can only go between ING and another account. It can't be withdrawn.
Like it!
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Posted 4/12/05 11:58 AM
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MonkeyLuv
It's An Obsession
Member since 8/04 4437 total posts
Wedding Date:
1/1/2012 12:00 AM
Wed. Location:
booked
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Re: ING direct savings account
Posted by xjulietx
Really easy to use. Money can only go between ING and another account. It can't be withdrawn.
Like it!
So if I deposit 100 into my ING from my Checking, I have to transfer it back to my Checking to with draw it?
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Posted 4/12/05 12:01 PM
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Janice
Don't call it a comeback
Member since 6/01 3270 total posts
Wedding Date:
6/1/2002 12:00 AM
Wed. Location:
Staten Island
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Re: ING direct savings account
Posted by MonkeyLuv
Posted by xjulietx
Really easy to use. Money can only go between ING and another account. It can't be withdrawn.
Like it!
So if I deposit 100 into my ING from my Checking, I have to transfer it back to my Checking to with draw it?
yes, but it will be back in checking by 3-4 days. it is a good way to save because there are not any impulsive buys
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Posted 4/12/05 12:06 PM
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MonkeyLuv
It's An Obsession
Member since 8/04 4437 total posts
Wedding Date:
1/1/2012 12:00 AM
Wed. Location:
booked
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Re: ING direct savings account
Posted by Janice
yes, but it will be back in checking by 3-4 days. it is a good way to save because there are not any impulsive buys
So it takes a few days for the money to appear in Checking after it's been transferred?
Okay, and this is perhaps the stupidest question EVAH but how does interest accrue? Monthly or annually?
I'm just trying to find a better savings plan to allow for a wedding AND a house!
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Posted 4/12/05 12:11 PM
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goingtobemrs
"I'm Addicted"
Member since 5/04 1603 total posts
Wedding Date:
5/6/2005 2:30 PM
Wed. Location:
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Re: ING direct savings account
If anybody wants one, and can wait a few days...I just opened one the other day and I get $25 into my account for being referred by a friend, and she gets $10 for referring me. FM with your email address if you'd like to open one. I am waiting for it to be up and running, should be good to go in a day or two. Also, once you have an account, anybody you refer...you get $10 in your account. You can refer up to 25 people.
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Posted 4/12/05 12:11 PM
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wc0143
Board Princess
Member since 8/03 14841 total posts
Wedding Date:
5/1/2004 3:30 PM
Wed. Location:
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Re: ING direct savings account
Posted by MonkeyLuv
I'm just trying to find a better savings plan to allow for a wedding AND a house!
And more dogs & babies of course!!
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Posted 4/12/05 12:11 PM
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wc0143
Board Princess
Member since 8/03 14841 total posts
Wedding Date:
5/1/2004 3:30 PM
Wed. Location:
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Re: ING direct savings account
Posted by tp329
Also, once you have an account, anybody you refer...you get $10 in your account. You can refer up to 25 people.
Hey, who says I need to find a job?????
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Posted 4/12/05 12:12 PM
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NPbride
Married!!!!
Member since 4/04 1375 total posts
Wedding Date:
1/1/2013 3:00 PM
Wed. Location:
Hamlet Willow Creek-A+++
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Re: ING direct savings account
Posted by xjulietx
Really easy to use. Money can only go between ING and another account. It can't be withdrawn.
Like it!
Can it only go between ING accounts or can it go from ING to a checking account with say WAMU? Thanks! I've been thinking about one of these for a while but was a little hesitant.
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Posted 4/12/05 12:14 PM
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Janice
Don't call it a comeback
Member since 6/01 3270 total posts
Wedding Date:
6/1/2002 12:00 AM
Wed. Location:
Staten Island
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Re: ING direct savings account
Posted by MonkeyLuv
Posted by Janice
yes, but it will be back in checking by 3-4 days. it is a good way to save because there are not any impulsive buys
So it takes a few days for the money to appear in Checking after it's been transferred?
Okay, and this is perhaps the stupidest question EVAH but how does interest accrue? Monthly or annually?
I'm just trying to find a better savings plan to allow for a wedding AND a house!
interest is added onto your balance monthly.
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Posted 4/12/05 12:17 PM
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Janice
Don't call it a comeback
Member since 6/01 3270 total posts
Wedding Date:
6/1/2002 12:00 AM
Wed. Location:
Staten Island
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Re: ING direct savings account
Posted by NPbride
Posted by xjulietx
Really easy to use. Money can only go between ING and another account. It can't be withdrawn.
Like it!
Can it only go between ING accounts or can it go from ING to a checking account with say WAMU? Thanks! I've been thinking about one of these for a while but was a little hesitant.
I bank at a local bank, so I go to the ing website and enter in my routing and account number, ing then withdraws the money from my checking account.
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Posted 4/12/05 12:18 PM
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goingtobemrs
"I'm Addicted"
Member since 5/04 1603 total posts
Wedding Date:
5/6/2005 2:30 PM
Wed. Location:
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Re: ING direct savings account
Posted by wc0143
Posted by tp329
Also, once you have an account, anybody you refer...you get $10 in your account. You can refer up to 25 people.
Hey, who says I need to find a job?????
I DO. The most you can make is 250 bucks.
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Posted 4/12/05 12:22 PM
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MonkeyLuv
It's An Obsession
Member since 8/04 4437 total posts
Wedding Date:
1/1/2012 12:00 AM
Wed. Location:
booked
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Re: ING direct savings account
Okay so let me review:
You can link an ING account to your regualr bank account.
You can transfer money back and forth.
To withdraw money it must be transfered back into regular bank account.
Are there any pitfalls and downsides?
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Posted 4/12/05 12:36 PM
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Janice
Don't call it a comeback
Member since 6/01 3270 total posts
Wedding Date:
6/1/2002 12:00 AM
Wed. Location:
Staten Island
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Re: ING direct savings account
Posted by MonkeyLuv
Are there any pitfalls and downsides?
If mr boots is in the slammer, he may have to extend his stay to 3-4 nights since your funds will be tied up
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Posted 4/12/05 12:40 PM
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ssdare
Board Fanatic
Member since 10/02 800 total posts
Wedding Date:
6/7/2003 12:00 AM
Wed. Location:
Vanderbilt Mansion
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Re: ING direct savings account
Posted by MonkeyLuv
Okay so let me review:
You can link an ING account to your regualr bank account.
You can transfer money back and forth.
To withdraw money it must be transfered back into regular bank account.
Are there any pitfalls and downsides?
The downside is that it takes 2-3 days for the money to transfer back to your regular checking account.
Otherwise, it's just like any other savings account.
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Posted 4/12/05 12:43 PM
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palebride
Intercourse knows no season...
Member since 6/03 12375 total posts
Wedding Date:
4/3/2004 12:00 PM
Wed. Location:
Watermill
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Re: ING direct savings account
Posted by wc0143
Posted by MonkeyLuv
I'm just trying to find a better savings plan to allow for a wedding AND a house!
And more dogs & babies of course!!
Don't forget all of the cute shoes.....
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Posted 4/12/05 12:43 PM
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MonkeyLuv
It's An Obsession
Member since 8/04 4437 total posts
Wedding Date:
1/1/2012 12:00 AM
Wed. Location:
booked
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Re: ING direct savings account
Posted by palebride
Posted by wc0143
Posted by MonkeyLuv
I'm just trying to find a better savings plan to allow for a wedding AND a house!
And more dogs & babies of course!!
Don't forget all of the cute shoes.....
Indeed!
And Janice, well perhaps Mr Boots will learn to control his criminal impulses!
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Posted 4/12/05 12:48 PM
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Janice
Don't call it a comeback
Member since 6/01 3270 total posts
Wedding Date:
6/1/2002 12:00 AM
Wed. Location:
Staten Island
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Re: ING direct savings account
Posted by MonkeyLuv
Posted by palebride
Posted by wc0143
Posted by MonkeyLuv
I'm just trying to find a better savings plan to allow for a wedding AND a house!
And more dogs & babies of course!!
Don't forget all of the cute shoes.....
Indeed!
And Janice, well perhaps Mr Boots will learn to control his criminal impulses!
when DH wanted all of our money in ING, that is what I told him, be prepared to hang with the boys for 3-4 days
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Posted 4/12/05 12:49 PM
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rafiki
Board Enthusiast
Member since 3/05 193 total posts
Wedding Date:
9/9/2006 7:00 PM
Wed. Location:
Milleridge Cottage
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Re: ING direct savings account
ING is awesome. currently the interest rate is up to 3%. (i just transfered money last night!) the smart thing to do is to keep some money in either your checking or other savings account in case you need emergency money. i've had my ING account opened for only a few months and i've already tripled the interest that i made last year in my old savings account. you can't lose with ING!!
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Posted 4/12/05 1:18 PM
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nov04LIbride
Asshatery: Nature or nurture?
Member since 3/04 8138 total posts
Wedding Date:
11/6/2004 11:00 AM
Wed. Location:
Hard-boiled eggs also have hearts of gold.
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Re: ING direct savings account
Sooo is this where you would recommend keeping all your savings?
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Posted 4/12/05 2:13 PM
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LisaW
How many times?!
Member since 4/01 1842 total posts
Wedding Date:
11/19/2000 4:00 PM
Wed. Location:
Oheka Castle
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Re: ING direct savings account
Posted by tp329
I DO. The most you can make is 250 bucks.
OK, so banking is not my forte...,
If I open an acct with $ 10,000 and 3% interest accrues monthly (if I have this right), I would make $300 a month in interest, but I would only get $250 b/c that is the max?
Do I have this right or am I totally off base here?
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Posted 4/12/05 2:33 PM
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goingtobemrs
"I'm Addicted"
Member since 5/04 1603 total posts
Wedding Date:
5/6/2005 2:30 PM
Wed. Location:
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Re: ING direct savings account
Posted by LisaW
Posted by tp329
I DO. The most you can make is 250 bucks.
OK, so banking is not my forte...,
If I open an acct with $ 10,000 and 3% interest accrues monthly (if I have this right), I would make $300 a month in interest, but I would only get $250 b/c that is the max?
Do I have this right or am I totally off base here?
No, what I meant is if you open an account, and say I refer you, ING because of that, will deposit $25 into your account. And because I referred you, I get $10 in my account. So...if you refer people after your account is open, you get $10 in your account for each person who opens an account, however, you can only refer up to 25 people...getting you a total of $250 into your account, just for referring people. Did I make any sense?
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Posted 4/12/05 2:36 PM
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