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!

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

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.

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?

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 It can't be withdrawn.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!

Re: ING direct savings account

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Posted by xjulietx

Really easy to use. Money can only go between ING and another account. It can't be withdrawn.

Like it!

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So if I deposit 100 into my ING from my Checking, I have to transfer it back to my Checking to with draw it?

Re: ING direct savings account

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Posted by MonkeyLuv

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Posted by xjulietx

Really easy to use. Money can only go between ING and another account. It can't be withdrawn.

Like it!

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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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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

Re: ING direct savings account

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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

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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!

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.

Re: ING direct savings account

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Posted by MonkeyLuv

I'm just trying to find a better savings plan to allow for a wedding AND a house!

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And more dogs & babies of course!!

Re: ING direct savings account

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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.

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Hey, who says I need to find a job?????

Re: ING direct savings account

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Posted by xjulietx

Really easy to use. Money can only go between ING and another account. It can't be withdrawn.

Like it!

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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.

Re: ING direct savings account

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Posted by MonkeyLuv

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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

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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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interest is added onto your balance monthly.

Re: ING direct savings account

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Posted by NPbride

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Posted by xjulietx

Really easy to use. Money can only go between ING and another account. It can't be withdrawn.

Like it!

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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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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.

Re: ING direct savings account

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Posted by wc0143

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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.

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Hey, who says I need to find a job?????

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I DO. The most you can make is 250 bucks.

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?

Re: ING direct savings account

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Posted by MonkeyLuv



Are there any pitfalls and downsides?

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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

Re: ING direct savings account

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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?

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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.

Re: ING direct savings account

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Posted by wc0143

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Posted by MonkeyLuv

I'm just trying to find a better savings plan to allow for a wedding AND a house!

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And more dogs & babies of course!!

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Don't forget all of the cute shoes.....

Re: ING direct savings account

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Posted by palebride

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Posted by wc0143

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Posted by MonkeyLuv

I'm just trying to find a better savings plan to allow for a wedding AND a house!

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And more dogs & babies of course!!

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Don't forget all of the cute shoes.....

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Indeed!


And Janice, well perhaps Mr Boots will learn to control his criminal impulses!