ING Direct? How much does it cost to use?

NFT

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Posted by kimnsteve

i just did it online for free....i have it set up so it takes money out of every paycheck it s great!

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Hmmmm, that's what I thought too, but they have to make their money somehow, right? I wonder if there is a fee for withdrawing the money?

Its free and there's a great interest rate. If you refer a friend you get $25.00.

I love it. Forced savings!!!

If you want to transfer out of it, it takes about 2 or 3 business days to complete.

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Posted by billandme

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Posted by kimnsteve

i just did it online for free....i have it set up so it takes money out of every paycheck it s great!

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Hmmmm, that's what I thought too, but they have to make their money somehow, right? I wonder if there is a fee for withdrawing the money?

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They do mortgages and other big financial investments that I can't exactly understand, so they do make money on that.
I've never been charged a fee for any withdrawls. You can set up transactions for any amount, as often as you want.

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Posted by billandme

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Posted by kimnsteve

i just did it online for free....i have it set up so it takes money out of every paycheck it s great!

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Hmmmm, that's what I thought too, but they have to make their money somehow, right? I wonder if there is a fee for withdrawing the money?

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nope no fee, when you sign up you have to link it with an existing checking account and when you transfer the money from the ING account to the checking account you just withdraw the money at your bank that you have your checking account with.

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Posted by billandme

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Posted by kimnsteve

i just did it online for free....i have it set up so it takes money out of every paycheck it s great!

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Hmmmm, that's what I thought too, but they have to make their money somehow, right? I wonder if there is a fee for withdrawing the money?

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thats what i thought too...but there isnt ...go online ...look at it

Thanks for the info girls!! I just opened one!! Now I have two of them......one from my bank and the ING one. I wonder if I should just close my bank savings.........hmmmmmmmm

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Posted by MikeandJess

well the interest rate is actually higher and they keep some of it, or something. They make $ off your $ but it's still a better interest rate than any regular savings account. I don't know FH is an accountant and tried to explain it to me but once he starts throwing out words like hedge fund, savings and money market I get a little handicapped.

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As an fyi, emigrant direct also has a great interest rate, actually better (5.05 apy). But a free 25 bucks sounds good to me, I just did it.

--the stealth groom
(giving meat eating, sports watching, bourbon drinking guys a voice on liweddings since 10/10/06)

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Posted by MikeandJess

well the interest rate is actually higher and they keep some of it, or something. They make $ off your $ but it's still a better interest rate than any regular savings account. I don't know FH is an accountant and tried to explain it to me but once he starts throwing out words like hedge fund, savings and money market I get a little handicapped.

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they don't keep some of it. You get all the interest that they say you do. and there are no fees with ING. (I use capital one direct)

Banks make money by lending out deposits (loans like cars/mortgages, helocs, etc)

since its an internet bank, they don't have to pay for branches, they can charge more for deposits than normal banks that have branches and more employees.

all your money doenst sit into a valut- it is either lent out or invested (like in treasury bills - im not sure banks are allowed to invest in hedge funds) they have a % of the deposits that are allowed by law to be used for investing - so literally if every depositor wanted to withdraw funds fromtheir accounts at the same time the bank (any bank) wouldnt have enough $$, but thats why deposits are insured by the FDIC.

HTH :)

I have 2 savings account -- 1 with ING, 1 with a bank I have my checking acct with. I would keep your nomral bank savings acct because with ING, it takes a few day to withdrawal the money (by transferring to another account). God forbid you are in an emergency and need the money asap? I think it's safe to have two but keep one at the bank at a lower balance.

HTH

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Posted by Meaghan729

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Posted by MikeandJess

well the interest rate is actually higher and they keep some of it, or something. They make $ off your $ but it's still a better interest rate than any regular savings account. I don't know FH is an accountant and tried to explain it to me but once he starts throwing out words like hedge fund, savings and money market I get a little handicapped.

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they don't keep some of it. You get all the interest that they say you do. and there are no fees with ING. (I use capital one direct)

Banks make money by lending out deposits (loans like cars/mortgages, helocs, etc)

since its an internet bank, they don't have to pay for branches, they can charge more for deposits than normal banks that have branches and more employees.

all your money doenst sit into a valut- it is either lent out or invested (like in treasury bills - im not sure banks are allowed to invest in hedge funds) they have a % of the deposits that are allowed by law to be used for investing - so literally if every depositor wanted to withdraw funds fromtheir accounts at the same time the bank (any bank) wouldnt have enough $$, but thats why deposits are insured by the FDIC.

HTH :)

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This is exactly along the lines of what I was going to say. I work for a different bank and this is 100% correct. I have an ING account - they're wonderful.

Thanks for all the info everyone! I'm feelilng really good about this decision now :) It will be nice to come home from the honeymoon and have this savings account

I'm going to keep my bank savings account too....I get such great advice on here~

I actually been thinking of opening an ING account. I get things in the mail from them and just always tossed it because they seemed too good to be true.

I'll have to do this then!!!