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ING direct savings account

Original post by MonkeyLuv

Thread views: 2,213

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!

Janice Thread views: 2,213

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

rafiki Thread views: 2,213

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!!

nov04LIbride Thread views: 2,213

Re: ING direct savings account

Sooo is this where you would recommend keeping all your savings?

LisaW Thread views: 2,213

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?

goingtobemrs Thread views: 2,213

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?

Janice Thread views: 2,213

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?

it is much less than 300 a month if you put in 10000

LisaW Thread views: 2,213

Re: ING direct savings account

Duh, I just realized that it must be compounded yearly but paid monthly so its like $21 a month, right?

Janice Thread views: 2,213

Re: ING direct savings account

Posted by LisaW

Duh, I just realized that it must be compounded yearly but paid monthly so its like $21 a month, right?

exactly I should have answered monkeyluv's question more directly, sorry

LisaW Thread views: 2,213

Re: ING direct savings account

LOL, no problem, I knew it sounded too good to be true!!!

goingtobemrs Thread views: 2,213

Re: ING direct savings account

Posted by tp329

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?

What I was talking about above has nothing to do with the interest you receive on you money...to avoid any confusion

nsgraham Thread views: 2,213

Re: ING direct savings account

I have www.emigrant-direct.com and they give you 3.25% on your savings account. It works the same way, but the rate is a little higher. There are also Emigrant branches in NYC, so it's a real bank. I used to have a account there a long time ago.