Question about ING accounts

Hi girls. My parents are helping with the wedding and have already given us the money. Right now it is sitting in a checking account that is not gaining much interest. We are considering moving a big chunk of it to an ING orange account. I have kind of a stupid question. Is the interest monthly? So if we put in $10K of it, we gain $400 a month? That seems too good to be true?

Any guidance? I am a little slow when it comes to numbers. Thanks!

Hi -- correct me if I'm wrong, but I believe it's closer to $400/year (which is still great). We make about $40 a month on interest (gotta love ree money!) right now... If you'd like to open an ING acct, FM me -- if I refer you, (all it includes is you telling me your email address), you get $25 for openingan account with $250 (like 10% free interest just to do that) and I get $10

If you think about the interest you get at a bank -- I got my tax statement, and I made $30 a YEAR last year in a regular accoutn with the same amount of money. Now it's ~$30/month....
Hope that helps!
~Jennifer

The rate banks quote (APR) is Annual Percentage Rate, so if it was 4% it would be $400 for the year which would be about $33.33 a month, but remember the interest compounds, so you get interest on your interest earned.

Also check out Capital One, & HSBC they have really high rates right now. HTH

The above to posts are right -- $400 a year! (Annual % rate)

We use ING and LOVE IT!!!

HTH

yea its 4% for the year compounded monthly....so you do earn money on top of the interest you earn every month...


I opened up one as well!! its great...I have it set up to take out money from my checking acct every two weeks and I dont even notice its even gone!!!! definitely a great idea!!!

I also have this account and love to watch the interest grow, but don't forget that you'll have to claim this on your taxes next year. I forgot about that until someone at work mentioned it to me TODAY!

Thanks ladies. I knew I had to be a little off. But still sounds like a great idea! Thanks again for the insight.

I love my ING account!!! They take money directly out of my account so I forget about it and don't spend it!

The other banks have good rates right now but, they have a minimum balance, ING doesn't have one.

My FH and I also put some money into 3 month Cd's since we too were given some money from our parents and don't need it right away. Commerce has a 3.25% 3 month cd and Astoria Federal has a 4.5% 3 month cd. With the CD at Astoria Federal, if you deposit 10k, you will earn $450 at the end of three months. The only downfall is that it's less liquid, you can't touch the money for three months.

Yes, it does stink that you have to pay taxes on it but, you end up with more money than you would have otherwise (it's just hard to see that since you pay out your taxes all at once and you earn interest as you go!)

I just have to put my professional banking sense in here. I have to RAVE about the bank I work for....

check out www.EverBank.com

We are offering 5.51% for the first three months on a checking account. After that the account pays on a tiered rate depending on your balance.

You can also open a Money Market Account right now at 4.01% APY.

We are internet only-no branches, much like ING. BUT WAY BETTER, CAUSE I WORK FOR AND BELIEVE IN THEM.

If your parents have extra money, they can even invest in Foreign Currencies, or buy their own GOLD and SILVER. check out the web site girls!

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Posted by jandt2006

isnt' this bank only through the internet?

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Yes it is!!!

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Posted by Sunrise813

The rate banks quote (APR) is Annual Percentage Rate, so if it was 4% it would be $400 for the year which would be about $33.33 a month, but remember the interest compounds, so you get interest on your interest earned.

Also check out Capital One, & HSBC they have really high rates right now. HTH

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We have a Capital One acct and we're earning 4.16% with 4.25 APY....

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Posted by stlmn2u

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Posted by jandt2006

isnt' this bank only through the internet?

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Yes it is!!!

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so what do you do mail in your amount to be deposited? that seems scary to me, how do you know they wont' run off with your money?

Citibank has an online acct for 4.50 apy. I just transferred our entire savings acct there. It's better than earning nothing. I also have a feeling that the rates may get even better.

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Posted by jandt2006

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Posted by stlmn2u

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Posted by jandt2006

isnt' this bank only through the internet?

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Yes it is!!!

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so what do you do mail in your amount to be deposited? that seems scary to me, how do you know they wont' run off with your money?

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Everything is done online....I never mail anything....
The only thing they mail me is my statement every month....

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Posted by stlmn2u

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Posted by jandt2006

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Posted by stlmn2u

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Posted by jandt2006

isnt' this bank only through the internet?

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Yes it is!!!

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so what do you do mail in your amount to be deposited? that seems scary to me, how do you know they wont' run off with your money?

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Everything is done online....I never mail anything....
The only thing they mail me is my statement every month....

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Yes, it's linked to your checking account so all the transfers are done electronically, and you can set up automatic transfers. No checks to mail. It's very convenient - good luck! I heart ING. I used to work for them, and they're a great company.

I had the same worry about the stability of a company that didn't have a brick-and-mortar business.

But my friend has had his money with them for years and my FH has his 401K through them. Anyone we've talked to has raved.

We put all except a few thousand into ING and my FH checks the interest earned every week, he's addicted. He told me last night we're going to make $50. in interest alone this month.

There is only one drawback. You can't get the money out immediately. You have to wait until the transfer goes through to your other bank.

Especially for wedding expenses, you need to plan ahead to make sure you have enough in your 'regular' accounts.