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!
jandt2006
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Re: Question about ING accounts
i still don't get it. do they have their own checking account and if so how do you make deposits into it when you get paid?
mrsbaez2b
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I have an account with www.emigrantdirect.com which is paying about 4.5% right now...no minimum balance....the other internet account that I'm aware of is Metlife bank but I don't know the interest rate right now.
Meaghan729
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Re: Question about ING accounts
Posted by greenfreak
I had the same worry about the stability of a company that didn't have a brick-and-mortar business.
as long as they are FDIC insured, you're money is safe! (up to $100K of course)
mrsbaez2b
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Jandt.
when you set up your account you will have the opportunity to link it to your regular checking account. You will transfer funds from your regular checking to the high-interest account electronically....you'll do the same when you want to withdraw. It takes about 3-4 business days to complete the transfer either way.
sarahradio5
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Re: Question about ING accounts
Posted by jandt2006
i still don't get it. do they have their own checking account and if so how do you make deposits into it when you get paid?
ING? You link your ING Savings account to your bank's checking account. When you want to deposit $$, you do an online transfer from your checking account to your ING account. Right now, their rate is 4%, and if you open with at least $250, they deposit $25 into your account! (I have that offer's link... FM me if you're interested).
I've had ING for about 4 years... we opened a vacation account for my parents... and my parents just opened their own account last week. LOVE seeing that interest increase! It really adds up!
SillyBeans
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Posted by jandt2006
i still don't get it. do they have their own checking account and if so how do you make deposits into it when you get paid?
you link your regular checking account to your ING account. when you want to save $$ you do a transfer on line to move $$ from your regular checking account to your new ING account. HTH
this account is great, my FH and I used to to save for our down payment on our coop that we purchased, and now we are using it to save for our wedding. After that , we'll use it to save for a house! It's a great savings tool, you'd be surprised how easy it is. I also have my company 401K through ING.
jandt2006
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Re: Question about ING accounts
is a there a monthly fee for the service considering you earning interest on it?
sarahradio5
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Posted by jandt2006
is a there a monthly fee for the service considering you earning interest on it?
not at all!
Meaghan729
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Re: Question about ING accounts
no - because they dont' have a lot of overhead because they dont have branches - they can charge a lot of interest and no fees because they dont have as many expenses.
jandt2006
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Re: Question about ING accounts
i see emigrant is doing 4.50 how come noone is taking them up on that offer?
eta: doesn't ing take out montly payments too? or do you have to authorize it?
Meaghan729
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Posted by jandt2006
i see emigrant is doing 4.50 how come noone is taking them up on that offer?
is there a minimum balance?
jandt2006
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Posted by Meaghan729
Posted by jandt2006
i see emigrant is doing 4.50 how come noone is taking them up on that offer?
i use capital one - the rate is 4.25% and has been for a few months - if the fed raises int. rates again in may it's probably due for a bump!
ali120206
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Re: Question about ING accounts
Posted by jandt2006
i see emigrant is doing 4.50 how come noone is taking them up on that offer?
eta: doesn't ing take out montly payments too? or do you have to authorize it?
They can take money out of your checking account monthly but, you have to set it up to do it automatically or authorize each individual transaction.
sarahradio5
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Posted by jenheartsrob
ING upped their interest rate to 4.15% today :)
Oh yeah? That's awesome! Pile on the mooh-lah!!!
jandt2006
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Re: Question about ING accounts
Posted by ali120206
Posted by jandt2006
i see emigrant is doing 4.50 how come noone is taking them up on that offer?
eta: doesn't ing take out montly payments too? or do you have to authorize it?
They can take money out of your checking account monthly but, you have to set it up to do it automatically or authorize each individual transaction.
oh ok thanks! i wish i could start doing this now but i can't! afford to right now with a mortgage, maybe when my cd is up in march i will inquire again..thanks ladies!
MrsStefan
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I opened an ING direct account back in January and I've only gained $2.27 in interest. What am I doing wrong???
jenheartsrob
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Re: Question about ING accounts
hmmm.... well, interest depends on how much you put in there... if you have 10k in there, you earn ~$400 or 450 a year.... if you have $1000, then you get about $40/year.... we made it our primary plae for all our money so we get the most interest
MnM52607
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Re: Question about ING accounts
We opened a Fidelity Cash Reserves account. You have to start it with $2500 and you get 4.45% When I first opened it, the interest was 3.96% in December so it's gone up steadily.
