Loki: All the resons I like ING for the savings account. It started at 3% last year and is down to 2.25% but thats still much better then any other account out there. Compare that with their 1 year CD for 2.6% and it seems a no brainer to get 2.25% with total 24 hr access to your money.Splotto
>> All the resons I like ING for the savings account. It started at 3% last year and is down to 2.25% but thats still much better then any other account out there. Compare that with their 1 year CD for 2.6% and it seems a no brainer to get 2.25% with total 24 hr access to your money. <<Sounds like my credit union. Their current savings rate is also 2.25%, which is identical to their one-year CD rate. So unless you expect the savings account rate to plummet sharply, and very soon, it makes me wonder why anyone would use their CD rather than a regular savings account.#29
Greetings,I just finished the Times article on ING Direct and would like more feedback from people who use the service. I am currenlty earning about 1% on my reserves and would love to up that rate. This seems to easy to me. I spoke to the rep and the funds are FDIC insured, so what is the downside. Anyone have any experience using ING Direct. Please feel free to email me at TannerBoyle@Aol.com or just post your responses. Thanks in advanceDQ
I spoke to the rep and the funds are FDIC insured, so what is the downside.There isn't really any downside, unless you consider ING's policies unacceptable:- There is a 5-day hold for deposits (up to 10 days for new accounts)- You must have a checking account at another bank to use their services. ING does not provide checks, or any other way to withdraw money except through electronic transfer- There is no ATM access to your money- No bill paymentThere are plenty of banks and credit unions with rates somewhat close to what ING offers ( www.bankrate.com currently shows 16 banks which offer over 2% on money market accounts), so if you don't like ING for some particular reason, you can always find an alternative. I use ING, and I don't mind their restrictions at all.
DQ: I love ING. I have used them and am happy with them. The only issue with them is that any deposit has to sit there for a week before you can get it. I suppose that how they make up for the high rate.Splotto
If you have at least $25 K to stash, Washington Mutual's Platinum account is quite competive. I think it's down around 2.3% now, but has consistent been better than anything shorter than a 3-year CD, then it's close. And there are lots of WaMus around.db
Greetings db,Thanks for your response. I just checked out the Wamu website and I see what you say is right on the money (no pun intended). It seems like there are no fees. Do you have an account there? I have a Wamu nearby and think this might be the answer. Any restrictions like ING Direct on the deposit clearing or time to withdraw? Any fees they hide in the fine print? If anyone else is a Platinum member at WAMU could they also reply. Thanks.Thanks to all in advance,DQ
If anyone else is a Platinum member at WAMU could they also reply.I've had a Platinum account for about a year. There is a $12/mo (I believe) fee, but it's waived as long as you maintain a minimum balance of $10k. (Again, check for the exact amounts, as they may vary from state to state.) If the amount of a check you deposit is large (I don't know the threshold), then they'll put a hold on it. I think that's fairly common for all banks. But for smaller checks, there's usually no hold put on the funds that I'm aware of.No other gotchas that I can think of; been quite happy with the account (except for the ever-decreasing yield, but that's hardly unique to WaMu, is it?).Ken
If anyone else is a Platinum member at WAMU could they also reply.*********Have a Platimum account for almost a year now. Has all the features (and downsides) of any other checking account I've had with the added benefit of MMA interest rates - actually better than most MMA rates.WaMu's online access seems well maintained with down times being rare.
Dan,I've been using ING for about 1 year and I have no complaints. The transfer of funds is seamless, just go to their website and transfer back and forth as needed, keeping in mind the hold period. I enjoy checking in from time to time as they keep a running tally of interest earned on a daily basis and credit it monthly.Adenovir
This for DQ;I've had all my reserves in an ING account for the past 4 years at above market rates and never more than 24 hours for funds to become available when transferring from ING to my credit union.Just Do It!twhartonPensacola Florida"Where thousands live the way millions wish they could!"
Have been using ING also for awhile now and have no complaints. I ladder CD's with them. Their rates are hard to beat right now. If you need to get your money out of a CD for any reason there is no penalty, you just lose half of the interest earned I believe. So for example, their 5 year rate is 4.35, so if you have to take out before maturity your rate would be 2.175. Transferring assets between your checking account and them is flawless so far. I would recommend at least checking them out closer.
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