How trustworthy are ING accounts?

**rachelMcK** · 03-07-2007, 02:49 PM

I'm interested in opening a savings account with ING canada, but I don't know if they are trustworthy since all your banking is done on the internet. I really don't understand anything about them at all. Are their interest rates much higher than normal banks? Are there any contracts etc.?

Thanks

**FrugalMomof3** · 03-07-2007, 02:58 PM

I like ING, there are no minimum deposit amounts, no contracts, and yes their interest rates are a bit higher because no need for all the overhead (building, tellers, etc...)

I have never had a problem with them, I am sure many of the other ladies here will also say they love ing.

**Telephus44** · 03-07-2007, 03:08 PM

I'm not really sure what you mean by trustworthy. If you're wondering whether they'll run off with your money or raid your bank account - I've never had that happen or heard of it happening.

There are no contracts to sign, no minimums to maintain. I believe that there are certain minimums you need to have in the account for some of the referrals bonuses, but you don't need to have a minimum to hold the account.

Essentially you link a checking account at your bank to your online ING account and you can transfer the money back and forth. They have an automatic transfer feature (say you wanted to save $10 per week - you have set it up to have $10 transferred from your checking account to your ING account every Friday or whatever), but you don't have to use it.

The only drawback I've found is the lag time, but that's true of every bank I've ever banked at. Once you transfer the money into ING they need a few days to finalize it and until that's done, it's not available. And when you transfer the money back to your checking account it takes a few days too. But again, I've found at just about every bank I've dealt with that they have waiting periods for deposits.

Part of the reason I like ING is that because they're an online bank, I can't just stroll down to the ATM. This makes it easier for me not to touch it. They do offer much higher interest rates than "bricks and mortar" banks, although if you're really just interested in a high interest rate then there are other online banks out there that have higher rates (I believe that Emigrant is currently the highest, but I'm not sure since I'm not shopping around myself). ING is competitive with them, but doesn't pay the highest rate.

Personally, I just joined for the referral bonus and figured I'd cancel the account afterwards, but I was impressed enough with them that I've kept the account for 3 years now. We have three ING accounts (his, hers, and ours) in our household and made $173 in interest last year.

**Darlene** · 03-07-2007, 03:34 PM

My Bil uses emigrantdirect, they earn more interest. We are going to be opening an account soon.

https://www.emigrantdirect.com/Emigr...tWeb/index.jsp

**monkeywrangler71** · 03-07-2007, 03:37 PM

The interest rate on the ING savings account is 3.5%, which is considerably higher than the regular banks (the rate on our regular account is 0.05%).

There is a referral bonus of $13 if someone refers you and you make an initial deposit of $100. You also receive a $13 bonus when you refer someone else (and they sign up with a $100 deposit). If you decide to open one, I can refer you.

You can go to their site and transfer from your chequing account any time, and/or you can set up an automatic transfer. For every $100 in automatic transfers per month you receive a ballot into a draw for $10000.

Electronic transfers are held for 5 days, cheques are held for 7.

Your deposits are insured by CDIC, just like any Canadian bank, so your money is safe (up to $100,000) if the bank goes under.

**Denvergirlie** · 03-07-2007, 04:33 PM

Previous poster is in canadain, so those rates and referrals are different for the USA.

I've had ING for several years, got $25 for signing up and my referred person got $$ to but not certain how much. (If you want a referral email PM me)

USA accounts are earning 4.5% interest right now, it's only gone up since I've been an account holder.

Transferring $ takes a few days, both ways, but it's easy to use. Fully FDIC insured, it's the same as any other bank, it just doesn't have a branch to deal with, everything is online.

I've had to call customer service a few times, never had an issue.

**MamaBear209** · 03-07-2007, 05:36 PM

I just got email that the rates for my Orange Savings acct has increased to 4.5% APY. They compound interest monthly so you really see your money grow each month and you're even motivated to put in more. HSBCdirect gives as much as 6% APY right now till sometime April but the rates will definitely fall after that period so I'm sticking with ING.

I find the site easy to navigate, well secure and I'm sticking with it even if I have accounts with other banks which give sign-up bonuses. Those seeking a $25 sign-up bonus, let me know and I'll hook you up. Good only for first time customers.

**Emerald_Mommy** · 03-07-2007, 05:38 PM

I found ING to be easy to work with and I've never heard them accused of anything that would indicate being untrustworthy. That said, we no longer have an ING account because we have another internet bank that pays slightly better interest and sends us monthly statements.

**bee9984** · 03-07-2007, 06:58 PM

I really enjoy our ING account. It does take 5 to 7 banking days to transfer money from your regular bank account into your ING account but it only takes 1 to 2 banking days to have money back into your account when you transfer from your ING to your regular bank.

I opened up my ING account last May and then I had to write a cheque to myself and mail to them. I called first and they gave me information along with an account number. I was told by them that in Canada one cannot just open an account over the phone, you can get it started but you still have to send them a cheque made out to yourself, maybe it has changed , I am not sure.

Also I could have a debit card if I wanted with 3 free withdrawels each month but dh and I opted not to have that. You can also use your telephone to do transfers if you wish

.

**banana** · 03-07-2007, 07:25 PM

I have an ING account and never had any problems with them.

**monkeywrangler71** · 03-07-2007, 07:59 PM

Originally Posted by bee9984

I opened up my ING account last May and then I had to write a cheque to myself and mail to them. I called first and they gave me information along with an account number. I was told by them that in Canada one cannot just open an account over the phone, you can get it started but you still have to send them a cheque made out to yourself, maybe it has changed , I am not sure.

This has not changed. You can open it online and they will give you an account number, but then you have to send a signed cheque. The cheque acts as your initial deposit, your signed authorization to open the account, and their means of obtaining your chequing account information so that they can link to it.

If you are opening a joint account, you will need to send a cheque from a joint chequing account or two cheques from your individual account, as they need both parties' signatures.

**geckoace** · 03-08-2007, 09:27 AM

i have had an ING for about a year and i love it, no problems here i also think its a great place for your EF cause you have to wait a few days so you are less likely to take money out for non emergencies. now they have a "checking" account (although there are no checks) that allows you to have a debit card, and i enjoy the freedom of checking my account online (and do so for all of my accounts)

**mikandmari** · 03-08-2007, 10:18 AM

I love ING as well.

Working in the banking industry (in Delaware, corporate/banking capital of planet earth

) I can tell you they built this business based on its simplicity, and this concept has served them well. No tricky stuff in the small print... just straightforward banking.

Their offices are right up the street from me, in fact I used to work in the same building. They make the other banks around here (all major institutions) look like wolves. I'm considering applying for a job there...

**broke2007** · 03-08-2007, 11:04 AM

Ive heard nothing but good things about them. When I have some $ saved up, they are who I'll be using.

**BlackstoneMama** · 03-09-2007, 11:35 AM

I love ING!

It has helped me develop control of my savings very easily. They also make it very easy to buy CDs. I have a couple CD ladders at ING and the interest rates are really competitive.

I have also used them to build several dedicated accounts for savings:

-Freedom
-Vacation for the Kids and I
-Next Christmas
-Car Repairs
-Toys for Me ;-)

I highly recommend!