Will someone talk to me about ING?

**2boysand1girl** · 09-26-2007, 12:40 AM

I've seen some members here and on other boards who have their savings and ROTH accounts with ING. We use a credit union but I'm starting ot wonder if we should switch.

What is it you like about ING?

**accountantbyday** · 09-26-2007, 09:46 AM

They have a great interest rate.

I'll tell ya though, it's a total PITA to get to the money. If it's for an emergency fund, make sure it's for foreseeable emergencies where you can have 3-4 days before you need the money in your hands.

I hear if you have a checking account with them (and subsequent debit card) that isn't so much of a problem, but it can be inconvenient if you need the money fast and have to wait to transfer it to your checking account.

Fortunately I haven't been caught in a bind just yet where I've been just stuck because of the delay in transferring money (I figured it would take a few days so started the transfer when I knew there would be an issue) but for some things, like a major car repair or getting stranded somewhere, you can't see that coming.

**sdrjeolsen** · 09-26-2007, 09:51 AM

I don't have ING, but have Emigrant Direct which is similar. They had a .25 higher rate than ING when I opened my account which is why I went that direction. not sure what rates are now, but I make 5% versus the .5% at the bank. I agree about the wait, it takes me 2 full business days to get money transfered out of the account into my checking.

**pammy** · 09-26-2007, 11:13 AM

I've got a few accounts with ING, love them!!! One is a regular savings account, decent rate, no problems, but like a pp said, you'd have some trouble if you needed the money in a hurry.

That is why I also signed up for their Electric Orange account, it still is an interest drawing account, yet it's attached to a debit card. You can also do free online bill paying, which is why I signed up for it (my bank I had at the time didn't offer free bill paying). The good thing about ING and having the savings and Electric Orange is if you had a dire emergency and needed the funds quickly, you can login and move money from your savings to your Electric Orange account, the fund transfer is immediate, and you can use your debit card immediately. They have ATM's all over that you don't get charged to withdraw funds if you need it. Or you can just use it like a debit card, I believe I read there is a $1,000 limit per day when using the debit. That's a lot better than my regular debit card that has a $300 per day hold.

Anyway, have been using them for 2 years without complaint. I like that it's not super easy to get to my money, makes you really decide if it's an actual emergency or not. I used their free bill pay for at least a year (my new bank offers it now, so I don't need ING's bill pay) without one problem, everything went through perfectly. *thumbs up*

They do have investment vehicles, as well, but I'm not familiar with how their track record is with them, so can't comment on that aspect of it. Best of luck!!

**druidessemily** · 09-26-2007, 11:37 AM

My husband introduced me to ING a year and a half ago. They had a promotion where if you refer someone, you get $15, and they get $25. So I deposited my income tax return (1K), and got the extra money. Ended up withdrawing it a few months later to buy a car. I haven't used it since, but that is because I now stay at home, and when I get money, it's just cash that gets spent soon.

**Denvergirlie** · 09-26-2007, 01:04 PM

I use ING only for my emergency fund. I like that it's unaccessible for a few days, it's not like I can just go to the corner and pull it out. Also the internest rate is great compared to a bank, 4.5%.

As the PP mentioned there is a referral program.

If a current member sends you an email and you follow that email to sign up with a $250 min start balanace, you can get a free $25 and I can get a free $10.

**boogiemum** · 09-26-2007, 01:13 PM

I have a savings account with ING and really like them- especially their high interest rate. There is a wait if you want to take money out though.

**2boysand1girl** · 09-26-2007, 02:50 PM

Yay! I was looking at this as a possibility for setting up a vacation fund, christmas fund and an emergency fund. Do you have to open the account with $250 or is that just for the promotion?

**mikandmari** · 09-26-2007, 02:51 PM

I'm surprised that so many people have found there is a wait for getting your money out of ING. I use this bank for several different accounts. I have an orange savings account for my emergency fund, and it has never taken more than 2 business days to get my money. I think that's reasonable, especially for the decent interest rate they offer

**Jenna** · 09-26-2007, 03:53 PM

Originally Posted by 2boysand1girl

Yay! I was looking at this as a possibility for setting up a vacation fund, christmas fund and an emergency fund. Do you have to open the account with $250 or is that just for the promotion?

I believe there are no minimums to open an account (unless you want the referral bonus.) I have numerous accounts with ING for various goals.

It is very easy to transfer funds within ING accounts.

**accountantbyday** · 09-26-2007, 06:50 PM

Originally Posted by mikandmari

I'm surprised that so many people have found there is a wait for getting your money out of ING. I use this bank for several different accounts. I have an orange savings account for my emergency fund, and it has never taken more than 2 business days to get my money. I think that's reasonable, especially for the decent interest rate they offer

Mine took 4 and I had to call them. This was in June. I haven't tried since then. It's not that big of a deal....a minor inconvenience, but even 2 business days can suck if you're stranded in an airport because your flight was unexpectedly cancelled and you need a place to stay or something. See what I'm saying?

The money comes out of my checking account immediately, it shouldn't take that long to go back to it, but again, the pros outweigh the cons.

**starsapphire** · 09-26-2007, 09:28 PM

Just an FYI, ING's interest rate has dropped from 4.5% to 4.3%.

**genesisgirl** · 09-26-2007, 09:55 PM

I didn't know that ING's rate had gone down too! I have accounts with ING and HSBC, and HSBC's rate just dropped, from 5.05% to 4.5%.

**Denvergirlie** · 09-27-2007, 04:29 PM

Originally Posted by 2boysand1girl

Yay! I was looking at this as a possibility for setting up a vacation fund, christmas fund and an emergency fund. Do you have to open the account with $250 or is that just for the promotion?

The $250 min is only to receive the additional $25 free, but you can open with just about any amount I think.