Want to open an ING account but..

**Jellybeanz** · 03-06-2006, 11:42 AM

Hi Ladies,

I'm reading a lot about ING accounts and would seriously love to open one but I've got one major concern.

What happens if something were to happen to me? Does this type of account allow for a beneficiary? I'm really thinking of putting a larger amount into the account due to the savings rate and knowing that I am trying not to touch my savings for a few years, as I'm hoping to save cash for a car.

So I guess I'm scared of having thousands sitting in there that my children wouldn't be able to get to if something were to happen to me.I'm not married anymore so that rules out a spouse getting it. Anyone know the answer to this?

Also, don't they have a referral program where me and the person that I sign under get some free cash?

TIA for any answers... this is the one thing that is holding me back from going ahead and doing it.... :-)

**NoDebtMom** · 03-06-2006, 11:48 AM

hmmm, I really don't know. good question. Could you possibly email them for the answer?

**madhen** · 03-06-2006, 12:00 PM

I have an ING account (savings). If you go their website, they have a pretty complete FAQ. They are basically the same as a bank, with the same rules/regs, so yes, your beneficiary would have access to your money. You would, of course, have to have a list of your assets available so they would know that you have an account at ING, but that would be the case for any bank.

I think they have a referral bonus available to an existing member who recruits someone else, but I don't know if it applies to the person being recruited. I would find someone with an ING account, have them recruit you, and maybe split whatever the bonus is?

P.S. They are having a promotion right now, where everything you deposit until April earns over 4% interest. I think the std interest on the savings is a little over 3%.

**amysh** · 03-06-2006, 12:10 PM

Yes, they do have a referral program. You get $30; the person you list as a referral gets $10.

I'm not an attorney, but if you were to die, the money would be a part of your estate, and would be distributed according to your will. (If you don't have a will, it would be distributed according to the laws of intestacy in your state.) If your children are minors, do you want to leave the money directly to them, or would you want to leave it to their guardian? (If that would be your ex, and you don't want him to have the money, then you need to see an attorney to make sure that your estate is distributed as you want.)

Amy

**Jellybeanz** · 03-06-2006, 12:29 PM

Thank you for all your answers ladies ! I went ahead and took the advice suggested and sent them an email with the questions I had. I was surprised that I got back an answer within minutes. Here it is in case anyone else was curious -

Dear ******,

We do not offer beneficiary, payable on death, custodial, or trust accounts. In the event of your death, our estate processing procedure would require the following information:

1. An original or certified copy of the death certificate.
2. A notarized copy of the Letter of Administration (a certificate issued by the probate court that certifies who is the executor/administrator of an estate).
3. A letter of intent explaining how you would like the funds distributed.

You can earn up to $250 by referring 25 friends or family members to ING DIRECT. You receive $10 for each referral and the new customer receives $25. Simply visit our website, ingdirect.com and after you're logged in, look for the Refer a Friend icon at the bottom of your account screen, click on it, and then follow the instructions. It's that simple!

**Please note that the referred friend must start the account with at least $250 in order for the referral bonuses to be posted.

If you have further questions, give us a call at 888-464-0727 and a sales associate will be happy to assist you.

Thanks for your interest in ING DIRECT,

***********

**littlemotherhaywood** · 03-06-2006, 02:10 PM

I just opened an ING account last week

I also opened one at Virtual Bank because they're interest rate isn't just for a few weeks and their minimum to open was only $100. Also, they're referall program is a little better imo. It's $20 to each party. Since I'll be opening accounts for my kids, that seemed the way to go. After my initial ninety days are up, I'll probably close my ING account and transfer the money to the VB account since the ING rate will go down next month.

guest7 · 03-07-2006, 08:26 AM

I've got over $40K in ING earning great rates. If I should die- my husband has all the passwords; IDs etc to transfer the money back to the checking account. If we both go at the same time, I have all the access codes in my lockbox so the children can access the money.

**FrugalMomof3** · 03-07-2006, 08:29 AM

Frugal Fanny,

That's good thinking... I will also put this information in a lock box should something happen to me.

**Telephus44** · 03-08-2006, 09:28 PM

I started an ING account just to get the $25 bonus (you didn't used to have the $250 minimum to get the bonus) and have been so pleased with their service and interest rates that I've had the account for 3 years now. I also convinced DH to open one for us as a "joint" savings and he has a personal account for himself.

I know that their rate may not be the absolute best, but I have been very pleased with their service and security, so I wouldn't switch myself. Also, they have raised the interest rate 4 or 5 times in the last three years.