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ING Direct Savings - Anyone use them?

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    ING Direct Savings - Anyone use them?

    I've heard some good things about this internet savings bank and am thinking of putting my tax returns and economic recovery incentive check in there when I get them.

    Right now they are offering $25 for opening an account with $250 or more and they pay better interest than most brick and mortar banks.

    Just wondering if anyone here uses them or knows anyone who's used them?

    I do know they say you can link them to your regular bank checking account. And I've heard generally good things about one of the other internet only banks (bankofinternet.com).
    <<I am NOT an attorney, my comments are anecdotal only. Contact an attorney for advice>>
    FINALLY DISCHARGED 92 DAYS AFTER THE 341! A NEW START!!!

    #2
    I use them. I love my Ing Direct savings account. What's great about it is there is a delay to take money out so it helps to discourage withdrawals. Atleast with me. hehe..

    I have it linked to my checking account. When I want to deposit money into my IngDirect savings account, on the IngDirect website I start a transfer from my linked checking account to the IngDirect account. Infact, I did one just last night. IngDirect will email you a notification of the transfer and when funds will be available *from* the IngDirect account. For my transfer last night, the funds won't be available until March 12th. I don't know if times are different for different banks.

    If I want to withdraw money from IngDirect, again in the IngDirect website I initiate a transfer from my linked checking account, except I transfer out of Ing into my checking account. It can take anywhere from 3 to 5 days, not including weekends.

    And the interest rate is pretty decent.

    I've had my IngDirect account going on 2 years now. Although, I have had to take money out when my cat had surgery, and for other emergencies. And I was also able to open an account while in an active Chapter 13 (as I only got discharged last Nov. 2007.)

    If you have any other questions, feel to ask.
    Chapter 13 Filed "Old Law"
    Filed: 6/2003 Confirmed: 3/2004
    Early pay off sent: 10/05/2007 - 9 months early
    11/16/2007 - Discharged!

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      #3
      I just opened a account with them. I didn't put enough in initially so i guess thats why they didn't offer me the 25 dollars I was looking for the deal on that do you have the link. Well now i have earned 2 dollars in 10 days on it lol. they have a checking that has a debit card so you can get to your money fast too.
      Chapter 7 Filed 10/17/07
      341 mtg. 11/15/07
      Discharged 2/19/08
      Closed on 2/26/08

      Comment


        #4
        Originally posted by stopthebleeding View Post
        I just opened a account with them. I didn't put enough in initially so i guess thats why they didn't offer me the 25 dollars I was looking for the deal on that do you have the link. Well now i have earned 2 dollars in 10 days on it lol. they have a checking that has a debit card so you can get to your money fast too.

        If you google ING Direct you can find links to open an account to get $25 free for opening an account with $250 or more. I found a bunch of them.

        For small depositors it looks like bankofinternet.com might be an equally good or better option. But the free $25 at ING is a good deal.

        I'm always skeptical when someone offers money to open accounts, though. BofA gave us $50 to open a checking account with them a few years ago, and they were the WORST.

        Sounds like ING is okay though. Thanks for the info.
        <<I am NOT an attorney, my comments are anecdotal only. Contact an attorney for advice>>
        FINALLY DISCHARGED 92 DAYS AFTER THE 341! A NEW START!!!

        Comment


          #5
          Hey, thanks for the tip pakettle. I heard about internet only banks a while back and spaced it off due to "things happening" aka BK. I did hear that the interest rate was usually better than physical banks.

          Funny: You get something symbolic of something of value (paper money = gold). You put it into something symbolic of the thing symbolic of something of value (check = money= gold) then store it in a virtual bank. The only thing you have to prove this thing called value exists is documentation. Never is there actually physical contact with the thing that has value. YOu may as well have written a story about money as earned it.
          Last edited by One Half Full; 03-09-2008, 01:25 AM.
          Not all those who wander are lost....

          --J. R. R. Tolkien

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            #6
            I've used ING for over 6 months now and just love it! I like the fact that you can have "subaccounts".....I have one for Christmas savings, one for savings for a cruise we're planning, one for emergency money, and one for my son, which is his "YOU CANNOT EVER TOUCH THIS MONEY" savings acct.

            I never could keep a savings acct. when I was in such bad financial problems prior to my BK; now I just love the "empowerment" it gives me. ING is so easy to use and set up. I love to watch my money grow!
            Filed Ch. 7 June 14, 2007
            341 Meeting July 19, 2007
            Discharged September 17, 2007
            Closed September 17, 2007

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              #7
              I haven't used ING personally...but know of people who do and they're pretty content with ING. I just have a couple of Tier 3 MMA's, in addition to a checking/savings account. For liquidable cash.
              The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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                #8
                Is &quot;no complaints&quot; a good recommendation? ;)

                I've had an ING Orange Savings account for almost 4 years, they have excellent rates and it's easy to set up, view accounts, transfer in & out. It does take a day or two for money to move in & out but if you know to plan for that, it shouldn't be an issue.
                CC & collections... $13,000
                Car loan outstanding... $9-10,000
                Stafford loans... $25,000
                Light at the end of the tunnel... priceless

                Comment


                  #9
                  Others have used EMIGRANT as well. When I had an account with them I got like a $50 dollar bonus. At one time they were offering like 5% and some interest savings but since the market has been going haywire the interest has been knocked down under 4% ! I contemplating on an ING account but for investing in mutual funds. (Sharebuilder.com, I believe goes through ING)

                  Best of Luck, Catchmeifyoucan
                  July 2006: Filed Ch13 :blink:
                  Oct 2006: Converted to Ch7 :clapping:
                  Jan 2007: DISCHARGED :clapping:
                  Nov 2007: CLOSED :yahoo::yahoo::yahoo:

                  Comment


                    #10
                    I also now a lot of people with that account and they LOVE it.

                    Comment


                      #11
                      good thread - I've always wondered about ING. thanks for starting it PaK.
                      Filed Chapter 7 Pro-Se May 29, 2008
                      341 July 1, 2008
                      Discharged September 4, 2008
                      Closed November 10, 2008 :-)

                      Comment


                        #12
                        Originally posted by One Half Full View Post
                        Funny: You get something symbolic of something of value (paper money = gold). You put it into something symbolic of the thing symbolic of something of value (check = money= gold) then store it in a virtual bank. The only thing you have to prove this thing called value exists is documentation. Never is there actually physical contact with the thing that has value. YOu may as well have written a story about money as earned it.
                        I know where you're going with this, but I also wanted to say that money is no longer backed by gold. It's backed by a futures market. How much people think money will be worth in the future.

                        Gold as backing for money simply no longer exists.

                        However!

                        You can, of course, still buy gold, although it's over $1k/oz now. eeps! (I sort of follow the precious metals market. )

                        What I learned recently is any precious metals that you do buy and have, you can actually borrow money against, i.e. use it for collatoral on a loan.

                        Interesting!

                        BTW, I bought my first 1/10th of an oz platinum piece. It's purrrdy and shiney!
                        Chapter 13 Filed "Old Law"
                        Filed: 6/2003 Confirmed: 3/2004
                        Early pay off sent: 10/05/2007 - 9 months early
                        11/16/2007 - Discharged!

                        Comment


                          #13
                          Please check to see what these returns are based on.

                          The bond market is in turmoil now, and many of these artificially high savings rates were based on derivatives.

                          Comment


                            #14
                            ING's rates have been plumetting for the last couple of months. I have a savings account with them. The only reason I use it is so I can save some money and not have quick access to it. No ATM card with the account I have so it makes it a little inconvenient to get at it. But, for me that's fine. It gives me a little time to cool off when I get the urge to buy something I don't really need. At the rate they're going I wouldn't be expecting the same great interest rates in 6 months. Last time I checked I think WAMU was 1% or so higher than ING.

                            Comment


                              #15
                              I noticed recently that their rates are quite low....and it shocked me that the rate for a CD was LESS than the rate for the regular Orange Savings acct. What's up with that? Aren't CDs always higher than savings accts??? (rates)
                              Filed Ch. 7 June 14, 2007
                              341 Meeting July 19, 2007
                              Discharged September 17, 2007
                              Closed September 17, 2007

                              Comment

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