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Arif R | ING Direct, is it worthy?? |
I am researchign ING, and see that the ing direct savings account accures 4% interest. Y is it so much higher than normal banks? I am 18 with no credit hostory ( dont kno if that metters), can I open up a savings account there and take advantage of that 4% interest?
Any catches to ING direct?
Additional Details
Does ING pay interest of 4% every month? |
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BigApplz ( * )( * )
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ING is a bonafide Financial institution with a good rating.
The original internet bank. The reason the rates are better is because it does not have the overhead expenses of "brick and mortar " banks and reduces paper communications as well.
Money saved. |
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Becky C
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ING is a great place for saving ESPECIALLY if you are just starting out. ING is able to offer a greater interest rate because they do everything online, and don't have the cost structure of overhead (renting space or buildings for banking, tellers, machines). But, no need to worry as they are still secure (FDIC insured which means that your deposit is insured against loss. ING is a great alternative to a CD at say Bank of America because your money is still liquid.
I am 20 years old and have been able to save $6000 with Ing so far. The interest rate has been increased several times since I signed up, which is positive too because it is not a fixed interest rate, like a CD.
Although you may be concerned that it's only online and you won't get the service you may want, the interface is easy to use and I have had to call customer service a few times, and they were just as helpful as my Bank of America service reps. I have no credit history either.
One thing you have to do is set up a checking account with a normal institution (Bank of America, Wells Fargo...) so that you can transfer funds to create a savings account.
It's a great deal and I highly recommend it. |
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germ_ball
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No catches. I've used it for the past 4 months and have earned more interest than the 10 years I've banked at BofA. I don't see why your age should matter. Give it a try. |
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ac
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I have been using them for about 4 months now. It has been great experience. I recommend them because of following reasons:
1. Good savings rate (4.40% apy at time of writing)
2. Clean, informative and reliable website (one of the best i have seen among banking websites)
3. You are 18 and it will be good for you to start saving early by just setting up the automatic monthly transfer from your checking account. If you don't see the money in your checking account you won't spend it on unnecessary things.
4. ing guys don't have any minimum amount drama. You can open account with just $1.00.
5. Other sites you might want to compare: emigrant direct, HSBC direct etc. Right now emigrant direct offers a better interest rate. But for some reason i find their website very unreliable. I thought of opening a account with them at least twice but both times they were slow and down.
Hope this helps! You are on right track at 18 :-) |
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Ism
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I've had an account with them many years now with no issues. When I need to do a transaction everything is very straight-forward. I'm quite pleased with ING compared to a regular bank.
As for the high interest rates that they offer, I think they can offer that since they don't have any branches that require all the overhead costs associated with having a branch.
Also, remember that banks and other financial institutions make WAY more than 4% themselves, using YOUR money. Suppose they make 12% on their investments. They can easily afford to pay you 4% and keep 8% for themselves. |
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stopccdebt
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I received a solicitation from them last week. They offered me $25 if I opened a savings account with them. I did the research and there are no monthly or annual fees involved. Pretty good deal I thought. The only catch was that you cannot withdraw the $25 until after 30 days. I thought that was rather generous.
By the way, I was able to do it online at their website. This is the promo code that was on my check: D258D
They are FDIC insured, so what did I have to lose! Its a much higher rate than I am getting from my regular savings and through my credit union. |
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casj2006
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I use ING, i think it's great...u need to link your checking account to it to deposit and withdraw...it's cool and the interest rate is pretty high for a savings account... |
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derek
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Only one real way to know and that is to complete their application.
I have an account and I'm very pleased. Just be aware that you'll need to link it to your local bank account so that you can add money and withdraw money from ING Direct (which can take 3 business days). |
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js
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I use to have an ING account but switched to emigrantdirect because there interest rate is 5.15% and I have had no problems with them so far. |
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sdc2027
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ING is a company tha has been around for decades and since they have little overhead, they can have interest rates higher.
Another place you may want to check out is Paypal as they have a 5.04% interest rate and you might feel more comfortable with them |
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rhsaunders
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I too have noted an ad from that organization, but don't know anything about it as I have not pursued it, being able to put money much more profitably elsewhere. My take on it is this:
- First, would the account be insured by FDIC or FSLIC? If not US government insured, forget it. (I assume that you are in the US.)
- Second, does the company have a bricks-and-mortar address in the United States? If not, forget it -- you don't want to be dealing with somebody not subject to US jurisdiction.
- Third, is the interest rate really high enough to justify any risks involved? For only a percent or so over what my favorite bank offers, I doubt it.
- Fourth, how does this fit into your long-term investment strategy? You need to start investing in equities as soon as you can, so that the returns have enough time to compound. An easy way to begin is to buy some common stocks, either in companies that have a good long-term track record, or in an appropriate mutual fund. You could buy a mutual fund that tracks something like the Dow Jones Industrial Average; had I been able to put money there instead of into Social Security, it would be worth four times as much as it is worth in Social Security income.
The short answer is: stick to your local bank for checking and savings, and go see a representative of your favorite brokerage to talk about investments. |
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