Online/E Banking

titan257 · #1 05-18-2008, 08:36 PM

Speaking of online banking, does anyone have any feedback about the online savings account. Like the ING Orange Savings account. I am thinking about setting one up but I would like to hear from someone who's done it

tnxbutterfly · #2 05-18-2008, 10:07 PM

Quote:

Originally Posted by titan257

Speaking of online banking, does anyone have any feedback about the online savings account. Like the ING Orange Savings account. I am thinking about setting one up but I would like to hear from someone who's done it

I have a savings account with ING. I really like it. It's linked to your checking acount, but you control how much you want taken out and how often. Right now I get $20 taken out the 1st and 15th of every month. You can choose to have your statement sent to you by regular mail or email. They also tell you how much interest has been paid. Makes it easy when it comes to filing taxes at the end of the year.

The only down side is that if you need to take money out, it takes 2-3 business days for the money to post to your checking account.

preciousjeni · #3 05-18-2008, 10:09 PM

Quote:

Originally Posted by tnxbutterfly

I have a savings account with ING. I really like it. It's linked to your checking acount, but you control how much you want taken out and how often. Right now I get $20 taken out the 1st and 15th of every month. You can choose to have your statement sent to you by regular mail or email. They also tell you how much interest has been paid. Makes it easy when it comes to filing taxes at the end of the year.

The only down side is that if you need to take money out, it takes 2-3 business days for the money to post to your checking account.

Great minds...

preciousjeni · #4 05-18-2008, 10:09 PM

Quote:

Originally Posted by titan257

Speaking of online banking, does anyone have any feedback about the online savings account. Like the ING Orange Savings account. I am thinking about setting one up but I would like to hear from someone who's done it

I LOOOOOOOOOOOOOOOOOOOOVE ING Orange Savings. I was able to get some great CD rates before people realized that the economy had tanked, so I'm making far above the national average. Even now, you can get good CD rates through ING.

As for the savings, I have it set up to automatically transfer from my checking account on a bi-weekly basis (i.e. when my e-paycheck hits the bank).

The only thing about ING savings is that you have to be sure of how much money you're able to deposit at a given time. It can take a week to get the funds released back into another, more fluid, account. But, if you're good with money, it's a great option.

There are other services that can get you higher rates at times, but through trial and error, I have found ING direct to be the most consistent, secure and user-friendly service.

BlessedOne04 · #5 05-19-2008, 01:05 PM

I have been doing online banking since my bank started charging for visiting a teller and charging a fee each month. Granted its only $6 but that adds up over time! I am interested in the IDA (individual development accounts). Anyone have info about those?

tld221 · #6 05-19-2008, 01:51 PM

Quote:

Originally Posted by BlessedOne04

I have been doing online banking since my bank started charging for visiting a teller and charging a fee each month. Granted its only $6 but that adds up over time! I am interested in the IDA (individual development accounts). Anyone have info about those?

umm. what bank you use that charges a teller fee?!

BlessedOne04 · #7 05-22-2008, 11:32 AM

Quote:

Originally Posted by tld221

umm. what bank you use that charges a teller fee?!

Its a credit union that is near my alma mater.

#8 05-22-2008, 10:24 PM

I've had an ING account since 2004 and to date this year, I've earned over 125.00 in interest. You know how much interst you earned depends on how much you have in the bank, so that will vary by individual.

I think it's fair to say that ING is the way to go. I will n ever move my money to a regular (local) bank again.

However, I do have my personal and business checking accounts with Wachovia.

SummerChild · #9 05-19-2008, 03:00 PM

I've had an ING account for at least 5 years now. The interest rate is great (it's been more than 4% for what seems like forever). The only drawback is that you have to wait usually a couple of days to get any money as it has to transfer to an account from which you can retrieve cash directly. You might want to place a small amount of emergency money into that account but put the bulk of the money that you won't need to access w/in a day or so into ING.
SC

Quote:

Originally Posted by titan257

Speaking of online banking, does anyone have any feedback about the online savings account. Like the ING Orange Savings account. I am thinking about setting one up but I would like to hear from someone who's done it

titan257 · #10 05-19-2008, 09:54 PM

Quote:

Originally Posted by SummerChild

I've had an ING account for at least 5 years now. The interest rate is great (it's been more than 4% for what seems like forever). The only drawback is that you have to wait usually a couple of days to get any money as it has to transfer to an account from which you can retrieve cash directly. You might want to place a small amount of emergency money into that account but put the bulk of the money that you won't need to access w/in a day or so into ING.
SC

Im not really good with finances, but I need to start somewhere and I thought this would be a good option. Thanks for the feedback. Im excited about it now.

SummerChild · #11 05-21-2008, 11:16 AM

You're welcome Titan! It may also help you to set up the ING account such that money transfers automatically from one account into your ING account a couple of days after you get paid or at whatever frequency you deem suitable. I have this setup and I don't even think about the transfers. It basically saves automatically for me.
Good luck!
SC

Quote:

Originally Posted by titan257

Im not really good with finances, but I need to start somewhere and I thought this would be a good option. Thanks for the feedback. Im excited about it now.

naturaldiscretn · #12 05-21-2008, 05:17 PM

Quote:

Originally Posted by mccoyred

My credit union has had online banking for years now. However, they have added mobile banking in the last 2 years. I can either call or go online on my PDA which is very convenient.

I have thought about ING but haven't done anything about it yet, especially since they are US HQ right here in DE.

I have an ING savings account. You should really try it. I was skeptical at first and it took me a while to warm up to the idea of putting my money into a virtual bank. I finally tried it and I stand by that bank. It is very user-friendly, safe, and the interest rate is great. Like others have said, it is best for larger chunks of money or money that you don't intend to touch for a while since it takes 2-3 days business days for a transfer to take place. Oh, you can also break your money into smaller sub accounts. Within my own account, I have my money broken into 3 different sub accounts like "overseas vacation", "wedding", and "regular savings".

AKA2D '91 · #13 05-21-2008, 05:27 PM

Those who have created the ING accounts, can you see a considerable increase in what you have in the account now versus when you started the account?

If so, how long have you been with ING?

SummerChild · #14 05-21-2008, 09:29 PM

Soror,
I can see a considerable increase as compared to what I would have if I had a regular savings account (or even a money market account, I think). It is 4% and is compounded monthly. By just having money sitting there and using it then replenishing, I usually earn at least $100 per year in interest, sometimes more.

Quote:

Originally Posted by AKA2D '91

Those who have created the ING accounts, can you see a considerable increase in what you have in the account now versus when you started the account?

If so, how long have you been with ING?