Comments on: Why I Like ING Direct

By: Me

Me — Wed, 30 Dec 2009 20:45:45 +0000

I personally like the slow transfers. It gives you a good 3-4 days to think, ‘Hmmmm, do I really NEED to buy this?’ When I realize I don’t need to, I transfer the money back to ING.

By: Jill

Jill — Wed, 16 Sep 2009 19:55:00 +0000

@Donna Interesting perspective! Definitely never thought of it that way. I use lots of little psychological “tricks” to save money – telling myself I just can’t access the cash is definitely one to add to my list.

By: Donna Freedman

Donna Freedman — Tue, 15 Sep 2009 06:57:18 +0000

It’s that slowness of transfer, I think, that makes ING a good bet for spendthrifts: You can’t get at the money! If you have “extra” cash in savings or checking in a regular bank, you can use the ATM or cash a check.
I’d certainly recommend that people keep a cushion in a regular savings account, in case they suddenly need to move it into checking — if your car breaks down or your kid loses his glasses, you’ll be able to pay cash. On the whole, though, I rather *like* the fact that the ING money is hard to access.

By: Jill

Jill — Mon, 14 Sep 2009 04:52:55 +0000

@matthew d Custodial accounts are definitely an ING plus. If I ever do another similar article I’ll make sure to include that! Stacking referral bonuses is a great way to make some extra dollars – that’s free money you can put towards debt or savings to help you reach your goals even faster.

@Patrick No, their CD rates aren’t the best, but at least you know your money is safe. I tend to stick with 6 month CDs so that I can reinvest at a higher rate if one becomes available. I ladder smaller amounts in multiple CDs for this purpose.

@SimplyForties that’s pretty much what I do too – keep a “normal” bank to write checks and make in-person deposits, but use online transfers to get most of my money to ING

By: SimplyForties

SimplyForties — Sun, 13 Sep 2009 23:54:29 +0000

I love ING. I have a brick & mortar bank to deposit my checks in to transfer them to ING anyway so I use that account to write whatever few local paper checks I need.

By: Patrick

Patrick — Sun, 13 Sep 2009 00:56:21 +0000

I too have an account with ING Direct. Initally I signed up to invest in their CDs. But lately their CD rates haven’t been too competitive.

By: matthewd

matthewd — Thu, 10 Sep 2009 20:42:52 +0000

Another plus for parents: ING is the only online bank I found that lets you open savings accounts for your kids… everywhere else you need a driver’s license for the primary account holder, and none of my kids are old enough to drive…

Not only did we get the referral bonuses when opening savings accounts for each of our four kids, they had a cross promotion with Sharebuilder last year to get a $50 bonus when a new brokerage account is opened. So we were also able to get bonuses totaling $250! (I also opened a brokerage account for my wife)

By: Jill

Jill — Thu, 10 Sep 2009 20:28:59 +0000

@Bucksome

The delay is an unfortunate consequence of online banking, but as long as you plan well (and have a back-up credit card – that you will then pay off in full – just in case!), it shouldn’t be too big of a deal

Sharebuilder is not necessarily the best or very cheapest discount broker, but it’s a great way to get started with investing! When I started I could only afford $50 a month, so that was the best place. I’ve been very happy so far and hope you are too!

By: Bucksome

Bucksome — Mon, 07 Sep 2009 14:41:28 +0000

I’ve also have had good experiences with ING. I’ve had my savings account for about a year and just opened a Sharebuilder account.

You mentioned my biggest pet peeve which is the delay in access to my savings when transferring it to my brick and mortar bank.