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Thread: ING and Savings Problems

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    Question ING and Savings Problems

    ING and Savings Problems
    I had set up an ING account and linked it to my checking account with my bank. I had to slowly stop some transfers due to some financial hardships and loss in my family and now want to slowly start to build up my savings and emergency fund again.

    I have run into a few small problems

    1) I lost about 50 pounds (smiles) and am saving up for breast augmentation due to the amount of loss in my breasts and wanting them to be filled in this will easily be 5000 plus another 2000 for the month I am off work. I need to save this up on top of all other savings

    2) I need to pay of my credit debts (3000) within the year. I am making minimal or lower than 100 dollar payments as my husband was recently laid off in December.

    3. ING will not let me transfer anymore due to needing the verify my account with them. I tried to do this online and it will not let me. Do any of you know another way I can do this or if I can sign up with another bank or somewhere else. I am currently with Chase and have a savings, checking, and student credit card with them.

    I really appreciate all the help. I want to be one of those dancers who saves and has something to show when I do retire from the industry I just need some advice on how to get there safely.

    XOXO

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    Default Re: ING and Savings Problems

    Ally looks like the best low risk savings account on the web right now. I have an ING account and am considering moving to Ally due to the better rate as well as no transfer fees.


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    Default Re: ING and Savings Problems

    I am going to have to check that one out. I have started to put 25 a week away into my bank savings and between 100 and 300 in he boobie fun. I just want to fill them up nothing too crazy. Do you have the website for ally. The more I save the better right?

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    Default Re: ING and Savings Problems

    Yup, Ally Bank division of GMAC is indeed offering the highest available CD rates ... thanks to US taxpayers providing them with near zero interest TARP money. You might as well sign up and at least try to get some of your own tax money back in the form of above market interest earnings LOL !

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    Default Re: ING and Savings Problems

    Probably the best rate of return you can get on your money would be to take as much money as you possibly can, and pay off your credit cards instead of putting it in a low interest bank account.

    Also, if you're looking to save money on your breast augmentation, you can probably save $1,000 to $2,000 or more if you were to get them done in another country. There are other countries with high-quality medical care that is much less expensive than the US.

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    Default Re: ING and Savings Problems

    Just paid off my highest balance credit card (1000) so I am well on my way.

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    Default Re: ING and Savings Problems

    That's great! Getting your credit cards paid off will make it a lot easier for you to come out ahead with the money you save.

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    Default Re: ING and Savings Problems

    Quote Originally Posted by eagle2 View Post
    Probably the best rate of return you can get on your money would be to take as much money as you possibly can, and pay off your credit cards instead of putting it in a low interest bank account.
    Sure, but she still needs to save for an emergency cash reserve at the same time. Otherwise, when life happens, she will just have to put those unforseen expenses right back on that high interest credit card. Its an opportunity cost issue. You don't really know what will happen..but people get sick and can't work their cash jobs, cars break down, etc, etc....

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    Default Re: ING and Savings Problems

    If she were to use all of her money to pay off her credit cards and an emergency occurred where she needed to use her credit cards, she would be in the same situation as if she saved the money and didn't pay off her credit cards. If she were to use all of her money to pay off her credit cards and an emergency did not occur, she will end up better off, so the worst that could happen, is she would be in the same situation as if she didn't pay off her credit cards.

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    Default Re: ING and Savings Problems

    ^^^ theoretically true, but with an important new 'real world' wrinkle. These days the credit card banks are seizing every opportunity to limit their potential losses. Thus if a person with a mediocre credit rating / history of late payments were to pay off their outstanding balance, or a significant part of their outstanding balance, it's distinctly possible that the credit card bank could reduce their credit limit to a lower amount than originally existed. From the standpoint of 'emergency cash', this scenario would make the difference between say ...

    A. A $5000 maxed out credit card but depositing $3000 in a bank account available for emergency spending, versus

    B. Paying the credit card balance down from $5000 to $2000 with the same $3000, but having the credit card bank then lower the card's credit limit to $2500 ( thus only $500 additional credit available on the card for emergency spending), while having $0 in the bank.

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