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Thread: ING Direct

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    ING Direct

    Hey guys. I was thinking about getting a 1yr CD. ING looks like a good choice, does anyone have any experience with them?







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    Featured Member francescadubois's Avatar
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    Default Re: ING Direct

    One of the guys at my office job uses them for savings and CDs, I think. He loves them and gets like a 4% or 4.25% return on his money in a SAVINGS account, which is pretty nice. (A lot of banks only give like .25%) He says it takes about 48 hours to get your money. But he says it's great.
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    Senior Member stitch132's Avatar
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    Default Re: ING Direct

    The best 1 year CD's are currently earning about 5.4% compounded daily. ING Direct is OK -- but I think the ING Direct CDs earn SIMPLE INTEREST (i.e. no compounding). So a 5.4% interest rate on an ING Direct CD will earn you less than a 5.4% interest rate from an institution that uses daily compounding.

    You might try http://www.amtrustdirect.com/ for a CD that's a little better.

    (Personally I have no CDs, but with what happened on the stock market today, I'm wishing that I did!)
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    Featured Member francescadubois's Avatar
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    Default Re: ING Direct

    What happened today?!!
    "I came in like a lamb, but I intend to leave like a lion."

    -Sade
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    God/dess Emily's Avatar
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    Default Re: ING Direct

    *repeats*
    I'm in it for the long term
    *repeats*
    I'm in it for the long term

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    Default Re: ING Direct

    I am a big ING Direct fan for its savings account. As for 1 year CDs, you may want to check out the site below. I did a search for you on the 100 top 1-yr CD rates in the US.

    http://www.bankrate.com/brm/rate/hig...416&product=15

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    Default Re: ING Direct

    Oh god, so it wasn't just my stocks!

    I have an ING account for my cash that hasn't found a home elsewhere- in Canada the interest rate is only 3.4% (I think), but it's still the best thing going for a high-interest savings account with quick access (I have a bank card I can use for that account, though I never have. Good for emergencies though.)

    I will probably renegotiate my mortgage through ING too. And I have some mutual funds through them. Overall, I give them the thumbs up.

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    Default Re: ING Direct

    I've had their Orange Savings account for 2+ years now and have an AIP plan set up. I've been very satisfied with turnaround time on withdrawls. I know nothing regarding the CD's, but those are much better rates than a brick and mortar bank is going to give you.

    As for the stock market...

    Quote Originally Posted by Emily
    *repeats*
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    I'm in it for the long term
    Me too, although locking down some profit would be nice. I'm damned near down to some of my stop-loss numbers.
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    Default Re: ING Direct

    Scarlett: Their mortgage rates are pretty competitive. With that said, ING business model is to be the lost cost provider.. thus minimizing their risks. I have heard that they require lots of paperwork, but my friend was about to refi with limited paperwork. Good louck.

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    God/dess NinaDaisy's Avatar
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    Default Re: ING Direct

    My portfolio lost 5% of its value last week. Fuck.

    As for CD's, I religiously buy Money magazine. The current issue lists the best 1, 2 and 5 year CD's by rate. Buy the magazine.
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    Featured Member Vamp's Avatar
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    Default Re: ING Direct

    When purchasing CDs everyone looks at the interest rates. It is important but another factor should be considered as well. Emergancies always arise. What are the penalities for early withdrawl? Not every finacial institution has the same penality scale. Do you have to break up the whole Cd? Can you only withdraw a portion if needed, leaving the rest of the cd intact? When would you have access to the funds?

    I would also call around to local banks and credit unions as well. Sometimes they have Cd specials because they need the money on deposit badly. In the past year I have seen banks and credit unions offering Cds at 7 to 10%. They are specials and rare. The only way most find out is by calling around.

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    Banned Melonie's Avatar
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    Default Re: ING Direct

    also, consider the fact that it's quite probable that US interest rates will continue to rise for the forseeable future, as the US gov't attempts to bring the US dollar exchange rate in for a 'soft landing'. Thus locking up your money for a whole year might prevent you from pursuing higher interest investments. Of course, you could also consider investing in a CD denominated in Euros or Aussie dollars or some other currency ... which might earn you an extra 5%+ in exchange rate gains as well as interest.

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    Featured Member Vamp's Avatar
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    Default Re: ING Direct

    Melonie thought you said in another thread those Cds start at $10,000?

    Cin go with what you are most comfortable with.

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    Default Re: ING Direct

    Quote Originally Posted by Vamp
    Melonie thought you said in another thread those Cds start at $10,000?
    Yes that's a fact ... unfortunately.

    However, when you stop and think in terms of 'real' purchasing power, if the real US$ inflation rate is something like 5%, if US$ CD's are paying 4% interest, and if the 4% interest is being taxed at a 25% rate as ordinary income, putting money in a US$ denominated CD actually results in a loss of 2% per year !

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    Default Re: ING Direct

    I have ING for my savings account and I have been so happy with them. I am getting a 4.25% interest rate. However, I don't use it for the interest, I use it as a place to keep an emergency fund. Whenever I've needed money, it's incredibly easy to do a balance transfer into my checking account. AND, whenever, I've wanted to put more money away, it's also incredibly easy to set up one-time deposits and recurring direct deposits.






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    Default Re: ING Direct

    Oh, and they have pretty good security features for logging onto the website. Basically, you select your PIN, like a normal bank account. But when you log in, it gives you a number pad, set up like a phone pad, but in place of numbers is misc letters and you type the corresponding letters (to your PIN #). Each time you log on, the letters are different. I feel a lot better with tihngs like that than what my 'regular' bank offers, which is just your PIN.






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    Default Re: ING Direct

    I don't have that! I just type in my PIN all normal-like.

    Canadians don't steal, that's why

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    Default Re: ING Direct

    I've been using ING Direct to hold my funds for various savings accounts for years now (plus one constant 3 month short term deposit). Very happy with them as far as savings accounts go.

    http://www.ingdirect.com.au/personal/savings_max.htm > Every dollar in your Savings Maximiser earns a high 5.60% pa variable interest whether you have $1 or $1million. Interest is calculated daily and paid monthly, so you earn interest on your interest.

    As for the internet banking, mine logs out automatically if you havn't done something within 5 minutes plus has a normal (changing each time you login) keypad to enter your PIN.

    Just for laughs I even have one savings account with them which only earns 0.01c interest each month... I know that's only 12c a year it's earning however it is still 12c that I didn't have to work to earn


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