ING Direct?

[citeyoursources]

Been looking into this, and three friends who have it have no complaints, and all the reviews seem to be good. The only annoyance I know of is the wait time to take money out (sometimes up to a week), so you can't put ALL your emergency funds in there.

So going once, going twice, any bad stories??

Comments

[dougs_content]

I've been using it and am fairly happy with it. I keep a small ammount in my regular checking, and move ammounts every month to my ING. It is a nice way to differentiate between available funds and savings. I think the slow transaction is a bonus... it makes it less likely you will splurge it.

[citeyoursources]

True, but I wouldn't use it just to splurge. I'm pretty good about that. It would be a problem in an actual emergency, but in that case, I have a couple places I could get the money first and pay it back, I suppose. Because it's not like I have millions saved.

[gemini6ice]

What's your primary bank? BoA?

I have a student platinum visa with them and there's no finance charge if it's paid off within 30 days. That would give you plenty of time to move over necessary funds.

[citeyoursources]

I won't even go near a BoA, I hate them. I do need to get myself an emergency credit card soon though, now that my credit is repairing and I can actually get someone to give one to me. I'm saving up the mail offers to compare at some point.

[mrculex99]

I go with Emigrant Direct. I think all online banking is the same thing, it's just the % interest you get. I have it setup to deduct an amount from my checking to my savings automatically after each paycheck. It works out nicely over time. Just remember the interest is taxed.

[citeyoursources]

I checked that, and it was only 2.97%. I know everything's low now, but I know that ING has been up around 4%, I don't know anyone else's rates.

I don't do any savings transfers automatically. Never know what you'll need.

It gets taxed? I'm going to have barely $200 in interest in an entire year, and they need to take it?! Fucking IRS.

[gemini6ice]

ING is at 3 right now, actually...

But interest from any bank, online or not, gets taxed. It's technically considered income. :(

[citeyoursources]

Still annoys me. But yes, I know it's at 3 now, I was just noting its history.

[gemini6ice]

I love them. But please let me send you a customer referral so that we can get bonus referral cash out of them? :D

The only sucky part is that they were 4.5 APR before the fed started cutting. :( :( A year ago, I was getting ten bucks a month in interest.

[citeyoursources]

Ha, two other people offered a referral too, but someone already beat you all. Don't blame anyone for wanting free money!

Yeah, the interest rates are pretty shitty now, but still more than a bank. I only recently started having good amounts to save, so at least I don't feel like I missed out on something. I wonder how long it's going to take for things to bounce back :(

[gemini6ice]

Everbank also has decent rates (4.5 introductory yield, Iirc, and 3.5 ongoing). But its transfer delay on funds is about 3x as long as ING.