QUESTIONS? READ HERE ---------------------------
Hey guys.
First of all, I think people need to learn to search to see if their "hot deal" has already been posted. This must be the 10th time I saw ING direct here in hot deals. Everyone just trying to profit .
I started an account recently with INGdirect. I started with the $25 referral deal. I just browsed through one of the ING posts and found the guy who had the most helpful information and used his link. Simple eh? I had to give him his due for taking the time to write out so much information.
So the questions I saw..
Interest Rates - Interest Rates are Variable. What that means is that it changes. Because the economy is not so good right now, the interest rates have been dropping (makes people stop saving money and using it for investing in other things). It is at a pretty all-time low at 2.2 here at ingdirect. It used to be 6.6% sometime ago. It dropped from 2.3 to 2.2 while I was deciding whether to do ING haha. However when the economy picks up, so will the interest rates, so don't worry about that. It will always be a whopping 6-7 times better than what you get from let says wellsfargo or BOA. They are able to give high interest because they have no physical branches, so they save lots and pass on some of it to their customers.
Transfers, How many business days - As it is listed. It says 2-3 Business Days. However just so there is no surprises, your Initial deposit will be some 5-10 days for security purposes. After that they promise 2-3 business days. Remember it is BUSINESS days not any day.
Two Little Deposits - For me, the deposits took a while, mainly b\c I did it late in the week. I opened an account on a thursday. Took several BUSINESS DAYS. The small deposits came mid-week of the following week. Everything went smoothly then after. The $25 was there. Remember there is no minimum, so you can litereally open an account with $1 and get $25 free. However with these interest rates, you might as well put all your money. I left just enough to avoid minimum fees in my BOA account and put the rest in ING.
Trust $10 or 10K? - I deposited 10K lol. Exactly 10K. I am hoping to keep depositing every once in a while, keep saving, and have a large amount when I am older.
I too, obviously, have the referral link I can send you via email. Just email me
paul_lee@uclink.berkeley.edu and I will get you the link most likely by the end of that same day. Promise . If you want to drop a line to ask questions about the bank, I'll be happy to reply. Ok good luck guys.