6.5% APY savings account + $25 bonus if funded by 10/20

[morkinva]

ING DIRECT

See Rossman's second post and another below for details

I was also told that if funded by 10/20 you would get a $25 signup bonus, but I would call first and get a Client ID #

 

[Souka]

Looks nice, but always do your research...this isn't a fill in the blanks for a t-shirt!

 

[MisterPotatoHead]

Sounds pretty good.. I just joined www.pcbanker.com! 6.25% APY on E-CHECKING! Free check card, free first set of checks, free online bill pay, and ATM reimbursements. Highest APY in the country.. check out www.bankrate.com

Boy does this sounds like an ad!

-POT

 

[RossMAN]

My question is what's the catch? (I work for a Fortune 500 bank and there is almost always a catch).

I'm wondering what the minimum amount is, it's usually something high $1,000 and higher. I tried calling them but they're closed right now.

 

[morkinva]

They claim there's no catch, i guess until you get used to using it. That 6.25% checking sounds great though. You wouldn't have to keep xferring money in and out of a savings account.

 

[drac747]

Here is the big problem w/ these small netbanks, etc. Yes, they are FDIC insured but there is always a catch.

I wanted to invest money in a CD or Saving Account for money I will need a year from now. I need that money no matter what a year from now. Well, I found out if the bank goes under, all that FDIC paperwork and red tape will make it so you can't get your money back from FDIC for at least a year w/o interest.

I need my money for college, can't afford to play games with it. It is safer w/ Washington Mutual in a 15month CD for 6% or whatever.

 

[RossMAN]

morkinva - Can you update the title to include that if you open an account by Oct. 15th you receive a $25 bonus?

I just called 1-800-ING-DIRECT and was amazed when a VRU (voice response unit) did NOT answer, instead a friendly guy named Eric answered the phone.

He said there were no catchesm no minimum amount, no minimum length of time, no well I couldn't think of any other questions to grill him with.

He did say that if you open an account (not sure if this applies to ALL of their products) and they physically receive your documents/funding check by Sunday, October 15th that they will credit your account with $25 for free. First you'll need to call 1-800-ING-DIRECT and provide them with some basic information (name/address/phone), they'll assign you a customer number then you write this onto your funding check that you mail in.

I might actually do it, thanks for telling us about this. Can't beat 6.50% with no monthly fees, no minimum, 6.50% AND they give you $25 for free!

 

[burnedout]

This bank isn't going under unless society melts down. And they aren't a small netbank either. They are a super huge operation, especially in Europe. And in my opinion, very secure.

ING, a Dutch based bank, bought out the Barings Investment Bank of England. This was after the rogue derivatives trader, Nick Leason, sent Barings into bankruptcy back in 1995.

They are into banking, brokerages and insurance.

Cool find.........

 

[jkurtze]

Does any body know if ING Direct does any ATM reimbusments? Also what ATM are they affiliated with? Do they have a visa check card? Any more information you have would be helpful.

Jerry

 

[jkurtze]

Sorry sent the message twice.

Jerry

 

[Daktaklakpak]

Am I the only one who doesn't like the fact that there isn't a physical bank that you can walk into? When I deposit a large check, I like to be there in person...I wouldn't be comfortable mailing it in.

 

[Nitzylpick]

Don't you have direct deposit man?

Anyway no, it wouldn't bother me mailing a check in, you get used to it. This is not a checking account BTW.

potato head's e-checking is down to 6.05% and what i don't understand is they cut the rate in half for above 10,000.

 

[hkchan]

It looks like you just keep your present checking and/or savings accounts so you can use the normal services. You open the ING savings account and link it with your present account(s) and just transfer money back and forth. It doesn't look like they offer a debit/check/ATM card.

 

[wjones]

MisterPotatoHead,
The pcbanker.com's American e-Checking looks weird to me. Why the more you deposit the lesser interest you get???

Deposit Amount_________Rate_____APY
$0 - $749.99____________6.06%___6.25%
$750 - $9,999.99_________6.06%___6.25%
$10,000 - $24,999.99_____3.92%___4.00%
$25,000 - $49,999.99_____3.92%___4.00%
$50,000+_______________3.92%___4.00%

 

[hkchan]

It may look weird but it's not the first time I've seen it. They want to lose only so much to acquire a customer. What's not 100% certain is whether the rate for each tier is applicable only for the amount in that tier. For example, if the balance is $15,000, is the rate 6.25% APY for $9,999.99 and 4.00% APY for the rest ($5,000.01) or is it (less likely) 4.00% APY for the whole $15,000?

 

[larrymoencurly]

There's no sign-up bonus with it, but the money fund offered by TIAA-CREF is currently paying over 6.5% APY and requires an investment of just $250, and this minimum is waived if you agree to allow $25 monthly transfers to be made from your bank account.

 

[sun818]

I signed up for the American e-Checking about six months ago. Its the best rate I have on the market for a Checking account. It is not a savings account. I just use them to deposit money and have an account I build a little nest egg for big purchases.

They have good customer service, and are responsive to e-mail. You actually get an unscripted response from a Customer Service agent. I like personable banks!

Regards,
Sun

 

[Owen2000]

Actually, I think www.nBank.com has the best rate for a checking account. 6.17% APR (market rate so it goes up and down depending on current conditions) on ALL monies in the bank. This makes for MUCH higher earning than American e-checking. Of course, if you go below $2,500 there are large fees, but if you have that little money, the amount of interest earned is so little that it hardly matters.

http://www.nbank.com/products/personal_plus_intro.asp

Owen

 

[Jedibus]

I'm very interested in this ING savings account. Does anyone have any experience with them? How about any advice whether it's better or more convenient to go with an online checking or an online savings account? I would be more comfortable having at least one of these accounts at a B/M bank.

 

[jjsimas]

^

 

[MisterPotatoHead]

wjones
It's basically what hkchan said. They will lose significantly more money if they keep a 6.25% APY on balances over 10,000 dollars. I would hope that it's like the tax system, where they only lower the APR for the amount OVER 10,000, otherwise that wouldn't make sense. I'm sure it's like that, otherwise people would leave their balances at 9,999 all the time.

This bank is sweet. I joined, got my welcome pack and CheckCard, and am very impressed with everything so far. They go all out- even give you a personal CSR with their business card in your packet. No catch, no minimum balance. And another thing that's hard to compare without using: Their website and login process is very clean. Viewing your account balance and status, paying bills, etc. couldn't be better.

 

[DaveH]

update: I just called, and the deal has been extended until 10/20/00. They need to receive your funding check by that date, which can be for any amount (even $1 is fine.)

I am impressed. I also talked with a very friendly, unhurried CSR who answered on the first ring.

They then link that checking account to your savings account, and you can make deposits using their secure web site that way. You can also use this account to link to up to 3 checking accounts (including the initital one.) NICE way to move funds around using EFT (which is mainly what I use my soon-to-be-closed x.com account for now.)

I'm in, so's my better half.

 

[abc]

from what i understand of the ING saving account though is that your interest is compounded only monthly.

the other places, and even pcbank mentioned here, offers daily compounding. This can be significant.

 

[SSGTi]

ABC, does the APY take into account all that compounding stuff ??

 

[hkchan]

Yes it does. ING quotes only the APY. If they compound monthly, the "rate" turns out to be 6.314%. Pcbanker's are 6.06% and 6.25% APY.

Take two methods of compounding, daily and monthly, and a rate of 6.00%. The APYs are 6.183% and 6.168%, respectively. A difference of $1.50 a year on a $10,000 deposit.