ING DIRECT up to 4.40 % from 4.35%

[esquared]

Originally posted by: Satyrist
ING Direct is now at 4.0%.

That didn't take long after the fed raised the rates again.

Updated title. Thanks Satyrist.

 

[Kaido]

I have an ING account, but I'm curious - do the rates ever go down? Or will it be 4% minimum forever, increasing occasionally?

Also, do you think ING will be around for the next 40 years or so? I'd like to start a retirement fund but I don't want to get hosed

 

[Kaido]

Oh and what about taxes? They tax you yearly on the interest you earn, regardless of whether or not you pull it out, right?

 

[phlashphire]

Originally posted by: Kaido
I have an ING account, but I'm curious - do the rates ever go down? Or will it be 4% minimum forever, increasing occasionally?

Also, do you think ING will be around for the next 40 years or so? I'd like to start a retirement fund but I don't want to get hosed

It has gone down. I recall couple years back it was ~6.5
Something like ING should not really be considered a 'retirement plan' since you're really thinking long term. Point of ING is high rates w/ liquidity.

 

[phlashphire]

Originally posted by: Kaido
Oh and what about taxes? They tax you yearly on the interest you earn, regardless of whether or not you pull it out, right?

Yes, the fed does take a good chunk out of your ING interest gains.

 

[Kaido]

Originally posted by: phlashphire

Originally posted by: Kaido
I have an ING account, but I'm curious - do the rates ever go down? Or will it be 4% minimum forever, increasing occasionally?

Also, do you think ING will be around for the next 40 years or so? I'd like to start a retirement fund but I don't want to get hosed

It has gone down. I recall couple years back it was ~6.5
Something like ING should not really be considered a 'retirement plan' since you're really thinking long term. Point of ING is high rates w/ liquidity.

So what's a good option for putting away a few hundred a month for the next 40 or so years? At 4% that really adds up, but if ING isn't that stable, I'm open to alternatives

 

[Kaido]

Originally posted by: phlashphire

Originally posted by: Kaido
Oh and what about taxes? They tax you yearly on the interest you earn, regardless of whether or not you pull it out, right?

Yes, the fed does take a good chunk out of your ING interest gains.

How much are we talking, like a third?

 

[A5]

Originally posted by: Kaido

Originally posted by: phlashphire

Originally posted by: Kaido
I have an ING account, but I'm curious - do the rates ever go down? Or will it be 4% minimum forever, increasing occasionally?

Also, do you think ING will be around for the next 40 years or so? I'd like to start a retirement fund but I don't want to get hosed

It has gone down. I recall couple years back it was ~6.5
Something like ING should not really be considered a 'retirement plan' since you're really thinking long term. Point of ING is high rates w/ liquidity.

So what's a good option for putting away a few hundred a month for the next 40 or so years? At 4% that really adds up, but if ING isn't that stable, I'm open to alternatives

Assuming you're talking about long-term savings (e.g. you don't need to get the money out for the next 40 years), you should open a Roth IRA at https://flagship5.vanguard.com/VGApp/hnw/HomepageOverview">Vanguard</a> or fund company of your choice. Pick a nice, stable fund and you're good to go - if you're really hands-off, most fund companies now have funds where they handle the stock/bond blend for you as time goes along.

Assuming there isn't an earth-shattering depression (in which case ING is going to go belly up anyway ), a decently-managed fund should beat a savings account over the long term.

 

[DBL]

With tomorrow being April 15th, it may be time to transfer your money out of ING to a higher yield savings account.

 

[Aztech]

Question about ING. I've recently opened an account. I think it kinda sucks that you have to know your customer # to login. I don't always have that with me and it's too long to memorize. Any way around this?

 

[InverseOfNeo]

Just memorize it. Shouldnt be too hard, its shorter than a phone number with area code.

 

[Kaido]

Originally posted by: DBL
With tomorrow being April 15th, it may be time to transfer your money out of ING to a higher yield savings account.

Got any suggestions? ING is the only one I'm familiar with.

 

[crimson117]

Originally posted by: dabuddha
I setup a direct deposit into ING for $250 per paycheck. Best way to get myself to save money

Haha, same here Really adds up and (ymmv) you learn not to miss it.

 

[scorp00]

Someone PM me an ING referral.

 

[cyberkost]

Originally posted by: scorp00
Someone PM me an ING referral.

check your PM box

 

[Kaido]

Originally posted by: crimson117

Originally posted by: dabuddha
I setup a direct deposit into ING for $250 per paycheck. Best way to get myself to save money

Haha, same here Really adds up and (ymmv) you learn not to miss it.

Yeah, you really don't. The direct withdrawl thing is really nice. When I go back to working full-time when I finish school I want to start tucking away $200 a week...I was playing on ING's calculator and came up with a nice savings plan: $2,055 initial deposit plus $200 a week for 40 years (assuming you're young and want to retire at 60 or so) = a little more than $1 million dollars. You might be too old to really enjoy a million bucks but you know you're set for life after that if you're careful with it. Only problem is that you'll get whacked with taxes lol.

 

[Doug117]

Man this thread is kind of depressing. Everyone asking about putting money away for retirement and stuff. This is NOT what you want for that. This is good for money you want access to almost as fast as your bank can get it to you. There are CDs out there that will lock up your money for a while, and generally get the same if not better APYs. If you want really long term, get yourself an IRA... or hopefully you're putting into your works 401(k). Jump in the stock market, even. ETFs are a great way to get your feet wet in that, and you'll be making a heck of a lot more than this. I started with $5000 a few years back. Put it in some ETFs, and I'm looking at $7,458 in my account right now.

 

[JimKiler]

Originally posted by: Doug117
Man this thread is kind of depressing. Everyone asking about putting money away for retirement and stuff. This is NOT what you want for that. This is good for money you want access to almost as fast as your bank can get it to you. There are CDs out there that will lock up your money for a while, and generally get the same if not better APYs. If you want really long term, get yourself an IRA... or hopefully you're putting into your works 401(k). Jump in the stock market, even. ETFs are a great way to get your feet wet in that, and you'll be making a heck of a lot more than this. I started with $5000 a few years back. Put it in some ETFs, and I'm looking at $7,458 in my account right now.

What is an ETF.

I have money in ING, I have money in a 401K, max amount for company matching. I have money in a IRA, and i have money in a Roth IRA, plus I pay extra principal on my mortgage, nothing sad about any of that.

 

[neomits]

ETF = Exchange Traded Funds. They follow the performance of a particular market index (NASDAQ, S&P 500 etc). They're a great way to start following the market and since the overall market usually pays better than 4% will get you a better return.

IMO accounts like ING and Emigrant should be for short term savings (car, big upcoming purchase etc) or for 3 months of emergency funds that you can access quickly.

For the younger ones of you who like this idea of saving money and automatically having it taken from your account weekly or monthly, you really should look into a Roth IRA. There are many places that will let you direct deposit minimal ammounts into an IRA. Start early and it will really pay off later in life and an IRA is a much better (opportunity for higher return) place to keep your money if you're thinking long term savings. I think even ING has a pretty simple setup for opening an IRA account with them. But keep in mind this is if you are thinking long term. Normal savings accounts are still a good. Just don't put all your savings @ 4% About IRAs


just my thoughts

 

[bennylong]

Banks like to sell CD IRA and MMA, Saving account IRA to uneducated consumer that don't realize at 4%, they are barely beating inflation.

Saving accounts like ING and HSBC online are great of keeping emergency money and for major purchase, but if you're putting your IRA and investment money in 4% Saving accounts and CD, you're really short changing yourself when the S&P 500 historically returns 10%.

 

[Engineer]

ING's interest rates on CD's went up.

New rates:

12 month CD 5.25% APY
9 month CD 5.00% APY
6 month CD 4.75% APY

 

[Engineer]

ING Orange savings up to 4.15% (deserves a :roll: compared to the others like GMAC's 4.75%, HSBC and Emigrant's 4.5%). Oh well, at least ING has competitive CD's.

 

[InverseOfNeo]

Wow I logged on to my ING account and didn't even notice until now. Thats awesome.

 

[pdawg1717]

Can someone explain if there is a difference between the terms "annual percentage yield" and "yield"? I have a MM account with Vanguard that says my "yield" is 4.56%. Is that different than say Emigrant having an "annual percentage yield" of 4.5%?

 

[Engineer]

Originally posted by: pdawg1717
Can someone explain if there is a difference between the terms "annual percentage yield" and "yield"? I have a MM account with Vanguard that says my "yield" is 4.56%. Is that different than say Emigrant having an "annual percentage yield" of 4.5%?

Same thing.

APY (sometimes referred to yield) is derived from APR (not stating that you don't alrady know this. Just a FYI).

APY vs APR