Savings Account Question(Mike Rich signal)

[royalfan5]

In the ongoing restructuring of my personal finances, I am looking at a new way to save money. Is something like the INGdirect program worth pursuing, or is it simpler to stick with a local bank?

[sooneron]

In the ongoing restructuring of my personal finances, I am looking at a new way to save money. Is something like the INGdirect program worth pursuing, or is it simpler to stick with a local bank?
IRA

[royalfan5]

IRA
Wouldn't that make it harder for the account to serve as a flow through? I want the savings account to serve as a waystation/reserve depending on my other investment activities.

[sooneron]

Wouldn't that make it harder for the account to serve as a flow through? I want the savings account to serve as a waystation/reserve depending on my other investment activities.
If you want the option to draw on it, then, not really or take the penalty hit.

[M]

I have had an ING savings account for about a year. And while I don't have a crapload of money in it, the interest rate is much better than a regular old Bank of America savings account. Every little bit helps! Transferring money from my BoA checking account to the ING savings account is a snap.

[OCUDad]

We've also got an ING Direct account for flow-through cash. Works nicely and delivers better returns than any other highly liquid investment we have.

[mdklatt]

I've gotten fed up with BoA's 0.5% APR saving account. :mad: I'm going to open up a savings account with EverBank. It looks like they have better rates than ING.

[JohnnyMack]

<Obligatory><:dean:>:les:MASON JARS!!!</:dean:></Obligatory>

[critical_phil]

i get about 4 1/4 with my money market (as long as it stays above 5K). i think there are even better rates out there.

it's got check writing limitations (2/month), but has unlimited debit and online bill pay. it works for me.

[soonerboomer93]

I have a minimal (2kish) savings account with my bank so that I can transfer money instantly in case I need it.

I also have an ING account that holds my main savings

[Mjcpr]

I have to spread mine out among many, many banks due the FDIC insurance limitations.

[mdklatt]

I have to spread mine out among many, many banks due the FDIC insurance limitations.

You've run into the maximum-number-of-insured-accounts-you-can-have-in-one bank limit too, huh? I forget what the limit is; I'll have to ask my accountant. :texan:

[Mjcpr]

That's exactly what has happened.

[OCUDad]

Whatever y'all decide to do, read the fine print first. Some instruments have an initial rate that declines after 3 to 6 months. Some have variable interest rates depending on your balance. Some have minimum balance requirements. Some charge monthly fees.

I'm not saying ING is the best out there for everyone, but we liked it because it has no minimum balance, a good rate of return, no maintenance fees, and a user-friendly account interface. Look around before you pick an investment vehicle.

Of course, brazillionaires like mdk and Pat can afford to spread their money around to different investments. The Jack Daniels National Trust and the Bada Bing Fund come to mind.

[Mjcpr]

Of course, brazillionaires like mdk and Pat can afford to spread their money around to different investments. The Jack Daniels National Trust and the Bada Bing Fund come to mind.

Most of my liquid assets are out in the garage in the beer fridge.

[OCUDad]

Most of my liquid assets are out in the garage in the beer fridge.Then you're just ****ing away money. :D:D:D:D:D

[mdklatt]

I'm not saying ING is the best out there for everyone, but we liked it because it has no minimum balance, a good rate of return, no maintenance fees, and a user-friendly account interface. Look around before you pick an investment vehicle.


Is the ING interest rate fixed or variable like most money market accounts?

[OCUDad]

Is the ING interest rate fixed or variable like most money market accounts?Variable... has hovered between 4 and 5 in 2007.

[Frozen Sooner]

Pretty decent advice in this thread. I'm not a huge fan of internet banks, as the only bank to fail that I can think of in the last decade or so was, you guessed it, an internet bank.

ING has a good rep, though.

If you're using a money market account as a flow-through, make sure you're not making 6 transfers out of it per month over the internet. Last I heard, those count as Reg D transfers and will disqualify your account as a money market.

[OklahomaTuba]

I have an account with ING, and the rate seems to be going down these days. 4.22 as of today.

bankrate.com is a great site IMO.

There is one paying 5.23 that is FDIC.

[Frozen Sooner]

Bankrate.com isn't bad at all.

Heh.

Our marketing guy was supposed to do a rate survey a couple of years back and forgot, then just brought in the bankrate.com printouts. We all made fun of him quite a bit.

[mdklatt]

If you're using a money market account as a flow-through, make sure you're not making 6 transfers out of it per month over the internet. Last I heard, those count as Reg D transfers and will disqualify your account as a money market.

Are you saying a heavy flow month might leave us in the red?

[royalfan5]

I started an ING account. I figured since that they are the lead bank on my future employers current takeover operations, I could park some of my coin there.

[1stTimeCaller]

my checking account pays 5%. hard to beat that.

[critical_phil]

my checking account pays 5%. hard to beat that.


where?

[1stTimeCaller]

citizens bank, ardmore, ok

[critical_phil]

o rly?

[OUinFLA]

o rly?

check and see if 1TC's (.) key works.

[landrun]

ing.com?

Is that the link to the internet bank ING?

If so, how on earth do you 'OPEN AN ACCOUNT' from their site? :mad:

[Boomer.....]

www.ingdirect.com

If anyone wants to open up an ING savings account, send me your email address and I will refer you. If you initially deposit $250 or more, you get $25 from ING.