Consumers Speak: ING Direct Is Pretty Awesome
In response to the Top 10 Online Banks story the other day, Tonya exploded in a gush of enthusiasm for ING Direct much like a water balloon filled with sunshine and liquid rainbows that has been hugged to death. From Tonya's comment, ING Direct sounds pretty swank, so for your edification, dear readers:
I noticed that the article did not mention ING DIRECT Savings Account which has no minimums and no fees! They do not have checking accounts, but do have a number of bank products including CDs, equity lines of credit, and investment accounts.For a savings account, they pay the best interest rate online anywhere, which is 3.80% right now. They raise the interest rate on a regular, timely basis.
I have had an account with them since September 2003 and have have been really happy with the site and the customer service. I've never had to wait more than a few minutes for a customer service rep (CSR) and the CSRs themselves have all seemed to be intelligent and professional.
I have just $50 per week automatically transferred from my Bank of America Account to them each week and it really adds up quick. You can link more than one account with them to transfer money into and out of. They are FDIC Insured and have great security measures in place: When you speak to a CSR, you enter your pin number in a way that they cannot hear what you enter. Each time you login on the site, they ask different security questions. You can receive your statements via online or have them sent to you via snail mail.
Caveats:1) If you transfer money, it is not available for a few days until it clears their system. Once money is available in your account, it takes 2-3 business days to transfer money back to your checking account, so you have to be able to think a few days ahead. They do let you know when the funds from each transfer will be available.
2) You can go online to set up a recurring transfer like I did (Example, $50 every week from your regular checking account to your ING savings account); however, you CALL to cancel or change it. You cannot change it online ~ that's the only thing that irks me.
3)In order to link your accounts you must snail mail a check from the account you wish to link.
I don't give recommendations easily, but I really love them.
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I'm with ING and did some research first. If you check epinions.com and similar sites, the users who have or have used HSBC all complain about the same thing - the horrible web interface and the almost impossible customer service when you need them. I didn't want to be bothered with that.
I also somewhat like the idea of my money being semi-liquid. In that, I mean its nice to know that if I can't just hit the ATM and transfer money from savings to checking right away and have it there, that it takes 2-5 days to transfer. Kind of makes anyone double think spendy purchases and / or put them on a credit card (which I think is a good idea anyway, explained below) prior to buying.
For the spendy things I'll put them on my AMEX card becase they will extend the manufactor's warranty up to 2 full years and I earn cash back. So, it almost makes sense to buy some things with a CC if you know you can get the case to pay it off from your savings account in a few days.
In any event, I've been more then happy w/ ING for the nearly year I've been using them.
I also *heart* ING.
It looks like at least the GMAC rate is for a money market account, which has quite a few more restictions than an ING savings account. I've had my ING acct. for a few years now and I have always been very pleased. They also give nice bonuses to the referrer and the referred when you sign up for a new account. You can't complain about free money.
At least in Canada, the reason for the "mail in a cheque" is for security reasons... like submitting a voided cheque for direct-deposit stuff.
(also, it proves that you own the account, and, without the mailed-in cheque people are less likely to easily transfer funds out of your account to an external account that's not yours)
Over and over again, ING Direct customers love love love them. I am one of those customers.
Their balance of security and convenience is unparalleled and their customer service people are ALWAYS able to handle anything.
I started with a simple savings with them. They now manage my IRA as well. I love them.
My only sadness comes from the fact they don't offer a checking account.
"...much like a water balloon filled with sunshine and liquid rainbows that has been hugged to death."
Well, color me embarrassed!
I have to say it does feel good be able to give glowing recommendation once in awhile for a product, service, or business that lives up to their claims.
For what its worth, my caveats weren't complaints (well, except for having to call and speak to a live person to change automatic withdrawals) rather, they were intended as warnings for those used to instant gratification or quick access to their money.
FYI: Those who have Direct TV + TIVO can get $25 for signing up with ING right now. The ad has been showing on the main TIVO menu.
ING had been the interest rate leader for some time, but has fallen behind the pack with the recent rise in interest rates. Sticking with reliable name brand banks, you can get a distinctly higher rate at HSBC (4.25% -- www.hsbcusa.com) and GMAC Direct (4.30% -- www.gmacbank.com).