ing direct ?

21 years ago

Have any of you opened an account at subject on-line bank (ing.com), and if so, what has been your experience. Their brochure indicate they pay 2.35% on savings accounts.

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Comments (5)

houseful
21 years ago
I have had an account with them for several years. Excellent experience. I even got a $50 bonus for opening the account. Last year, I discovered Virtual Bank paid a little more so I moved some money for our remodel over there. Excellent experience too!
joyfulguy
21 years ago
It's a Dutch based bank, I understand.

People around here use them. I think that they are satisfied.

In their advertising in this area they claim that there are no fees.

You must have a bank chequing (U.S. "checking") account in order to send the money to them, though I suppose that they would accept a postal money order, etc. - which fee, plus stamp, will eat up a major portion of the interest premium that you'd get on small amounts.

They send a cheque when you ask for withdrawal.

Good wishes for health and other good things for you and yours.

joyful guy

P.S. I don't like earning interest, for several reasons, which I've outlined elsewhere here. Write me if you'd like to know them.

jg
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Here is one way to do it. There's others, of course. Go to www.publicdebt.treas.gov 13 week T-bills last were 4.62% selling @ 99.5 26 week T-bills last were 4.88% selling at 97.6 2 year T-notes at 4.73% selling at 99.8 5 year T-notes at 4.79% selling at 99.9 Selling at 97.5 means you pay $9,750 for a $10,000 instrument and you get 4.88% interest on $10,000. A 26 week bill getting 4.88% is the yearly equivalent interest so for the 26 weeks you only get 1/2 the equivalent yearly interest $ amount. All these are Fed taxable but state tax exempt which gives you an overall (state + Fed) higher after tax net dependent on your tax bracket. These are about the most conservative (safe) investments possible. You can get varius combinations of these instruments. You can pick various reinvestment scenarios. Since rates seem to be going up (short term rates are currently going up faster than long term rates) it might make sense to get some short term stuff and let it reinvest contiuously. Thus every reinvest gets a slightly higher rate. Read the entire site. Go to a library and get several books, NEW books. Then BUY a good one for reference. I daytraded for years, had a shelf full of books, and always had 1 or 2 open on my desk to brush up on things. The first book I bot was "Financial Planning for the Utterly Confused" Joel Lerner, $6.95--. Dividends are taxed at various rates. Some divs are "qualified" which means they are taxed at a much lower rate than ordinary divs. You usually never know till the year end just what % of your divs are qualified. Dividends are generally those moneys paid to you through a fund. So if you owned a T-note directly the money paid to you would be interest. If you had a mutual FUND the money paid to you would be a dividend. Liquidity: If you can convince yourself to put some money with an online broker so you don't have to deal with a human (a BIG plus) you can get CD's and such often at a discount and sell them anytime on the secondary mkt. Now the thing to do is to just have SOME of your cd's at the broker so these are the ones you can liquidate easily at no penalty should the need arise ie a safety valve for you. Well I coulda wrote more and probly shoulda wrote less but it just sorta slid out onto the screen. Luck2ya.
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eiagaaf
21 years ago
Love them. I've had my accts open for at least 2 years, & have had no problems. Be sure you look into a bonus for opening your acct. (just search the web, I'm sure you'll find something) I rec'd $25 when I opened my acct. I then "invited" each of my young children to join. Even though I linked their accts to my checking, they each recieved $25 for opening an acct, & I rec'd $10 for each also, as the person who invited them. I then asked a couple of friends, and rec'd $10 for each of them! That's $150 free money - yippee!!! (you do need to wait a month to transfer this money out of your acct, if you so wish) It is a breeze to open new accts & you can give them nicknames, so you can easily see what you're saving for. It does take a few days to transfer money back & forth between the ING account & your checking acct.
joann23456
21 years ago
I've have a couple Ing accounts, saving for various things. No problems at all. I'm pleased with them.
ivamae
21 years ago
Joyful Guy
You worte "I don't like earning interest, for several reasons, which I've outlined elsewhere here." Can you tell me where you posted this? I know that you wrote about your ideas for paying for food, tables, cars etc., but I failed to find where you wrote about your dislike for
"interest and why". I'm interested in learning more about what is availbable in Canada in "tax deferred plans". Do you recomend any of them and if so, why?

ivamae

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ing direct ?

Comments (5)

houseful

joyfulguy

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eiagaaf

joann23456

ivamae

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