Online Savings Account

W

Way2SSlow

~werd to yo mutha~
Hey guys,



I was reading on another forum that I am on about using ING direct for a savings account. I guess they pay a ton more interest than everybody else. Since we have such a large membership here, I figured that somebody would be able to tell me if it's a good thing to do the online savings thing. I guess my question is....Is it a good idea? If you currently use ING direct or someone similar...is it pretty easy to use? They sure make it look like it is on the website, but everything always looks great until you buy it. Enlighten me Autopians......





Thanks.
 
Last year I switched from INGdirect (4.35%) to Emigrantdirect (5%) due to the consistently higher rates offered. I have been happy with ease of use of both. if you want check writing ability, go to gmacbank.com (4.9%), which also offers a higher rate than ING, but requires $500 minimum. All are FDIC insured. Pick whichever suits your fancy.
 
ING is an insurance company, I don't keep savings accounts with insurance companies. You'll see why when you start getting dinged with fee after fee. Also, they don't have to follow the same rules as a bank does. Personally I keep my savings cash in mutual funds.
 
ING is a bank,. no fees, NONE ever, in fact I just borrowed 500K with Zero closing costs at a rate my good buddy the banker said, wow I cant even come close to that, never mind the closing cost part that saved me 6K he couldnt even match the rate.



Also ING IS FDIC insured. Been with them for years. My monthly interest pays a car payment and its just sweep money from my checking account.





That said, HSBC is now 5.05% Im heading there now.......
 
MY recommendation is to go on Fatwallet forums and look for the savings thread. It's updated and lets you know the minimum balance needed, APR, APY of almost every online savings/cd's. You'd be surprised what kind of interest rates you can get!
 
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