ING Direct

[Bunnykillah]

Always seen the stupid commercial but never really thought much of them. Then was told that they offer savings accounts that yield a 3.00% interest on your account. Unlike a CD they claim you can deposit/withdraw anytime. Anyone have a savings account with them and are they easy to use? Is it a pain to get your money out if you need to?

[Sythe]

They have a 5 day waiting period for any withdrawal's if i remember correctly so make sure its surplus cash that you wont need in a pinch. Have all of your info prepared, they ask for a shit ton of it. And when you talk to them, that weird feeling you get that this seems really shady...that's normal lol. It always sounds like their too laid back and...weird. Even their address is some weird ass place.

[archibaldcrane]

Been with them for a few years, no problems here. But yeah, transfers take a few days - I guess that's the only downside? I just stick extra savings in there.

Was nicer when the interest rate was 4.5% /drool

[Khamsin]

Washington Mutual online savings are about 3.25% I think, with no waiting period on withdrawals, although deposits seem to take a day or two to go through.

[Soa]

I opened an account with them a while back when the interest rate was around 5%. It started to steadily decline to below 2.5% at which point I closed the account and stuck it all in my Credit Union savings account which is at 3%.

Also confirming the other posters that transactions take a couple of days to process. Overall I had no issues with them except my declining interest rate for seemingly no reason at all.

[Vedder]

I've had an account with them for at least 9 years... no problems to report whatsoever. My only complaint is a minor one, unless they changed it you aren't able to link more than one account to your Orange Savings account online. If you want to link multiple bank accounts, you have to call them to get it set up... possibly more. I just remember it sounding like a hassle so I didn't mess with it.

As for the interest rate dropping, it's not for no reason at all... it's most likely because of the Fed dropping the federal funds rate in recent years. (Don't take this as fact, I probably need to brush up on my Economics.)

[Kayos]

Washington Mutual online savings are about 3.25% I think, with no waiting period on withdrawals, although deposits seem to take a day or two to go through.

I reeeeeally wouldn't put any money into WaMu right now lol.

[Soa]

I just found it odd since the rate of both my Credit Union and PNC savings accounts haven't moved in years.

[testdummy]

I have a WaMu savings account that has declined as well from 5.0% to 3.2%. It changes because the Fed changes the rates is all. Oh and remember to keep your account under the FDIC limit if you're gonna use WaMu lol.

[Saphirea]

I have an Orange direct savings, and I have them manage my Money Market...

I love them is all I can say. They kick the shit out of Bank of America, which is where my direct deposit goes.

[Jujubie]

I use ING Savings for my mortgage escrow. Why let bigbank collect interest on my money?

I put the amount $ in my ING every month that would go into my escrow account for my property taxes and insurance and then just withdraw it when I need to pay my taxes/insurance twice a year.

Just checked, I've earned $37 in interest so far this year. In my regular savings at my credit union I think I've earned like $5. LOL.

[Khamsin]

I have a WaMu savings account that has declined as well from 5.0% to 3.2%. It changes because the Fed changes the rates is all. Oh and remember to keep your account under the FDIC limit if you're gonna use WaMu lol.

Don't worry, I don't have more than $100,000 in there. If I did, I'd put it in mutual funds, anyway.

http://b1.lilypie.com/J2eFm4/.png

After she hits 1 year, are you going to switch to that Japanese girl timeline with the girls from age 1 to 30?

[Apelila]

I'm curious because I have a friend who's massive hard on for WaMu can been seen from space, whats that story?

[Ksandra]

I'm curious because I have a friend who's massive hard on for WaMu can been seen from space, whats that story?

They're in really bad shape. I work at BoA and I think two days ago there was this huge rumor that they were gonna have a run on the wamu bank. Kinda scary considering there hasn't been a run on the bank since the 30s. The CEO of WAMU went on CNN to report that it was an exaggeration. But we had tons of people come in the day to move their money over. Which obviously means that it took a hit to WAMU even more.

I feel bad for them, it's a good bank, but ya I think they aren't gonna last much longer with the way the economy is going. A small bank in LA was taken over by FDIC not long ago, this is the sign of the times.

TBH, and much as I hear Wells Fargo customer service sucks, they are probably one of the safer banks to go to atm. BoA is pretty strong too but they took a lot of risks buying Countrywide and LaSalle, so they could bottom up easily as well.

[Cephius]

They're in really bad shape. I work at BoA and I think two days ago there was this huge rumor that they were gonna have a run on the wamu bank. Kinda scary considering there hasn't been a run on the bank since the 30s. The CEO of WAMU went on CNN to report that it was an exaggeration. But we had tons of people come in the day to move their money over. Which obviously means that it took a hit to WAMU even more.

I feel bad for them, it's a good bank, but ya I think they aren't gonna last much longer with the way the economy is going. A small bank in LA was taken over by FDIC not long ago, this is the sign of the times.

TBH, and much as I hear Wells Fargo customer service sucks, they are probably one of the safer banks to go to atm. BoA is pretty strong too but they took a lot of risks buying Countrywide and LaSalle, so they could bottom up easily as well.

One of my credit cards is out of WaMu Do you think it'd be premature to close the account with them? I did hear that their CEO plans to step down, but do you think it's really that serious?

[Khamsin]

In the event that it does go down with your money in it, how long do you have to wait before you get a check from the FDIC?

[testdummy]

I don't see any reason to close your credit cards at this point, wamu's still doing well enough to stay afloat for a while(Retail side is holding strong).

[Khamsin]

I don't see any reason to close your credit cards at this point, wamu's still doing well enough to stay afloat for a while(Retail side is holding strong).

And even if they did go under, the worst case is they'd cash you out for up to $100,000. You'd have a bit of a hassle changing your EFT and autowithdrawals and such around to a new bank, but you have to do that anyway if you bail early.

[Ksandra]

One of my credit cards is out of WaMu Do you think it'd be premature to close the account with them? I did hear that their CEO plans to step down, but do you think it's really that serious?

no actually when it comes to credit cards. TBH you might actually not have to pay the whole thing off if it comes to closing. Well depending on what your balance is. When something like that happens the FDIC will try to get any money they can from the cards asap to pay off the money owed to account holders. This means offering a lower rate if you pay a chunk, or even better will offer to balance it out if you only pay say 50% of the bill.

I've heard of other banks doing just that. Where a customer would call say Citibank and say "I can't pay off my card, and they'd take it at 40% value, because their willing to get ANYTHING.


Of course this is probably a hit or miss, you get lucky or don't, so I wouldn't recommend charging your card sky high either, as it could easily backfire. But you might be one of those lucky ones and not have to pay the whole thing.



@ Khasmin I would say as long as you don't have too much you should be fine, BUT if they issue (which they will) a check to you and you take it to another bank it's placed on hold. IndyMac is the bank that was just taken over by FDIC, and even though it's small, we're required to place 11 day holds on them 100% to make sure we receive the funds before accessing the cash. I would say it's safe to assume other banks are doing that as well. 11 days are not that bad though.

[Khamsin]

I'm only using Wamu for the online savings, anyway. I use a different bank for checking, however its savings rate is only around 1.25%-1.5% so that's why I opened the Wamu account.

If Wamu went under right now, I can wait a couple weeks to get my money out of there.