May need to open an ING acct,,advice?

iVillage Member
Registered: 01-07-2005
May need to open an ING acct,,advice?
1
Fri, 02-24-2006 - 6:52pm
My big problem is I'm sure similar to most people's on this board-I cannot put money in my bank's checking acct or savings acct without spending it-money goes right thru my fingers once I have my hands on it. Thats also why I dont have any credit cards (except Visa debit) since I will charge them up-learned my lesson a long time ago. Sometimes I need a small lump of cash to take a vacation, do stuff around my house, repairs, stuff like that. I have a retirement acct with 25K in it, and another Janis fund with about 5K in it(both with my government job) but I am not allowed access to either, which is a good thing I guess. Its frustrating-its my money and if I need an emergency loan or something, I have to go without. So, I'm thinking of opening up an account of some type, maybe an ING to help me put aside some money to use for vacation, play money, basically. Right now I am doing a re-finance on my home which I desperately need,,cash out a little bit of equity and pay off my car, IRS debt and a couple other debts Ive accrued over the last couple of years. Maybe without some of the bills I have, I'll be able to put a decent amount into an ING acct of some sort and use it at the end of the year for whatever I want, like Xmas shopping, trip, whatever. Is that basically how it works? Since its not investing in stock or anything, I shouldnt be taxed on it, right?
iVillage Member
Registered: 09-29-2000
Fri, 02-24-2006 - 7:53pm

I think you are asking if you have to claim your interst on your ING acct. Is that right? If so, yes you do have to. Also if you open up an account and get an $25 for opening it up, you also have to claim that on your taxes. But the way I figure it, it's free money, so who cares if its taxed.

I have an ING acct and I really like it. It's so easy to set up and deposit money into it. Not a bad interest rate either. If you want a referral, email me and I'll send you a referral. donna.morrison@insightbb.com

Let us know if you have any more questions,

Donna