Another ING question
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Another ING question
| Mon, 02-27-2006 - 2:52pm |
I'm a little confused about the ING accounts can anyone point me in the right direction. I want to open an ING account with $1,000.00 of our tax refund which will be our emergency fund and I need it to not be attached to our checking account or in our "main" bank so that I am not tempted to use it for anything other then emergencies. How/where do I open the account? I'm ING ignorant so any information is greatly appreciated.
Janet



Hi CassandraMom,
I don't have an ING Account (after some research, decided to go with Emigrant Direct instead), but I started to set one up there. Just go to the ING Direct website, and click on "open an account". You'll want to open an Orange Savings Account, and can either do it online or by mail. Just click on whichever option you prefer.
Hope this helps,
giJ
The thing about the ING account is that yes it is attached to your checking account but the good thing is that it allows you to transfer money into savings with that link, but it takes a few days to get at the money if you want to use it. This means that you won't be impulse buying because it will take you about 3 business days to have the money transferred into your checking account. I don't believe there is any way to open the savings account without attaching it to a checking account. ING is all online so you need to link it to an existing account in order to make the deposit!
I really like the fact that ING accounts need a few days to transfer money, that keeps me from spending it! The money usually wouldln't transfer in time to pay for whatever I wanted to purchase!
If you need any more information let me know! I have an ING account and love it. I would also be happy to provide you with a referral link if you'd like. If you deposit more than 250 dollars, you earn an extra 25 dollars and I get 10 dollars too! I'm sure anyone here would be happy to send you the referral. They have a great interest rate and now through April they are at an elevated rate of 4.7% for all new deposits!
Janet,
Aerendel has it right. You'll have to hook it to a bank account but like she said, it's not really readily available. It's just the mechanism they use to move the money back and forth.
That being said, if you are really uncomfortable with that accessibility and this $1000 is really meant for major emergencies (like job loss or something), you might want to look at a short term CD. They are more time intensive to cash out of (I haven't had one in several years but I seem to remember I had to go to the bank to cash out of it) and you would lose the interest you had accrued that period if you cashed it so that would probably act as a pretty effective deterrent for tapping it needlessly.
Peggy
Hello,
I would suggest using an Ing account (or similar online bank), even though it is technically linked to your checking account. You can also purchase an Ing CD, which you can cash out of at any time. However, the website *shows* you the interest penalty for cashing out, so you can see the benefits of leaving it alone to keep the interest. I would go with a 6 month CD, which in the "preferences" you can set to keep rolling over (purchasing a new CD with the cashout value when it expires).
Sincerely,
Lindsey Schocke
Sincerely,
Lindsey Schocke
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