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MeeshkaMich
LL=Yum
Member since 2/06 5616 total posts
Name:
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ING Direct or any online banking
Would/do you keep a large amount in there? Is it safe?
I have noticed ING Direct interest rate seems to keep dropping lower and lower.
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Posted 1/22/08 1:14 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: ING Direct or any online banking
Its FDIC insured, just like a regular bank. So your money is safe.
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| Posted 1/22/08 1:16 PM |
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jennandrob
mom of two!
Member since 5/05 4368 total posts
Name:
Jenn
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Re: ING Direct or any online banking
We keep a chunk of money in there, and have for years.
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| Posted 1/22/08 1:24 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: ING Direct or any online banking
i have online banking with citibank and the rate is currently 4.5%. It will go lower with the industry but you will never lose principal.
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| Posted 1/22/08 1:26 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: ING Direct or any online banking
What do you consider to be a large amount?
Up to $100k per depositer per bank IN an FDIC insured account is safe (maybe not the best investment strategy, but it's safe). Over that, it is not insured. A joint account = 1 depositor, NOT 2.
ETA - and like Blu-ize said, you'll not lose principal (nor will you lose any interest you've gained). You may get a lower rate with market changes, but your money is safe. It's NOT an investment account, mutual fund, etc., so your principal is safe.
Message edited 1/22/2008 1:49:06 PM.
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| Posted 1/22/08 1:42 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: ING Direct or any online banking
I used ING for a while but switched to another savings account with a higher interest rate.
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| Posted 1/22/08 3:15 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: ING Direct or any online banking
Posted by Kara
What do you consider to be a large amount?
Up to $100k per depositer per bank IN an FDIC insured account is safe (maybe not the best investment strategy, but it's safe). Over that, it is not insured. A joint account = 1 depositor, NOT 2.
ETA - and like Blu-ize said, you'll not lose principal (nor will you lose any interest you've gained). You may get a lower rate with market changes, but your money is safe. It's NOT an investment account, mutual fund, etc., so your principal is safe.
oh yeah, over $100K not FDIC insured. Frankly, if you have that much you should be in a different investment vehicle. The ratees on those accounts don't even keep up with inflation after taxes.
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| Posted 1/22/08 3:20 PM |
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mtdr1106
junior supafly
Member since 3/06 2268 total posts
Name:
tricia
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Re: ING Direct or any online banking
i saved for my wedding in there - and yes it is safe - and to me the best investment right now if you want to be able to liquify your money. its giving almost as much interest as a cd - but you can have it if you need it in 2 days w/o penalty.
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| Posted 1/22/08 4:00 PM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: ING Direct or any online banking
Posted by mtdr1106
i saved for my wedding in there - and yes it is safe - and to me the best investment right now if you want to be able to liquify your money. its giving almost as much interest as a cd - but you can have it if you need it in 2 days w/o penalty.
Me too!
I also love that you can set it up to withdraw funds from your bank account automatically - I need something like that to help me save.
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| Posted 1/22/08 4:11 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: ING Direct or any online banking
Posted by ali120206
Posted by mtdr1106
i saved for my wedding in there - and yes it is safe - and to me the best investment right now if you want to be able to liquify your money. its giving almost as much interest as a cd - but you can have it if you need it in 2 days w/o penalty.
Me too!
I also love that you can set it up to withdraw funds from your bank account automatically - I need something like that to help me save.
You can set up most savings accounts to do that -- ING, HSBC, and almost every other online-only account. It's very helpful! 
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| Posted 1/22/08 4:41 PM |
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