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Question about IngDirect & Money Market (Credit Union)

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hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Question about IngDirect & Money Market (Credit Union)

I am just thinking as Ingdirect went down that maybe I should be putting that money in the BFCU Money Market.

1. Would it be safer to have it in a credit union?

2. Can I access it as easily as a savings/checking account?

Thanks :)

Posted 2/12/08 3:50 PM
 
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Lisa
I'm a PANK!!!

Member since 5/05

22334 total posts

Name:
Professional Aunts No Kids

Re: Question about IngDirect & Money Market (Credit Union)

I do not think you can get a debit card with an ING Orange acct, so if you are looking to be able to withdraw money right away, that is not the type of acct you want.

I have an ING acct, if I need to take money out, I request the money from ING and its deposited into my checking acct 2-3 days later.

Posted 2/12/08 3:56 PM
 

hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Re: Question about IngDirect & Money Market (Credit Union)

I currently have an Ing account but am thinking it might be safer to have a money market in the credit union. My mom just heard a story of someone putting money in an online bank, not Ing though and they closed down and he lost all his money!!

Posted 2/12/08 3:59 PM
 

Lisa
I'm a PANK!!!

Member since 5/05

22334 total posts

Name:
Professional Aunts No Kids

Re: Question about IngDirect & Money Market (Credit Union)

ING is part of the FDIC and your money is secure up to $100,000 per account

Posted 2/12/08 4:01 PM
 

hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Re: Question about IngDirect & Money Market (Credit Union)

Posted by Lisa

ING is part of the FDIC and your money is secure up to $100,000 per account



That is why I have used them. Just wasn't sure if that was the "best" place to put my money.

Posted 2/12/08 4:04 PM
 

melbalalala
Little Lady

Member since 5/07

5014 total posts

Name:
Melissa

Re: Question about IngDirect & Money Market (Credit Union)

Posted by hazeleyes33

Posted by Lisa

ING is part of the FDIC and your money is secure up to $100,000 per account



That is why I have used them. Just wasn't sure if that was the "best" place to put my money.



It's a great place to put a small amount of money in for "liquid savings".

I wouldn't put all of your savings into it, the interest rate isn't worth it. Money Markets are generally not that much better, interest rate-wise and may have fees.

Posted 2/12/08 4:12 PM
 

hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Re: Question about IngDirect & Money Market (Credit Union)

Posted by melbalalala

Posted by hazeleyes33

Posted by Lisa

ING is part of the FDIC and your money is secure up to $100,000 per account



That is why I have used them. Just wasn't sure if that was the "best" place to put my money.



It's a great place to put a small amount of money in for "liquid savings".

I wouldn't put all of your savings into it, the interest rate isn't worth it. Money Markets are generally not that much better, interest rate-wise and may have fees.



Oh, ok. Thanks :)

Posted 2/12/08 4:14 PM
 

doormouse
LIF Infant

Member since 5/05

155 total posts

Name:
Jen

Re: Question about IngDirect & Money Market (Credit Union)

Unfortunately since the Feds keep cutting interest rates I think a lot of the banks' rates will be going down as well, whether they are online or with a credit union.

It's pretty aggravating- the people who are actually trying to save are getting the raw end of the deal. Chat Icon

Posted 2/12/08 4:14 PM
 

JenniferEver
The Disney Lady

Member since 5/05

18163 total posts

Name:
Jennifer

Re: Question about IngDirect & Money Market (Credit Union)

I just opened an etrade savings account. the rate was higher than ING and you can get a debit card. Seems pretty easy to use so far

Posted 2/12/08 5:16 PM
 

TaraHutch
True beauty

Member since 10/07

9888 total posts

Name:
Tara

Re: Question about IngDirect & Money Market (Credit Union)

I've been using Emigrant Direct for a while and they always have good rates in comparison to ING. Sadly it's the lowest it's been in a while for me (I've seen it over 4 plenty of times) - right now it's 3.60%.

Posted 2/12/08 7:12 PM
 
 

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