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Anybody know anything about online savings accounts?

stylo17stylo17 Posts: 1,001
edited January 2008 in All Encompassing Trip
I always hear about companies like ING and such that offer online high-interest savings accounts. does anybody know how this works? Has anybody done it before and can recommend (for or against) it? I like saving my money and being young I wouldn't mind having this make money for me for years.
6/11/08 WPB


♬♪♫ and I will not, grow tired of crayon stars and fire

♬♪♫ cause a soldier's death is so much better than defeat just hanging around
Post edited by Unknown User on

Comments

  • libragirllibragirl Posts: 4,632
    Someone I worked with opened one. I had considered opening one up. I don't know much about them. But you can check out their website. It seem informative.

    http://home.ingdirect.com/products/products.asp
    These cuts are leaving creases. Trace the scars to fit the pieces, to tell the story, you don't need to say a word.
  • senninsennin Posts: 2,146
    I almost opened an account with ING, but then a local bank had a great offer at 4.25% on thier savings accounts.

    I'm still going to open up a ShareBuilder account with ING.
  • julieferjuliefer Posts: 397
    My husband and i have both had ING accounts for years. THey're great. You get a much bigger interest rate so it's helpful to use that as your savings account. The reason they can give bigger interest is because they don't have the overhead of regular banks. You deposit and withdraw money by linking the ING account to your regular bank account (you must have another bank account somewhere to use ING) and transferring money between them. It usually takes a day or two for the transfer to go through. I would recommend it, definitely.
  • londonwprlondonwpr Posts: 293
    juliefer wrote:
    My husband and i have both had ING accounts for years. THey're great. You get a much bigger interest rate so it's helpful to use that as your savings account. The reason they can give bigger interest is because they don't have the overhead of regular banks. You deposit and withdraw money by linking the ING account to your regular bank account (you must have another bank account somewhere to use ING) and transferring money between them. It usually takes a day or two for the transfer to go through. I would recommend it, definitely.

    I agree...I've had an ING account for a few years and they're great. The interest is much higher than your standard banks. My only complaint is it takes a few days to get your money when you want to withdrawal, but I've been 95% satisfied with them and would recommend them to anyone.

    If you're interested in getting even higher interest on your savings, considering opening one of their CDs.
    7/8/95, 6/26/98, 6/27/98, 8/17/98, 8/18/00, 8/20/00, 8/21/00, 10/8/00, 10/21/00, 6/16/03, 6/18/03, 6/21/03, 6/22/03, 6/24/03, 10/3/04, 9/11/05, 9/12/05, 9/13/05, 9/15/05, 9/16/05, 5/16/06, 5/17/06, 5/20/06, 6/24/06, 6/30/06
  • PJGARDENPJGARDEN Posts: 1,484
    I've had an account with them for years and I love them. It's so easy to transfer money from one account to another and you can set up automatic transfers. The interest rates are about as good as your gonna get for a savings account and there is no risk. I think it's a great idea right now especially where the market is headed.
  • PJGARDENPJGARDEN Posts: 1,484
    Sawyer wrote:
    my ing savings interest rate is down to 3.25%...what the hell!!!!!

    Really?????? Guess I need to check mine. Makes since with the FED cuts.
  • londonwprlondonwpr Posts: 293
    PJGARDEN wrote:
    Really?????? Guess I need to check mine. Makes since with the FED cuts.

    Yeah, I noticed that too. Kind of sucks, but I'm sure it will go back up when things start improving again...
    7/8/95, 6/26/98, 6/27/98, 8/17/98, 8/18/00, 8/20/00, 8/21/00, 10/8/00, 10/21/00, 6/16/03, 6/18/03, 6/21/03, 6/22/03, 6/24/03, 10/3/04, 9/11/05, 9/12/05, 9/13/05, 9/15/05, 9/16/05, 5/16/06, 5/17/06, 5/20/06, 6/24/06, 6/30/06
  • senninsennin Posts: 2,146
    - OneUnited - 5.30% APY ( min of $1000 )
    - E-Loan - 4.00% APY ( no minimum )
    - Emigrant Direct - 4.30% APY ( no minimum )
    - Umbrella Bank - 3.50~4.00% APY
    - Citibank e-Savings - 4.25% APY ( no minimum )
    - ING Direct - 2.25%-4.25 APY ( no minimum )

    I bank through Washington Mutual...4.25% on savings accounts.
  • senninsennin Posts: 2,146
    -Washington Mutual 4.25% APY ( no minimum )

    ....and is available in FL....they even have some branches there.
  • londonwprlondonwpr Posts: 293
    sennin wrote:
    - OneUnited - 5.30% APY ( min of $1000 )
    - E-Loan - 4.00% APY ( no minimum )
    - Emigrant Direct - 4.30% APY ( no minimum )
    - Umbrella Bank - 3.50~4.00% APY
    - Citibank e-Savings - 4.25% APY ( no minimum )
    - ING Direct - 2.25%-4.25 APY ( no minimum )

    I bank through Washington Mutual...4.25% on savings accounts.

    Thanks for posting this...great information!
    7/8/95, 6/26/98, 6/27/98, 8/17/98, 8/18/00, 8/20/00, 8/21/00, 10/8/00, 10/21/00, 6/16/03, 6/18/03, 6/21/03, 6/22/03, 6/24/03, 10/3/04, 9/11/05, 9/12/05, 9/13/05, 9/15/05, 9/16/05, 5/16/06, 5/17/06, 5/20/06, 6/24/06, 6/30/06
  • stylo17stylo17 Posts: 1,001
    i've thought about opening a CD account but then you figure that if you're gonna do it to go the distance which is 60 months at a locked interest rate of 4.00% that it might not be so bad. But I'm actually thinking even MORE long term, like decades. I'm 18 now, so I've (hopefully) got a long time ahead of me.

    Maybe I can open a 60 month CD account AND a Savings account? Anybody think this might be something to really consider??
    6/11/08 WPB


    ♬♪♫ and I will not, grow tired of crayon stars and fire

    ♬♪♫ cause a soldier's death is so much better than defeat just hanging around
  • londonwprlondonwpr Posts: 293
    stylo17 wrote:
    i've thought about opening a CD account but then you figure that if you're gonna do it to go the distance which is 60 months at a locked interest rate of 4.00% that it might not be so bad. But I'm actually thinking even MORE long term, like decades. I'm 18 now, so I've (hopefully) got a long time ahead of me.

    Maybe I can open a 60 month CD account AND a Savings account? Anybody think this might be something to really consider??

    You may want to consider a ROTH IRA for long term retirement goals. Check out Fidelity.com for more details.
    7/8/95, 6/26/98, 6/27/98, 8/17/98, 8/18/00, 8/20/00, 8/21/00, 10/8/00, 10/21/00, 6/16/03, 6/18/03, 6/21/03, 6/22/03, 6/24/03, 10/3/04, 9/11/05, 9/12/05, 9/13/05, 9/15/05, 9/16/05, 5/16/06, 5/17/06, 5/20/06, 6/24/06, 6/30/06
  • markymark550markymark550 Posts: 5,154
    londonwpr wrote:
    You may want to consider a ROTH IRA for long term retirement goals. Check out Fidelity.com for more details.
    I agree. If you don't want to touch that money for decades, there's no sense in having to (possibly) pay taxes on something you won't use in the near future.
  • stylo17stylo17 Posts: 1,001
    londonwpr wrote:
    You may want to consider a ROTH IRA for long term retirement goals. Check out Fidelity.com for more details.

    I'm open to everything. I just don't know much about ROTH IRA's. Can you explain it to me or point me in the right direction??

    edit: Also, I should probably mention I'm in college and don't work right now, so if it's anything I need to contribute to on a monthly basis I'd like to stay away from.
    6/11/08 WPB


    ♬♪♫ and I will not, grow tired of crayon stars and fire

    ♬♪♫ cause a soldier's death is so much better than defeat just hanging around
  • stylo17stylo17 Posts: 1,001
    bump...please?
    6/11/08 WPB


    ♬♪♫ and I will not, grow tired of crayon stars and fire

    ♬♪♫ cause a soldier's death is so much better than defeat just hanging around
  • senninsennin Posts: 2,146
    The Fed dropped intrest rates again.....maybe it's time to invest in a house!
  • londonwprlondonwpr Posts: 293
    stylo17 wrote:
    I'm open to everything. I just don't know much about ROTH IRA's. Can you explain it to me or point me in the right direction??

    edit: Also, I should probably mention I'm in college and don't work right now, so if it's anything I need to contribute to on a monthly basis I'd like to stay away from.

    Since you're in college and can't contribute to an IRA on a monthly basis, I would stick to a high interest savings account. Check out those links above from the previous poster who listed all of the various online banks. You can set up automatic deposits with these accounts, even with small amounts. I'd recommend doing that because it adds up quickly when you do it automatically. You probably could contribute as little as $25 a month and it will still add up. Usually with IRA's the minimum contribution is $100/deposit and on top of that you'll need another couple grand to even open it.

    Once you get into the working world, definitely sign up for a 401k since many companies match a percentage of your contribution (free money). Also check out ROTH IRA's when you start working too. The earlier you start saving and investing, the earlier you can retire!
    7/8/95, 6/26/98, 6/27/98, 8/17/98, 8/18/00, 8/20/00, 8/21/00, 10/8/00, 10/21/00, 6/16/03, 6/18/03, 6/21/03, 6/22/03, 6/24/03, 10/3/04, 9/11/05, 9/12/05, 9/13/05, 9/15/05, 9/16/05, 5/16/06, 5/17/06, 5/20/06, 6/24/06, 6/30/06
  • stylo17stylo17 Posts: 1,001
    londonwpr wrote:
    Since you're in college and can't contribute to an IRA on a monthly basis, I would stick to a high interest savings account. Check out those links above from the previous poster who listed all of the various online banks. You can set up automatic deposits with these accounts, even with small amounts. I'd recommend doing that because it adds up quickly when you do it automatically. You probably could contribute as little as $25 a month and it will still add up. Usually with IRA's the minimum contribution is $100/deposit and on top of that you'll need another couple grand to even open it.

    Once you get into the working world, definitely sign up for a 401k since many companies match a percentage of your contribution (free money). Also check out ROTH IRA's when you start working too. The earlier you start saving and investing, the earlier you can retire!

    sounds great. thank you and everyone else that contributed
    6/11/08 WPB


    ♬♪♫ and I will not, grow tired of crayon stars and fire

    ♬♪♫ cause a soldier's death is so much better than defeat just hanging around
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