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ING: What are the Pros/Cons?

February 22nd, 2008 at 12:48 am

I have been pondering putting my savings in an ING account. I have read on this forum that you can have subaccounts w/ING? How does that work? Do they charge monthly fees? My bank charges me $4/month, and I just hate that! What is Electric Orange? Is that their checking account?

I'd love to hear from all who have accounts with ING. Pros and cons, any and all feedback welcome!!

Posted in Savings | 7 Comments »

7 Responses to “ING: What are the Pros/Cons?”

  1. jeffrey Says:
    February 22nd, 2008 at 12:59 am 1203641990
    1203641990

    Nothing wrong with an ING account - there are others that pay more interest (Online Saving Accounts), but any online bank will be better for saving than a regular bank.

  2. rduell Says:
    February 22nd, 2008 at 01:25 am 1203643507
    1203643507

    I love my ING accounts. I have an Electric Orange. Yes, that is their checking account. You do not have paper checks, but can send checks electronically or they will actually mail checks for you, postage paid!

    I have several savings accounts through them. There are no monthly fees.

    I find their website very easy to use and have been very satisfied with them.

  3. frugaltexan75 Says:
    February 22nd, 2008 at 01:49 am 1203644940
    1203644940

    Another satisfied ING customer - customer since May 2003.

    I have the Electric Orange checking, as well as 7 subaccounts. There are NO FEEs whatsoever. The website is very user friendly, and the one time I needed to call customer service, I was able to get right through.

    You do have to have a brick and mortar checking account linked to your ING savings or checking.

    The only con is the interest - there are places with better rates - but I have no idea if they're better than ING in other ways.

  4. baselle Says:
    February 22nd, 2008 at 02:31 am 1203647508
    1203647508

    I haven't had any problems with ING (since jan 2004) but search through luxlivingfrugalis's blog - she wrote about some issues she had with them. "Kiss my orange..." I think is the title. Big Grin
    Haven't used Electric Orange, but have used their CDs and have two sub-accounts in my saving account. Moving money is not immediate - it takes 3-5 business days to move from ING to checking. Semi-perfect for an emergency fund. I've used their recurrent transfers ($ pulled at a certain date from checking). Works, not immediate. I've transferred money from ING to Treasury Direct (to buy T-bills and savings bonds). Interest is calculated daily and compounded monthly.

  5. jaiparis Says:
    February 22nd, 2008 at 04:15 am 1203653708
    1203653708

    I have an Ing account as well, it's wonderful to have the checking and savings account with them, I have about 6 sub accounts for various these, one for EF, one for each of my son's savings etc, and by having the checking account with them, when I make a transfer from my Ing savings it goes in directly no waiting time. So if I have small emergency, I just transfer funds and then pay or use the atm to access my money. I haven't had any issues with them. The only downside like others said is that interest isn't as high as others, but having all my accounts in one place makes up for the $20 bucks or so I would earn because I don't have a ton of money yet!

  6. billm950 Says:
    February 24th, 2008 at 12:24 am 1203812640
    1203812640

    I had ING in the past and because they have gotten pretty large, they don't really care about cust service. I have an E*Trade acct Complete Savings pays 4.10, almost 1 point higher than ING and their Quick Transfer is about a Day delay versus ING 2-3 days...

  7. Neel Patel Says:
    November 18th, 2008 at 07:57 pm 1227038269
    1227038269

    I hv been ING Australia cust for around 4 yrs now n m really thrilled wit it, now I moved to US n the next thing I m doing is opening both EO and savings acc wit ING...I love Orange

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