Highly recommended
Written: Jul 01 '07
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Product Rating:
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Pros: Great interest, intuitive online.
Cons: Can't link to business checking or PayPal, no "future balance" figure in checking.
The Bottom Line: Probably the best savings account, ever. Now going into the checking / billpay business.
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| avenia's Full Review: ING Direct |
I love ING. I have been using them for many years, because they offered the highest interest on my savings account than any other I could find at the time. (Whether that's still the case I don't know, but it's definitely competitive.) I can easily link to my various checking accounts (though I cannot link to a business checking, only personal checking), and transfer money within a few days into and out of my ING savings.
Now that they have Electric Orange, an online checking account, with billpay, I am testing that out. So far there are two caveats with their Electric Orange account. 1) They don't give you paper checks, so if you ever feel you need to write a paper check yourself, you better keep your traditional checking account. They will generate paper checks, however, and mail them to your recipient, but of course it'll take a couple of days. 2) When you use their billpay feature, they do not subtract the total SCHEDULED transactions from your available balance. So if you have a balance of $500 say, and you have 10 scheduled (future) transactions, you're going to have to hop out your calculator and add up all those scheduled transactions and subtract them from the $500 to make sure you don't schedule more than what you have in your balance. This is really dumb, because all they would need to do is add an additional column that subtracts the total scheduled transactions automatically, and then I can see at a glance what I really can spend before adding funds.
On the good side, I can move money from savings to checking instantly -- without waiting for several days to go through a router number to a third party checking. Also, they have a built-in overdraft credit, in the event I go over my available balance, plus a notification via email if that ever gets triggered. The overdraft credit is only $165, but it's better than nothing. You can also set notifications if your account drops below a minimum figure that I can invent.
Recommended:
Yes
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Epinions.com ID:
avenia
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Reviews written: 3
Trusted by: 0 members
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