ING Direct

Pros: best rates for money market accounts, good CD products, $25 referral bonus
Cons: transfer of funds takes a little longer than I'd like

For years I kept my rainy day cash in my bank's savings account, earning a paltry less than 1% return. I was given an INGdirect $25 referral and decided to give it a try.

Signup was painless and they linked directly to my original bank account, which made transfer of funds between the two accounts easy online.

I really have no complaints and am glad that I switched my savings to ING.

If you're looking for a $25 referral bonus, send me an email at azhaymonds@juno.com

Pros: Easy application process. $25 bonus for just signing up and depositing as little as $1.
Cons: takes about 10 days for initial deposit to take effect. No physical location.

ING direct is one of the best internet banks out there. They have the best interest rates. (currently 3%) At first I was a little hesitant on signing up. But since I have, I have had no problems. It was such a breeze to signup. I would highly recommend this bank to someone who just wants to start saving for the first time. It is a great way to get some return on your cash. If you would like the $25 bonus for signing up, just send me an e-mail a ptyler@tokyo.com and include your name, first and last, and your e-mail address.

Pros: Ease of transactions.
Cons: none! Tho $25 bonus links were hard to find.

It was so easy! The web site helps you figure out what to do. I did have some problems finding referrals on line to get the $25. It's still going on as of 1 May, 2007 and I'll be happy to email anyone a link if they email me at msdenys@yahoo.com. Send me your First and Last name and an email address. It's safe (I worried about this, but it's ok).

Highly recommend this company for the ease of transaction and the high yield. I made accounts for both my kids (we'll keep a small amount there to show them how interest works- I have other investments like 529s for them too).

Pros: Great Interest Rate
Cons: Limited Withdrawals

I love my ING Savings accounts because they pay great interest rates. I've made $942 on these since opening my accounts. However, I failed to read the fine print that said these are technically money market accounts and are subject to federal regulations regarding the number of withdrawals per month. So, without contacting me, ING sent a very nasty letter telling me I was making far too many withdrawals per month and told me to stop it or they'd close my accounts.

I called them to get clarification and let them know that they need to work on their communication skills. They claimed the letter was a "friendly warning," but the tone was accusatory and downright mean.

I think the limit is either 3 or 6 withdrawals total per month (across all of your accounts). This includes both true withdrawals (transfers out of your ING accounts to your linked checking account) as well as transfers between your ING accounts.

Their rates are so good that I take money at 0% interest from my credit cards and pop it into ING accounts to earn money on it.

Pros: They have the highest interest rate. No hidden fees. Easy to work with.
Cons: Must have a checking account in order to open account and transfer money.

After searching, I found that ING Direct has some of the highest interest rates with savings accounts, which means there is no commitment to keep my money here for any amount of time. I've come across no hidden fees and I've been able to withdraw the money. The downside is that you have to have a checking account in order to set up this account, and there are no ATM cash withdrawal locations.

If you would like a referral, I still have some left. By doing this, you receive $25 for starting a new account (and I get $10). However, you must have a referral in order to get the $25. If you would like a referral, then email me at soulflirting@aol.com and I will send you a link.

Pros: Easy to set up, secure, 24/7 monitoring of your money.
Cons: No ATM card, site is really orange.

I decided to try ING Direct as an additional way to save since it does have a higher rate than my passbook savings account at a brick and mortar bank. After just a few weeks, I was hooked. You open an account by filling out a form online and transferring an opening deposit from the account you are linking to this ING account. It is that simple!

The good thing about ING Direct is that you can make as many deposits as you want and in whatever amount you choose. So, for instance, if you are saving for some specific goal like going on vacation, and you decide to skip going to Starbucks for the day in order to save for your vacation, you can just transfer your $5 over and there is no hassle even though the amount is so small.

If you want a $25 opening bonus, email me at topwesselton@yahoo.com and I will set you up. Thanks!

UPDATE: ING Direct has raised their rates to 2.1% as of June 1st. While this is just a small rate increase I think it reflects their commitment to helping people save money.

Pros: Easy to use once set up. Great plain vanilla savings.
Cons: May be lengthy set-up process or account changes.

ING Direct may take a little while to set up, and it may take a little while for them to process account changes...

but...

If all you really want is an interest bearing savings account, which is conveniently separate from your other bank accounts, ING Direct is fantastic. It absolutely delivers on it's promise of great interest rates (sure they don't compare to other investment opportunities, but if you want that you shouldn't be looking at ING Direct anyway).

Their service is easy to use, no false promises, no big hassles.

Pros: Quick application process, no minimums required, and very competitive interest rates offered.
Cons: 10 day hold on your initial deposit.

I was skeptical at first at putting my money in an
online bank. I've heard of ING Bank for the past 2 years
already...It came down to deciding to put my $$$ in either
a credit union or an online bank. Because I was getting only a paltry interest rate on my bank savings, I decided I didn't have anything to lose and LOTS to gain.
The federal reserve is expected to raise interest rates
throughout the next 12-18 months. It would behoove anyone
out there to not lock their $$$ into long-term investments.
This is where the ING SAVINGS account fits in perfectly.
The online application is very easy and takes 15 minutes to complete. There are no minimums required to earn the current 2.10% on the ORANGE savings. Plus, the $25 bonus you receive just for opening an account definitely sweetened the deal.

Anyone interested in obtaining the $25 bonus, simply send me your full name and email address to ravenlock70@netzero.com and I'll reply ASAP with the
necessary referral link.

Pros: Interest rate, free money
Cons: time lag with transfers

I have had no problems at all with my ING account. Set up was easy, and the bonus was deposited right away. You only have to deposit a dollar to get started!

I also have a VirtualBank account, which I think is a little better. They have a much better user interface. They assign you a "personal banker" and give you a phone and fax number. You can also use their message system to communicate with your banker. I have referrals left with both banks if you are interested in signing up, and getting free money. Email me @ sbrown_freemoney@hotmail.com or visit my small web site I set up http://www.angelfire.com/ks3/coolstuff for more info.

Pros: Very good security measures. Feels very "friendly" even though you don't deal with people.
Cons: Haven't encountered any yet.

I can't say enough good things about ING. Yes, it is no-frills banking, but I think of the money there as savings not cash, and in that case it really couldn't get any simpler. Since I've opened an account, they gave me money just for opening it (free money!) and kept raising interest rates regularly. Every time I get an email that they increased my rate, I go and put more money in... which I guess is what they're trying to coax me into doing, but it really keeps me motivated to put in a little extra. Their CD rates are pretty good too and with CDs for as little as a year, you'd be crazy not to take advantage if you have some extra cash. By contrast, my Wachovia CD, which I'm locked into for a while longer, is earning way under inflation :(

Pros: high interest, linked to regular bank, $25 to open an account (with referral), FDIC insured
Cons: waiting period after transferring money

They offer a great interest rate for your money, and you get $25 to open an account through a referral (and the person who referred you gets $10).

The only drawback that I have found so far is that after transferring money over from your regular linked bank account, there is a short period (a couple of days) in which you are not allowed to transfer the money out.

If you know you want to open an account and would like a referral, please email your first and last name and email address to me at velaya@yahoo.com.

Pros: Easy income verification Great rates No closing costs Good customer service
Cons: Need to stay on top of loanthey didn't give a great pre-approval letter with details

Everything was exactly as they said.  I paid no closing costs, mortgage closed on time, easy income verification, good customer service.  I think I had to refax something and I had to keep on top of the mortgage process, but I was thrilled with the rates, closing costs, no escrow requirement etc.  They saved me thousands.

Pros: Easy-to-use website, deposits backed by very safe, global giant ING bank (and FDIC)
Cons: Interest rate not especially competitive

I've had an ING Orange online savings accout for two years. (I do not have the new Electric Orange checking account.) I find the website very easy to use, and the few times that I have had to call customer service, I was treated well. Ok, there was one time that I complained via e-mail about the non-competitive interest rate, and I got a prompt, polite, but somewhat B.S. reply that ING customers are willing to sacrifice a little interest in order to bank at wonderful ING. Yah, right, I thought. But there is a grain of truth to that, which is why I haven't switched so far. But I am seriously considering switching to HSBC Direct or one of the other higher-interest online banks.

Pros: Great service reps.
Cons: a lot of pass codes

Banking fees were the main attractions for me when I first opened my in April 2002.It very easy to open accounts and the representative were helpful.Interest rates made moving money to ING a easy choice.Banking by phone options is always good for saving time.ING Direct has created options to help service personal bankers across America.
More in my next writing.

Pros: Liquidity and high interest rate compared to traditional savings accounts and short-term CD's
Cons: Holds on deposits and withdrawals

I had a sum of money that I wanted to hold until I am ready to buy a house next year, and I wanted to put it somewhere that would earn me a decent rate of interest and allow some liquidity with minimal penalty. ING was the place. I was a little wary of dealing with an online bank, but with so many positive reviews, and the ability earn interest and to access my money without penalties, I was convinced. Probably the biggest drawback to liquidity is the transfer period from the Orange account to my checking account. Contact me at sgoltiao@hotmail.com with your First and Last Name and email address and I will send you a referral link to get your $25 opening bonus!