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Topic: Online savings accounts?! Help?!

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Subject: Online savings accounts?! Help?!
Date Posted: 6/23/2010 12:31 PM ET
Member Since: 10/14/2007
Posts: 457
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I'm looking into opening a savings account. I keep reading everywhere that online savings accounts offer the best interest rates, and after some research this seems to be true. I'm wondering if anyone here uses an online savings. The one I keep running into is "Ally". I know this is probably ridiculous with today's technology, but to me having a savings in a bank with no actual address just seems so ... disconcerting? Anyone's experiences, insight, facts, or tips would be appreciated, on anything to do with savings accounts! Thanks in advance!

Date Posted: 6/23/2010 8:17 PM ET
Member Since: 7/31/2006
Posts: 14,634
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I think I saw that one and seems like it was legit..I already have INGdirect (since around 2002 or 2003) and didn't think it was worth switching since I already had my links set up for ING. I think the online savings have better rates - they dont' have the convenience or overhead that the walkin banks have. with ING my money is 'held' for about 3 business days then takes another 2-3 for it to transfer back to savings so I'm looking at 3-7 days or so to get to my money(good for not impulse spending but good for vet or a/c repair I put on credit card and want to pay off in a few weeks).

there's another site I saw but can't remember - it's where you save for a specific goal and a pig or something tells you how much you have and others can contribute and/or c heer you on..remember thinking it was kinda cool but wouldnt' be putting it out for others to contribute to and already had ING. I have a small credit union at my  job that pays better than ING so I put a set amount from each check automatically there and ING I try to keep monthly though had some expenses the past month or two and suspended that but plan to beef it back up in the coming months..I can do authomatic once amonth or twice  month or just a one time deal.

just check for FDIC and minimum balance and whatever fees and if it connects to checking,etc

Date Posted: 6/23/2010 8:39 PM ET
Member Since: 3/25/2006
Posts: 240
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I have accounts at Emigrant Direct, HSBC and ING.  I have had NO problems with any of these accounts.  I make semi-weekly automatic deposits (that is my pay schedule) and the money has always been deposited promptly.  Conversely, I have withdrawn money numerous times, IMO, and the money has arrived at my brick & mortar bank within 3 days. 


Subject: ING customer
Date Posted: 10/16/2010 12:09 AM ET
Member Since: 10/11/2008
Posts: 12
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I know the original question was months ago, but I will add that I have been an ING customer for many years as well without issue. I have a regular savings deposit moved from my bricks-and-morter bank to ING each month. If I have a credit card payment coming up and need the funds I set up the transfer to happen about 5 days before I need it, but that is just in case - if something goes awry, I have time to set up the transfer again. I have never had a transfer fail. I find it really easy to flip money back and forth as needed.

Date Posted: 10/17/2010 8:52 PM ET
Member Since: 10/14/2007
Posts: 457
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thanks so much!

Subject: INGdirect.com
Date Posted: 10/21/2010 6:31 PM ET
Member Since: 3/1/2008
Posts: 283
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Like others here I have an ING account since years. Although it might not have the absolute highest interest rate anymore compared with other online accounts, it is still one of the highest. Transfer with my local checking account happen without a hitch. Yes, the money is held for a few days, but you can just figure that into your plans.

One of the biggest reasons that I love ING is their customer service. In the past (before this year), the times that I used it was an uncomplicated, even pleasurable experience. The reps are friendly adn knowledgable.

If you are thinking of opening a savings account at ING you can get a 25$ bonus if you use somebody's referral link. The rferring person gets a 10$ bonus after you deposit 250$ into your new account. Pretty much a win win situation. You could PM any of the people who answered you here to see if they want to send you a referral link. Of course, I'll be happy to do so too :-)

Date Posted: 11/9/2010 7:01 PM ET
Member Since: 2/27/2006
Posts: 6
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I recommend ING, I've used them for several years & have never had a problem. Their customer service is great if you forget your password (after answering lots of security questions!). Their customer service is better than some local brick and mortar banks matter of fact. If you have a friend who has ING, have them send you a referral email - YOU will get a $25 bonus for signing up, and your friend will get $10 bonus for sending you the email and referring you to ING :) If you don't have a friend with ING, please pick one of the friendly people here ;)

Date Posted: 2/20/2011 10:01 PM ET
Member Since: 4/11/2006
Posts: 1,032
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I've had a number of accounts at ING Direct and have had only positive experiences.  The only downside I can even think of is that I have to print out my own 1099 and sometimes I forget to do that until my tax preparer is working on my filing.

Date Posted: 2/21/2011 4:39 PM ET
Member Since: 1/12/2008
Posts: 1,356
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many of them are legit, ING and Ally included. Just remember that they may or may not be US FDIC insured--so if your balances are high enough that that might be an issue for you (lucky you), do check

Date Posted: 6/18/2011 5:12 PM ET
Member Since: 8/15/2005
Posts: 4,469
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ING is FDIC insured, I haven't looked into the others.