Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
ING is having a Winter Save Up sale!
Old 01-19-2006, 10:25 AM   #1
Dryer sheet aficionado
 
Join Date: Aug 2004
Posts: 43
ING is having a Winter Save Up sale!

Check it out at www.ingdirect.com. All new moneys starting today deposited to an Orange Savings Account earns 4.75% until Tax Day. What a clever promotion. I heart ING.
__________________

__________________
region2 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: ING is having a Winter Save Up sale!
Old 01-19-2006, 10:29 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: ING is having a Winter Save Up sale!

They need to do something, if they won't raise their rates. Lots of other online banks are kicking their butt on rate.
__________________

__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-19-2006, 10:42 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: ING is having a Winter Save Up sale!

Yeah, when I can get a better rate (than their standard 3.8%) from vanguards prime money market, and emigrant direct has been beating them by a half percentage point (up until now), they definitely need to do something.

But who wants to bet that the rate after 4/15 isnt gonna be so hot? They're hoping people will put their money in and then not bother to move it for a while...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-19-2006, 12:58 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: ING is having a Winter Save Up sale!

ING closed my two accounts because I had a zero balance for 3 months in a row. Guess I'll have to be happy with my 4+% at Vanguard Federal Money Market.
__________________
justin is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-19-2006, 01:10 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: ING is having a Winter Save Up sale!

They're going to hate the .01c I've got in my account right now then...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-19-2006, 01:15 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: ING is having a Winter Save Up sale!

I did have $.02 in my account (interest on a partial month's interest payment on my initial deposit). Then I withdrew my $0.02.
__________________
justin is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-19-2006, 01:17 PM   #7
Recycles dryer sheets
 
Join Date: May 2005
Posts: 115
Re: ING is having a Winter Save Up sale!

Interestingly enough one can get 4.3% just for leaving their money in a Paypal account. And they seem to be constantly adjusting this rate to make it more competitive.

Now if only i trusted them more... Actually it's not them I trust but the fact that they're the most obvious targets for fraud etc .
__________________
Professional slacker, traveler and builder of a few websites: <br />Mexico: PuertoVallartaSatellite.com<br />Costa Rica: PuertoViejoSatellite.com<br />My personal blog: dougdo.com
dougdo is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-19-2006, 01:29 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Re: ING is having a Winter Save Up sale!

Quote:
Originally Posted by dougdo
Interestingly enough one can get 4.3% just for leaving their money in a Paypal account. And they seem to be constantly adjusting this rate to make it more competitive.

Now if only i trusted them more... Actually it's not them I trust but the fact that they're the most obvious targets for fraud etc .
Paypal isn't a bank. Not even close. So you are taking a lot more risk with them.

You can get 4.5% FDIC-insured with a Superior savings savings account. Corus is close to 5% for a short term CD.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-20-2006, 04:48 PM   #9
Recycles dryer sheets
 
Join Date: May 2005
Posts: 115
Re: ING is having a Winter Save Up sale!

Quote:
Originally Posted by brewer12345
Paypal isn't a bank.* Not even close.* So you are taking a lot more risk with them.
True...its a mm fund, they do give you this caveat:

*7 day average yield as of 1/17/2006. Yield varies over time. Money market funds are neither insured nor guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 USD per share, it is possible to lose money by investing in the Fund. Distributed by Funds Distributor, Inc. Learn more about the Safety of your Money or about the Fund in the prospectus.

Not that i'm worried about eBay going under.

I'd also been using Emigrant but one thing that bugs me about Emigrant is their technology sucks and the only access to your account is via transfer.

Who is Superior? haven't heard of them before. When I look at what i think is their website, there's no rate info.
__________________
Professional slacker, traveler and builder of a few websites: <br />Mexico: PuertoVallartaSatellite.com<br />Costa Rica: PuertoViejoSatellite.com<br />My personal blog: dougdo.com
dougdo is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-20-2006, 05:08 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: ING is having a Winter Save Up sale!

Note that paypal has "lost" their customer account information to hackers at least twice. Their customer agreement says they can, and do, seize your account if they decide something 'funny' might be going on. You have very limited recourse when they decide to do this.

Before even using paypal, let alone keeping money there, have a walk through www.paypalsucks.com

They pulled crap on me twice and I havent used them since.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-21-2006, 12:30 PM   #11
Full time employment: Posting here.
 
Join Date: Apr 2005
Posts: 524
Re: ING is having a Winter Save Up sale!


I get regular email from paypal that look like phishing attempts. I checked their site and they have a 'report fraud' section. I reported the emails and asked them to confirm whether or not they were sent by paypal. Never heard anything.
__________________
JB is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-21-2006, 01:45 PM   #12
Thinks s/he gets paid by the post
Outtahere's Avatar
 
Join Date: Sep 2005
Posts: 1,677
Re: ING is having a Winter Save Up sale!

I get daily emails from Ebay and Paypal, all are phishing attempts, I don't even look at them anymore just hit delete. I figure if there is something I should know about I can get it from My Messages at Ebay and log into Paypal for updates. I NEVER keep a balance in Paypal, just read the Papal board at Ebay and you'll see why.

I turned on a friend to the ING "Sale", it's just what she's been looking for, I'll stick eith Emigrant.
__________________

Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
Outtahere is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-22-2006, 08:23 AM   #13
Thinks s/he gets paid by the post
BUM's Avatar
 
Join Date: Feb 2004
Location: Mid Hudson Valley
Posts: 1,778
Re: ING is having a Winter Save Up sale!



With an Andy Rooney type whine.... Have you ever noticed that Vanguard has several taxable money market accounts all paying different rates? I have. The prime is the highest but so are the fees. You knew they charged a fee right. I didn't. Not until I started looking at the different ones.

Why do they do that? Which is best?
__________________
In a panamax down by the river.
BUM is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-22-2006, 11:46 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: ING is having a Winter Save Up sale!

I believe the fees are factored into the stated yield. The difference is the way the money is invested and the odds of loss of capital. Money markets do not guarantee retention of the $1 NAV. Most institutions historically made up any losses to maintain the $1 figure, I imagine as having been the first bank to show a loss to money market investors wouldnt be a good thing to be first in.

You're looking at rather minute differences in very, very low risk investments. Some invest in what amounts to overnight loans at almost no risk, some invest in very short term (less than 3 month) agency bonds; I think the Prime fund also sticks with low risk short term stuff but goes a little broader in what it'll invest in.

My moneys in Prime. If you look at any of the other vanguard funds, it seems to me that they always hold their cash awaiting investment in the Prime fund as well. Seems they're very comfortable with the extra premium offsetting a minute additional risk.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-23-2006, 08:23 AM   #15
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: ING is having a Winter Save Up sale!

I have my money (including the 0% credit card money!) in VG Federal MM. The yield seems to be a few basis points below the Prime MM on average, but the Federal MM usually has 30-40% of assets invested in US obligations that are free from state income tax. For me, that increases the effective interest rate by about 10 basis points for the Fed MM (7% marginal state tax rate).

In hindsight, my choice of the Federal MM over the Prime MM has worked to my advantage - to the tune of a whopping 3-4 basis points per year!!
__________________
justin is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-23-2006, 08:53 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: ING is having a Winter Save Up sale!

Coinstar is applauding!
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: ING is having a Winter Save Up sale!
Old 01-30-2006, 01:07 AM   #17
Recycles dryer sheets
 
Join Date: May 2005
Posts: 115
Re: ING is having a Winter Save Up sale!

Quote:
Originally Posted by (Cute Fuzzy Bunny)
Note that paypal has "lost" their customer account information to hackers at least twice.* Their customer agreement says they can, and do, seize your account if they decide something 'funny' might be going on.* You have very limited recourse when they decide to do this.

Before even using paypal, let alone keeping money there, have a walk through www.paypalsucks.com

They pulled crap on me twice and I havent used them since.
Actually I agree they suck; i was also a victim several years ago of someone accessing my account and I had to fight with them for months to get the money back. I eventually got like $13 as part of the class action settlement against them about how they screwed so many people over. And hopefully they've changed their ways but I don't really know.

I do know, and this really sucks, is that certain things can only be done on Paypal; i.e. certain places/auctions/etc it is the only form of payment accepted. This is not a pretty monopoly situation developing. I had no choice in my business but to reopen an account.
__________________

__________________
Professional slacker, traveler and builder of a few websites: <br />Mexico: PuertoVallartaSatellite.com<br />Costa Rica: PuertoViejoSatellite.com<br />My personal blog: dougdo.com
dougdo is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Did you continue to save in retirement? JustCurious FIRE and Money 17 04-17-2007 09:18 AM
$300/mo car loan to save $100/mo gas? green1 Young Dreamers 16 06-20-2006 11:48 AM
How much do you save??? MedicalDoc FIRE and Money 13 03-20-2006 01:40 PM
Direct Deposit to ING Direct cube_rat Young Dreamers 7 03-06-2006 10:10 PM
Yard sale methodology and etiquette cute fuzzy bunny Other topics 28 03-15-2004 01:59 PM

 

 
All times are GMT -6. The time now is 12:27 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.