I have heard alot people on here talking about an ING savings account. Is it an online savings account? How does it work? I'm going to try and check it out now, just wanted to know some of your thoughts.. I'm gonna go to the page and check it out, but thought i'd get some thoughts on it.. and maybe a more detailed of how it works. Does it link to a checking account that you currently have? How do you deposit/withdrawal from it?

__________________
~~Mikey~~~
-Matt - DH
- Catalina - 8/17/04

I have the ING Orange Savings Account. It is rather easy. Once you fill out a quick application online or through mail to establish an account, you can access your account on the website. It is directed to another account so you can move money back and forth to your brick-and-mortar bank. It does take a few days for the money to transfer so keep that in mind. I use it mostly for money I don't want to touch (Christmas account, emergency fund, etc) I think it is earning aroung 2.9% interest rate right now where my regular bank is only .05%. I am sorry if I didn't explain well enough, if you have any specific questions feel free to PM me.

I have an Electric Orange (checking) and several savings accounts. This is our main checking account. We still have a checking account at a brick & mortar that we use as a bucket account. We deposit checks and cash into the bucket account and then sweep it out to the ING acct. The savings account is like any other except you have the flexibility of managing it online. I use the savings accounts like an envelope system.

Deposits: Setting up direct deposit on the Orange savings or Electric Orange checking will be the easiest way to deposit funds. You can also mail checks in, and I've done that too with no problem.
Withdrawals: (This all works for checking, not sure about savings, since we don't use the savings account for withdrawals) You'll be issued a debit card with a MasterCard logo. You can swipe that as a credit card, or use your PIN and get cash back at the grocery store. Transfers between your ING accounts are instant; transfers from your other bank accounts to and from ING take a few days. You can look up a list of free ATMs in your area that have partnered with ING (on their website). The closest free ATM for me is in Target. When I pull cash out, it says I'll pay a $2 fee, but that never shows up on my account. If you need to write a "real" check, they will send it for you for free.
Note: you always have to keep a non-ING checking account open and linked to your ING account, for some reason. Just make sure you have a free checking account, or the fees from that will eat into your interest. Our B&M checking is in a town 45 minutes away, and I haven't encountered any issues so far with doing everything online and pulling cash from the free ATM 2x a month. It's weird, but great.

All of the above summed it up You can get lots of info right from ING without signing up (so you can make an informed decision) as well as.....on the above tool bar, click search and search out ING...we have talked about it many times here, from savings to investing.

Personally I love it

__________________
Life isn't about waiting for the storm to pass~ It's about learning to dance in the Rain

It looks like everyone else has done a great job of explaining the account to you I just wanted to chime in and say that I have one and I love it.

__________________
Proud mommy to adorable Kinsley

MY BLOG!

I have an ING account too (although ING Canada) and I love it too. I have been able to set up multiple accounts to save for various things.