Other bank as good as ING Direct?

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nirama
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Other bank as good as ING Direct?

Postby nirama » Sat Jan 12, 2013 7:51 pm

I love ING Direct. However, since their interest rates are no longer the best, and in case the Capital One acquisition turns out to be bad, I'm looking at other options. Here's what I loved about ING:

-The ability to overdraft and use their overdraft line of credit with a low APY.
-Ability to mail free checks to people
-Ability to create multiple savings accounts
-Free, fast transfers between external accounts (and between your ING savings accounts)
-Effective customer service
-Automatic transfers and deposits
-Automatic savings plan
-I feel my money is safe & secure
-High interest rates on the Checking and Savings Accounts

The bonuses were nice too.

Is there any bank that can match their services? At least the first 5? I want a good interest rate too because I get .5% from my local credit union.

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frugalcoconut
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Re: Other bank as good as ING Direct?

Postby frugalcoconut » Tue Jan 22, 2013 4:46 pm

I consider interest rates on liquid accounts to be essentially zero in the current market environment ... I just disregard them entirely (although I'll still update the entries on CalendarBudget with the extra few cents deposited every month).

I am reluctant to even go shopping around for other online banks. I doubt anything can even come close. I will be sticking with Capital One 360 unless things really turn sour.

iDude
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Re: Other bank as good as ING Direct?

Postby iDude » Wed Jan 23, 2013 3:43 am

If you (or an immediate family member) were in the military, I'd strongly recommend checking out NFCU or USAA.

DoingHomework
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Re: Other bank as good as ING Direct?

Postby DoingHomework » Wed Jan 23, 2013 8:39 am

I keep getting mail advertisements for high yield savings accounts from American Express Bank. They seem to be competitive with ING. I have no idea how good or bad the customer service and/or online interface is.

But I agree with Frugalcoconut...liquid accounts should be considered to earn no interest right now. That is not their purpose. Personally I would select one based on safety (FDIC insurance), convenience, and customer service.

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MoneyLifeandMore
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Re: Other bank as good as ING Direct?

Postby MoneyLifeandMore » Sun Jan 27, 2013 9:20 am

I have both USAA and NFCU accounts right now and their interest rates are pretty poor. I'm pretty sure ING/CO360 has them beat in that category.
My Blog: http://www.moneylifeandmore.com (Money Life and More)

njitalian85
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Re: Other bank as good as ING Direct?

Postby njitalian85 » Mon Jan 28, 2013 8:23 am

I had an ING direct online savings account for years but have kept my checking with Wachovia/Wells Fargo for convenience (branch is down the street). After ING rates started falling and they were bought out by Capital One, I opened an online savings account with ALLY. I have since closed out my ING account. I would highly recommend ALLY Bank since their rates are higher, they offer good CD rates with lots of options, and I am also considering opening a checking account with them. I've had no complaints and I've been with them more than 6 months so far.

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Re: Other bank as good as ING Direct?

Postby Mario » Mon Jan 28, 2013 12:48 pm

MoneyLifeandMore wrote:I have both USAA and NFCU accounts right now and their interest rates are pretty poor. I'm pretty sure ING/CO360 has them beat in that category.


And these two, as far as I know:

-The ability to overdraft and use their overdraft line of credit with a low APY.
-Ability to mail free checks to people
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Track my fiscal fitness with $0.5 million in debt: http://getrichslowly.org/forum/viewtopic.php?f=11&t=61052 Latest update: As of April 16, I've paid off $21,400 in credit card debt this year (after starting with $35k)

james7
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Re: Other bank as good as ING Direct?

Postby james7 » Thu Feb 07, 2013 6:08 pm

As far as your concern over your money being safe and secure, as long as the FDIC logo is on the door and your account balances are below the maximum insurance limit, you need not worry. I once had an account at a bank that failed and the FDIC assisted transition of another bank taking over the failed bank was as smooth as silk.

Justus
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Re: Other bank as good as ING Direct?

Postby Justus » Thu Feb 07, 2013 8:44 pm

Mario wrote:And these two, as far as I know:

-The ability to overdraft and use their overdraft line of credit with a low APY.
-Ability to mail free checks to people


What is overdraft? What are checks?

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Re: Other bank as good as ING Direct?

Postby Mario » Wed Apr 03, 2013 1:54 pm

Justus wrote:
Mario wrote:And these two, as far as I know:

-The ability to overdraft and use their overdraft line of credit with a low APY.
-Ability to mail free checks to people


What is overdraft? What are checks?


Checks, I understand, but presumably you still have a checking account even if you only access it by debit card (or are so modern, you only access it online), and overdraft is an option your bank offers... Being ignorant of options has a bad habit of costing people money
http://debtblag.com

Track my fiscal fitness with $0.5 million in debt: http://getrichslowly.org/forum/viewtopic.php?f=11&t=61052 Latest update: As of April 16, I've paid off $21,400 in credit card debt this year (after starting with $35k)


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