Boring Bank Info

sublimestitcher · Joined: 22 May 2004 Posts: 196 Location: austin, tx

I bet many of you will appreciate this info. Check out ING Direct. It's a bank that encourages you to save money (yes, I sound like a commercial). They don't have checking accounts, only savings, CD's, and mutual funds. Most banks are only interested in getting you to take out lines of credit, so I really like this.

No fees, no minimums, you can withdraw at any time linked to your own bank account, and the rates are amazing. Their basic savings account earns 2% interest. They have CD's that go up to 4.5%. My bank, which is a Credit Union (usually has good rates) only offers uh, like 1% right now.

My grandmother socked away her money in CD's over the years, and I highly recommned it as a safe, longterm way of saving money. You have to be crafty these days to save money, and I wanted to share this info with you all.
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naturallysteph · Joined: 23 May 2004 Posts: 105

I second checking out ING Direct. My husband and I have an account with them, and we have been thrilled with how much money we've made in interest. It's easy to get an account & all of your money is still backed by the FDIC like in a "normal" bank.

And just in case anyone is curious, the reason why the interest rates are so much higher is because they don't have to pay for a ton of employees, ATMs, office equipment, buildings, etc etc etc.

(Wow, I just re-read what I wrote, and I totally sound like a commercial, too. But I understand why you posted about this, sublimestitcher, because they really are a great company.)

-- Steph

pucca · Joined: 25 May 2004 Posts: 7 Location: New York, NY

I was about to switch to ING for my savings (I was getting a piddly 0.78% at my current bank). I go to my bank to switch and they upped my interest rate to 2.1% so I wouldn't leave!

At a minimum, it can't hurt to ask for a better interest rate.

athena · Joined: 20 Apr 2004 Posts: 467 Location: belleville, nj

how timely! i too have just signed up for a savings account thanks to a friend. i highly recommend it!
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every time i follow the crowd, i find that my standard of living goes down. —e.b. white

CraftyChicaAZ · Joined: 14 Apr 2004 Posts: 686 Location: phx, az

Thanks for the tip!!! We could all use advice like that!
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