ING Direct read and submit comments for this post

ING Direct just raised their savings account rates to 2.60%!!!

ING Direct is one of the leaders in online banking. They don't always have the highest savings rates, but they keep it competitive.

This post will provide some info about ING Direct. If you are not a member, this post will be a good starting point in your research. Another nice thing about ING is that they provide a nice bank referral bonus. If a member refers you, you'll get $25 when you join. The one who refers you will get $10. So after you have completed your research and have decided to join, just send us an email (to bankdeals at gmail dot com) with your first and last name. One of us will log into our ING Direct account and send you a referral (We have to give ING your name and email address, and they will send you an email directly). And of course, we won't use your name or email for any other purposes.

You always have to be a little suspicious of affiliates or people trying
to "sell" you to something. They are inherently biased. We'll try
to be different. Below are some of the good and the bad (in our opinion) with ING Direct:

The Good Points About ING

• About 2% higher interest rates on their savings account compared to many other banks
• Electronically links with up to 3 checking accounts from your current bank or credit unions. This makes it very easy to move money around.
• Nice referral bonus. You get $10 when you refer someone who joins ING. The person who joins gets $25.
• Minimum deposit of only $1. You can start with a small deposit and wait until you get more comfortable before adding more
• FDIC insured so it's really as safe as any other bank. You can also check out their financial health from BankRate.com which shows them to be financially healthy
• Easy and secure online access. They take many steps to keep your account safe
• They provide good service over the phone for your questions and other issues

The Bad Points About ING

• There's no brick and mortar site. All transactions are done online or over the phone.
• Signup is a little worrisome since like any other bank they require your social security number and current checking account number.
• Account holders must be at least 16 or be a joint holder with an adult
• You must be a US citizen or permanent resident with a valid social security number
• It takes around 3 days to transfer money to and from your checking account
• It takes around 10 days before deposits into your ING's savings account are available for withdrawal
• Most questions have to be asked over the phone rather than email or online (especially those related to your account)

Useful Links Related to ING Direct

• ING Direct Website
• Bankrate.com - Review ING and their financial strength
• Search for "ing bank, fsb" at the FDIC
• Nationally-known consumer advocate Clark Howard's advice
• Review of ING at epinions.com

When You're Ready To Join

If you want an extra $25 to join, be sure to send an email to [bankdeals at gmail dot com] with your first and last name. That's all that is needed to send you a referral link.

Note: There has been a change to the referral bonus as of 10/13/05. Please refer to this post for more information.

Introduction read and submit comments for this post

Please submit all comments on banking news and deals here.

I started this BankDeals site as a hobby to help people find the best deals at banks and credit unions. My deals come from US banks and credit unions, both online and brick-and-mortar. Internet banks are creating more competition and better rates, but sometimes the best deals are local.

In addition to reports on deals, I also describe my experiences on opening accounts and dealing with the banks. Plus, I try to keep everyone updated on the important banking news relevant to savers.

I am NOT affiliated with any banks or institutions. I'm just another web surfer like you. My posts are based on what I find on institutions' websites, what they advertise and what the banks' customer service reps tell me. I also receive valuable help from readers who inform me of new rates and deals. Comments and emails are much appreciated.

Check with the institution for the latest and official information. Rates change very fast, and so the only official information is directly from the bank or credit union. I keep old posts with old rates for history's sake. A bank's rate history can be an important factor to consider. All posts are dated so you can see if the post may be out-of-date.

To help you find the best rates, please refer to my finding-the-best-rates post. The top portion includes an index of places to find the best rates and deals. This includes both my website and other useful websites. At the bottom of this post is intended to be a place where readers can notify me and other readers on good deals or other important news. Just click the comment link to create a new comment.

Additional bank resource links are included in the right sidebar. This includes links to my posts on major banks like Bank of America, Wachovia and Citibank. These links will give you my latest 20 posts on these banks.

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Ken the Bank Deals Guy