sahtt

Yeah and Countrywide is doing no cost refinances. I wonder why.. couldn't be that if they don't bulk up their deposits they'll be bankrupt.. nahh

Mr. Francesco

No complaints with my ING account. I basically just use it as an excuse to save money each month. I try to make 1 deposit a month.

Mocky

I still use my ING account once in a while, but for the most part, I have a etrade account open now so I'm using that... Interest rate on the etrade account is still higher than ING.

AssassinJN

Yep, currently I have automatic transfers setup weekly (my current pay period). Much easier for me to see a small sum (even $20) go each week then to dump large chunks at a time.

sahtt

I have an e*trade savings account as well now.

cthree

In general you SHOULD be earning more interest on cash in a trading account than in a savings account. If your broker isn't offering overnight money market rates on your cash balance you are getting ripped off. Check to be sure.

Another advantage of having your money in a trading account is that any interest earned is considered investment income and you can deduct investment expenses (commissions, fees) against it. It's not covered by FDIC however.

I earn the overnight money market rate on my cash balances with Interactive Brokers and pay that plus 0.5% on margin interest.

SD_S2K

I am pulling my $$ from ING and switching to WAMU online savings

ING plummeted down to 3.65 while WAMU is still up at 4.75

I love the ease of use with ING, but for the money I have in there, not worth the interest rate anymore

natedawg500

From what I've seen most trading accounts don't pay much more than 1% Apr. usually .5% Apr.

Trading accounts are insured by the SIPC for up too 500,000 dollars. You can purchase additional insurance on top of that too.

Margin rates depend on the amount in your account usually around 9% Apr.

princessta37

I thought ING Direct was too good to be true because they are now offering $25 bonus for starting an Orange Savings Account (www.ingdirect.com/save/). The money goes right in your account as soon as you open one. I heard nothing but good things about ING (from friends and research online) so I joined. I had to have a reference code which I got out of a registration card from the March 2008 issue of "SMART MONEY" magazine though. Clark Howard from www.clarkhoward.com says good things about it too. He says that surprisingly ING Direct has less complaints than some of the other top banks in the USA.

cthree

So wait, you're going to move the money to WAMU because they are still posting a rate they are going to change any day now. So when WAMU adjusts their rates just like everyone else already has next week to 3.5% are you going to transfer the money back to ING for the extra 0.15%?

All that rate means is that they haven't adjusted it yet and it also probably means they will be the last to adjust it upwards too.

Whatever works for you but don't spend the difference all in one place.

ING is fine for what they do they do a decent job. They do place holds on the money you transfer in but the good news is you start earning interest as soon as you transfer it, not when it clears. They don't pay the highest rates but they are within the 95th percentile, will never charge you a fee and have very good customer service.