Does anyone happen to know the drawbacks of this particular company

http://home.ingdirect.com/open/open.html

Specifically their Orange CDs

I don't understand why their interest is so high?!

What's the drawback :stare:

 

Remember this: if anything is toooo good too be true, then it isn't.

 

ING is a pretty big company. and if it is FDIC insured... go for it.

 

i have an ING direct account. since it's FDIC insured i'm happy. helps control the spending when the savings isnt connected to the checking

 

how easy is it to xfer $ from ING to and from your bank? any hidden fees?

I was toying with using their money market account to hold any excess $ in my checking account, since my checking earns me 0% interest.

 

How in the world did 2% become too good to be true?

 

2% is their MMA. their CDs are higher.

 

I just don't get how they're able to have a CD of 2.25% with no minimum balance, and no maintence fees, is there some fine print i'm not seeing?

 

I am using it right now. It takes about 5-7 days for a transfer to complete either way. I have not had any problems nor any hidden fees. The reason why they are better(interest rate %) than other banks is that they are not a full bank in terms of services. You can't go to an ING local branch and get service nor do they have checks or anything a regular brick and mortar bank would offer. They only give you interest period. If you have someone refer you, you start with $25 bonus and $10 bonus for the referring person. (let me know if you want me as your referer )

 

i am sure other internet only banks have a higher interest rate than other banks. does anyone know of a place that offers higher ROR?