Comments on: ING Direct Review: The Orange Savings Account

By: en

en — Fri, 19 Feb 2010 21:00:27 +0000

INGDIRECT saving and checking account are OK, but their easy orange mortgage is terrible. First of all, when I applied mortgage, the customer service gave me the wrong information. They said that when I relock my rate, the clock does not restart which means that no matter how many times I relock my rate, the prepayment penalty only applies to the 1st year from the initial refinance. But when I signed the paper work, I saw that I still need to stay with ING for another year to avoid the prepayment penalty. Then I called customer service, basically they said that I could get out of my loan now but I still had to pay $300. I went ahead sign the loan because I thought relocking the rate for $700 is still attractive which they advertise it. Then now I am ready to relock, they told me its two month mortgage or $2500 just to relock the rate. I will never use ING mortgage.

By: Create a Freedom Chart to Map Early Retirement | Frugal Dad

Create a Freedom Chart to Map Early Retirement | Frugal Dad — Mon, 06 Jul 2009 14:54:05 +0000

[...] and invest to improve the quality of life in your early retirement. The more you have invested in high-yield accounts the higher your passive income will be, allowing you a few more expenses each month. You may decide [...]

By: Monthly Debt Reduction & Savings Statement - February 2009 | Debt Free Adventure!

Tue, 31 Mar 2009 16:06:45 +0000

[...] are automatic monthly savings withdrawls, and the ability to open sub-accounts for saving. See this review by Frugal Dad (one of my new favorite blogs) to get more good information about ING Direct savings [...]

By: Rebecca K.

Rebecca K. — Mon, 09 Feb 2009 09:03:34 +0000

How do I close a sub-account on ING?

By: Is Cash Still King? | Frugal Dad

Is Cash Still King? | Frugal Dad — Mon, 26 Jan 2009 23:42:44 +0000

[...] plans, I can’t help but wonder if cash really is king. Maybe an ultra-conservative mix of high-yield savings accounts, CD ladders, and treasuries really is the way to [...]

By: Megan

Megan — Sat, 24 Jan 2009 23:32:00 +0000

I have a question about the subaccounts – do you just keep opening new savings accounts? And when you buy the item you are saving for, do you close that account, or just start saving for something new and change the name? I want to set up a savings account for a new computer, and since I already use ING, having it there would be ideal.

By: Turning Attention to Christmas Bills | Frugal Dad

Turning Attention to Christmas Bills | Frugal Dad — Fri, 26 Dec 2008 14:07:28 +0000

[...] completely melted turn your attention to saving some Christmas cash to spend next year. Set up a dedicated savings account and funnel a little money there each paycheck throughout the year. By November you will have a few [...]

By: Art

Art — Wed, 17 Dec 2008 00:35:24 +0000

I have a money market account in a brokerage account at Wells Fargo where I get a yield of only 1% or so now (plus it isn’t insured by FDIC) so opened an account at ING to put some of these funds into CD’s where I can get over 3%. So far I’ve been happy except that it takes a week or longer to transfer the funds. I’m uncomfortable transferring large sums between 2 institutions so have done it in small chunks which takes considerably longer and time is money when the Federal Reserve is aggressively is lowering rates. Nowhere in their FAQ does it explain what happens if your transfer gets lost in cyberspace. ING does give you a printable receipt with a reference number which I don’t find very reassuring if there is a problem. Other than this it’s working quite well. If you lose your account number or PIN there are about 5 security questions you must answer to get them which seems extremely secure. My biggest regret is that I didn’t set this account years ago which would have nette me several thousand dollars more in interest.

By: Stores With Layaway Option Seeing Increased Interest | Frugal Dad

Stores With Layaway Option Seeing Increased Interest | Frugal Dad — Mon, 15 Dec 2008 20:13:52 +0000

[...] our own sort of layaway plan. When we have our hearts set on a big-ticket item we relabel a “subaccount” at ING Direct and transfer a little money there from each paycheck. For instance, we recently needed to save up [...]

By: The Pros and Cons of Credit Cards | Frugal Dad

The Pros and Cons of Credit Cards | Frugal Dad — Wed, 10 Dec 2008 11:01:14 +0000

[...] enough to enjoy the holiday season (and give a little away as well). Rather than cashing out our Christmas fund and carrying several hundred dollars in cash around the stores, we simply charged it and will pay [...]