I have been looking for low risk investment opportunities with hopes of buying a home in the very near future. I stumbled across ingdirect.com, where they offer a 2.25% APY on savings! This beats the hell outta what I'm getting in my current account with my local bank. Is this a reputable company? The quick research I've done says yes, but it is an "internet bank," therefore I have reservations with investing nearly the FDIC-limit for insured savings level with them. Anyone 'round these parts use them?
ING is a massive dutch financial conglomerate. I doubt they're going under and taking your money with them anytime soon though I have no experience with their commercial banking operations.
I use them. I don't keep a lot of money in there, but I have some directly deposited twice a month to use for emergencies and gifts. So far, no problems.
I actually got a referral from someone on the board here and I've been using it ever since. It's been convenient for me, no problems at all. They're a huge company, does insurance and stuff too, I think, so yes, they're reputable. I can refer you and you get $25
I'm a "member" as well. I think the deal is that since they are more of an on-line (no free standing banks, etc.) kind of thing they don't have as many expenses. However they do it, you can't be 2.25% on very high liquid, no fee investments. You could obviously do better on a long-term CD, but then you're not liquid. You could potentially do better in the market, but then you have trading costs issues. Anyway, if there is a better "high" reward, LOW risk, high liquidity investment option out there, let me know.
I use them, but max you can have in there is $10,000... I like them never any probs, takes a few days to have the money go from bank to bank...
The max FDIC insured is $100k for individual accounts, and $100k for any joint accounts (max $200k). The only limitation is FDIC insurance coverage - you're free to keep as much as you like in your ING account.
Minimum investment is $10,000. ING is an A rated company. As long as you can let the money ride for at least ten years, ING is not a bad company. Better annuities are out there... (my forte) trust me. Liquidity: Sunlife Best interest: F&G Let me know if you're serious. I'll set you up.
I've had a savings account with ING Direct for the past 2-4 years (can't remember when I signed up, to be honest). Can't complain... but then I usually just let my money sit there and rot, so... I don't really expect much of them. Hehe. I have my checking account linked to my ING savings account and do an automatic transfer to the savings account 2 times a month. I've used several Internet banks and have had no problems as many of them are really front ends for B&M banks. When most 6 month CD rates were around 3-4%, I was getting over 7% at some of these Internet banks. Oh, and yes, it's a very reputable company - one of the largest financial institutions in the world. One survey of total assets placed them at #16 in the world right behind Bank of America and JP Morgan. Da-Glyde, where did you find that the max you can have is $10,000? Let's just say I had a lot more than that in my account with ING for about 4-5 months this year. I hate saying stuff like this, but drapg, I had more than your amount in my account, too. You may want to call and ask them. The setting up of the account and any automated transfers from linked accounts is easy as hell.
