ING - Why

[debtdude]

WHy is it that ING is so popular?

I understand they have good/great interest rates but is it that no one else can match that?

[terry1156]

Re: ING - Why

1) it's by far the easiest online bank to sign up with and 2) they give the best bonus ($25) for signing up which means a lot if you aren't keeping thousands in the bank.

[sakigt]

Re: ING - Why

Their website is VERY easy to use. You can set up auto payments, make one time withdrawls and keep track of all of your accounts easily.

[BTC]

Re: ING - Why

WHy is it that ING is so popular?

I understand they have good/great interest rates but is it that no one else can match that?

My guess is that the amount they spend on advertising is paying off nicely. My first online savings account was with ING because I had heard of them. In comparison to a lot of the their competitors, ING's returns are no longer very good, let alone great.

[TBH]

Re: ING - Why

It's all about the color orange.

[abowers]

Re: ING - Why

I first read about it on here, and had thought about opening an account, but didn't. my boyfriend heard about them (not sure where) and said he was going to open an account. So when he said he was going to, I said, let's do the referral bonus and I'll open one too.

I had read good things about ING from other sources (not just here) prior to opening the account.

I've had the account since mid-April, the website is easy to use. And I like the 4.15% interest rate! The rate has been high for a long time, so I don't expect it to drop anytime soon (as some of the other newer ones may be just a promotional thing).

[joseblanco]

Re: ING - Why

Yes, "why" is the question I ask everyday I walk passed the Orange balls that dot the Wilmington Riverfront outside INGDirect HQ. Namely "Why has INGDirect capitulated its #1 position in the industry/market they innovated by dropping so far behind in rate. Bonuses are nice, but rate rules!! presidential.com has a 4.87 apy for savings & 4.5 apy for checking (minimums 5k & 1.5k respectively) and GMAC bank has 4.8 apy (500 minimum)

[tgavin71]

Re: ING - Why

ING is huge. It is a Dutch conglomerate. Basically they are bigger than the whole of the Australian economy. We have our home loan through ING.

[joseblanco]

Re: ING - Why

That's nice, but it only further adds to the mystery. If they are soo deep pocketed why can't they retain their leadership position in the online savings industry? Also as an international traveler I prefer HSBC because I can draw my US HSBC online funds from anywhere in the world using the HSBC international financial network. I am not sure if ING does or does not permit this but in my history with them it was never offered and I never saw it on their website. On the upside ING had better merchandising and good coffee and sandwiches at their cafe's. However I prefer a better rate over an orange colored souvenir

[sweeps]

Re: ING - Why

presidential.com has a 4.87 apy for savings & 4.5 apy for checking (minimums 5k & 1.5k respectively) and GMAC bank has 4.8 apy (500 minimum)

On how many threads are you going to post this?

Regarding why ING doesn't keep its rates at the top. It doesn't have to. People are so excited about its bonus and user interface, they're willing to take a cut in the interest rate. I don't blame ING for keeping its rates low.

[jmjj215]

Re: ING - Why

I'm a prime example of why ING can have lower rates. I don't care about the half a point I'm losing. There are too many great benefits that outweigh that cost.

[abowers]

Re: ING - Why

I agree with Sweeps and jmjj - and there's no minimum balance required to open an ING account. I didn't (and don't) have 5k or 1.5k to open a new account.

[joseblanco]

Re: ING - Why

On how many threads are you going to post this?

Regarding why ING doesn't keep its rates at the top. It doesn't have to. People are so excited about its bonus and user interface, they're willing to take a cut in the interest rate. I don't blame ING for keeping its rates low.

I guess as many as I feel like.

Sorry, just like myopia has caused many people to worry about the here and now regarding "lowest monthly payment" while ignoring the 800 pound elephant in the room (A high interest ARM payment that is just a few years away) focusing purely on a 25 USD now and tossing an interest rate delta of over 50 basis points over a years will exceed the 25. Only if the person has a small sum to start with does ING currently make sense, but eventually with disciplined savings the sum with grow to the point that person should switch to a competitor that is leaving ING in the dust.

I see no qualitative difference in the GUI ING uses verses those of its competitors.

[sweeps]

Re: ING - Why

Most people do have a small sum to invest, so it's not too big of a deal. I think anyone that has more than 10K in savings should be in something other than ING, but if they're happy that's what's important. Personally I have my money split between HSBC and GMAC, and I'm satisfied.

[WellManicuredMan]

Re: ING - Why

I have $6,000 in Emigrant Direct and in about a month when one of my CD's from E*Trade matures will have around $11,000 in ED. Then I have another $10,000 CD from another bank that will be maturing later this year which I will also be transferring to ED. So for me the higher interest rate trumps ING's interface and extras.