I recently signed up for an ING Direct savings account with a $25 sign-up bonus. My main reason for picking ING was the ability to easily create sub accounts within the system. I plan to use this account for at least two savings goals and want to be able to track them separately.
About the Bank
ING Direct, which is the operating name for ING Bank, is an on line banking institution which offers checking, savings, CD,mortgages, investment, and retirement accounts. ING is headquartered in Wilmington, Delaware. They are FDIC insured and operate under FDIC Certificate#35489 since August 4, 2000. ING is known for not always having the highest rate, but having a good customer interface.
Sign up was relatively painless. You start out having to fill in the normal stuff; name, address, phone, social, birth date, and email. After you get that in they ask that you agree with their electronic delivery disclosure notice, and their account policies. One thing they did not do that other accounts do is test you on your Credit Report contents to verify your identity. Once you agree to the policies you will have to link an external account for your initial transfer. They require you link your account to a brick and mortar checking account, and you have to transfer at least $250 to get the $25 referral bonus. after just a few short minutes you just need to wait for the trial deposits to verify your account, and they already deposited your $25 bonus
It only took a couple of days to get my trial balances, and then you just need to log in to ING and provide the verification amounts. One thing that was aggravating was if you have a joint account both people must log in and verify the amounts before it will accept the link. The next thing I did was go in and setup a saver ID. They provide you with a Saver Number which is impossible to remember so I went under they My Info section and configured a SaverID (username). ING does not use a typical password, you have to use an all numeric pin, they do require challenge questions as well as RSA image verification. Opening subaccounts at ING is easy as well, you just need to click on the “Open an Account” button, then click on “Open Now” next to Orange Savings.
I really don’t like that I can not link any of my other Savings accounts with my INGDirect account., apparently they don’t play well with others. Additionally they will not allow you to link any accounts, other than your initial deposit account, within the first 30 days of your account being opened. The interface makes it easy to schedule recurring, scheduled, or immediate transfers. You cannot withdrawal more than $25,000 in one day and you are limited to no more than six withdrawals, to ensure compliance with federal laws.
I look forward to a long relationship with ING Direct, I am not a rate chaser and as I won’t be making transfers between savings accounts, this should work out well for me. If you have an experience you would like to share leave a comment and let us know. If you want more information stop by INGDirect.com and browse around or open your account today.