Some ING questions

[punkass]

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any idea if they let you pay bills out of it?

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I would like to know this as well. Specifically if you can set it up to "auto-pay" down loans or revolving credit accounts.

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I am not definitely positive, but I'm pretty sure you cannot pay anything from the savings account. The online banks can offer high savings rates because of costs savings compared to their B&M alternatives, and being able to use them like a checking account, or setting up recurring payments would probably go against this theory.

[34TheTruth34]

I don't know the answer to these questions, but like Punkass said, it's not very likely that you would be allowed to use it like that.

Also, I've been having trouble verifying my savings account as they seem to be having many problems. CS seems to be flooded w/ calls and my emails haven't been returned.

Has anyone on here set up a savings account on E-Loan by linking their ING savings account to open it within the last 2 weeks or so? Can anyone else shed some light on what's going on here or what the problems are?

[Preem]

I have an ING Orange account, but right now, a lot of money market mutual funds are paying more than ING.

For example, Vanguard Prime MMF (VMMXX) pays 5.08% - very low fees, low minimum investment. Not FDIC insured like the Orange account, but Vanguard is rock solid with virtually no risk of defaulting.

Depending on your marginal tax rate, a federal and state tax free money market fund might be better (assuming you live in a state where this type of account is available).

For example, I live in California, and the Vanguard Calif Tax Free MMF (VCTXX) is yielding 3.41%. My federal and state tax rate is about 40%, so the effective yield is almost 5.7%.

[ChromePony]

This is pretty interesting, I already have a vanguard account but I kind of brushed off their money markets because like you said they aren't insured and they dont seem to have a set return. But, I'm also in CA and with the tax benefits this is pretty decent, with the added bonus of not having to open a new account you just might have sold me.

I dont move money in and out of vanguard a lot though, are withdrawls and deposits pretty quick, like within a day or two?

[Big TR]

Vanguard MM account transactions go to and from my bank in 2-3 days.

[Preem]

I have the same experience as Big TR, about 2-3 days.

I set up EFT with Vanguard so that I can transfer funds electronically back and forth directly to/from my checking account. So, I don't even bother with the Vanguard checks, even though I have that option if I ever need it.

[Drac]

Anybody know if HSBC/Citibank/Emigrant have any kind of deposit bonus like ING does? I'm not a poker bonus whore but could turn into a banking one.

[gull]

Emigrant does. HSBC and Citi don't.

(I think)

[ChromePony]

So I looked into several high yield accounts and as far as I can tell from the websites and the semi-compotent support staff I've talked to none of them off the specific line of services I'm looking for...essentially the ability to direct deposit my biweekly expense reimbursment and directly payoff my credit card without moving the money through a middle man like my bank.

Therefore I figure I might as well just stick with Vanguard, I'll just have to manually transfer my funds a couple times a month, a small hassle but not a big deal to me.

Now I'm trying to decide what the best fund would be for me to use. I was originally planning on a boring old money market, the CA tax-exempt one was mentioned earlier, but now I'm thinking that I hate to give up higher average returns just to nullify the volitility. For the purposes of this account I'd obviously rather not deal with huge swings, but if I go a little negative for a month or two I can cover the losses no problem.

I was looking at the 'Life Strategy Moderate Growth Fund' (VSMGX), which seems to offer a nice mix of stocks and bonds. It might be a touch too aggressive but the more conservative VSCGX could be an option too. My one question is whether or not its slower to move money in and out of these funds as opposed to their money markets. I don't see any minimum length requirements or redemption fees on the site but I could be missing something. Thoughts?

[Osprey]

I set up a Savings account with USAA since I have them for insurance, and am getting 5.1%. Was getting 4.4 at ING before. When I set it up, they told me Federal law for savings accounts is 6 transfers in or out per month- I also have it set up so if I overdraft my checking acount it pulls from the savings. I want to pay of some student loans and am going to call them about how to go about doing that from the savings account.