Oh ING I Think I Love You!

When I was younger (around 2000) I worked for a huge company in downtown Chicago. One of the things I discovered when I was working there was a bank called ING. It’s a completely virtual bank.

I thought about it again today because the subject of savings accounts came up and I told Randy, “I don’t want to be able to see the money. It has to be gone.” His fear is that we might have an overdraft due to a temporary forgetful moment or some automatic bill that comes out we weren’t prepared for.

So we’ve come to a compromise. I get an ING savings account *yea!* but we’re going to do it a little differently than a normal person might. Half of what we save goes into the regular savings account, and half goes into the ING account.

With interest rates at 3% for a no-minimum savings account, it would be silly not to. Our normal savings account through our brick and mortar bank is .20% (yes you read it right – POINT TWO percent – eek!)

Even CD’s aren’t getting the interest rates that the regular savings account has with ING.

The really mind blowing thing is that they have a checking account with no minimum and no NSF fees (you pay interest on the money you overdraft) that makes 1.75% in interest. Right now with all the investment stuff from banks being in the proverbial toilet…this is just an amazing rate.

I’m excited about finally getting in on that hot, hot action.