{ 16 comments… read them below or add one }

Andy February 18, 2009 at 7:18 am

ING’s rate went down to 1.85% today.

And I have successfully linked savings accounts.

Silicon Valley Blogger February 18, 2009 at 9:13 am

Thanks Andy!

Yes, it seems that a few banks have just dropped their rates today yet again. I’ll make the appropriate adjustments. Hopefully all this rate dropping will do something soon for our ailing economy, and our small bank returns will be worth the sacrifice.

Also, thanks for confirming the matter of externally linking savings accounts to Orange Savings.

PK February 18, 2009 at 9:20 am

Actually the Customer Service is beyond excellent, and coming from an ex-teller that is saying something I think. As to the website being slow, I have only experienced slowness due to my connection and not theirs.

Other pros are that it plays well with personal finance applications, both online and on your home computer; and it’s automatic transfer and bill pay features are flawless.

Silicon Valley Blogger February 18, 2009 at 9:51 am

Thanks PK, I appreciate the input!

ING Direct has a lot of fans (even among my own circle), and glad to know that there are companies that inspire this kind of praise.

I have mentioned my slow connectivity issues about Sharebuilder a few times here, and I find it strange, since I don’t have this issue with any other site. I have a very solid connection from where I am, so I can only presume that it must be an isolated situation to do with connecting to the ING Direct Sharebuilder site. And this hasn’t been a sporadic issue at all, unfortunately (it’s ongoing).

the weakonomist February 18, 2009 at 12:19 pm

I’ve been an ING Direct customer since 2004. I signed up for the free $25 that came with it. Now I have two savings accounts with them.

@Blogger – Sharebuilder was purchased by ING Direct, but they are likely still operating as an individual company just with a slightly “oranger” brand name. This would mean they have their own servers in their own locations and the code running the site is entirely different. It is conceivable in that circumstance that you would have problems with one and not the other. I have a sharebuilder account, but it’s mostly idle with long positions so I’m not on there very often.

Craig February 18, 2009 at 1:59 pm

I have been hearing great things about ING for awhile now to the point where I think I am ready to set up an account with them. Good to hear another positive review about it.

Start-Up February 18, 2009 at 3:11 pm

It’s such a shame that online savings accounts are decreasing the interest rates. ING is so popular that it can offer lower interest rates than its competition and still gain customers.

One of my favorite parts about ING is the easy CD laddering. The problem with CD laddering through ING right now is the savings account interest rate is better than every CD rate 3 years and under. What’s my incentive for laddering with ING right now?

Jim February 18, 2009 at 3:25 pm

I’ve had an ING account for a few years myself and I’m quite happy with it. I use it as my savings account and link it to my local bank checking account.

John February 18, 2009 at 5:40 pm

It is a bummer about the rates going down on these accounts. Take a look at rategopher, it lists yields for various institutions offering these accounts.

J.D. Fournier February 19, 2009 at 2:21 pm

The rates are of course down due to 0.1% inflation rate right now and the relative health of ING. ING must not be as desperate for deposits as other banks. You pretty much have to chase the failing banks around the country to keep that nice high 3-4% yield. I have an account at ING, but only have about $20 in it now, while I have the rest in Everbank, since they do have better rates (although no longer the best). If the rates were were universally higher, like around 10%, that would only indicate we were in a period of high inflation and you would not be yielding much more than today, since you always have to adjust for inflation.

Funny Quotes February 19, 2009 at 9:14 pm

I do know some people who use ING Direct and they like it a lot. It does get some of the best rates in the country. I’m not currently using them, but I have been looking at making an account with them due to my bank’s interest rate’s dropping a lot.

Michael @ The Life Insurance Insider February 23, 2009 at 1:21 pm

While you can’t walk in and talk to a teller I have found their telephone customer service to be quite good the 2 times I have had to use them. Very knowledgeable and friendly. Not what I expected at all from the no frills persona they advertise.

sara l February 24, 2009 at 9:03 am

Even though you can’t walk in and talk to a teller they have better customer service than most of the brick & mortar banks I’ve had. The wait is never too long (this is where my b & m banks have failed), the people are always pleasant, and I can do business after work. I also like that their call centers are US based.

bunny March 21, 2009 at 12:10 pm

Can you please give me a telephone number to call? I need to talk to someone at the orange savings bank.
Thank you

Silicon Valley Blogger March 21, 2009 at 12:14 pm

Sure Bunny,

Here it is:

Questions? Call 1-800-ING-DIRECT to talk to a real person.

Trevor @ Financial Nut April 2, 2009 at 10:08 am

Interesting post. Thanks for the review. I’ve been flirting with the idea of switching to ING for a long time, but never mustered up the confidence. I have a large sum of money sitting in a money market with Fidelity that is literally doing nothing interest-wise right now, so I’m thinking that I’ll make the big switch. Thanks for the review.

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