A couple of weeks ago, I wrote about how to save money for a house.  Today, I’d like to expand on that discussion and write more about where we’re saving money for our house by giving you a review of ING DIRECT.  We opened our first ING DIRECT Orange Savings account almost 5 years ago.  This is the sole account we use to save money for our house and for the expenses that will come along with that house.  Overall, I have been pleased with our accounts at ING DIRECT.  Read on for more information.

What We Like

  • When my husband and I got married and combined finances, combining our ING DIRECT Savings Accounts was easy.  In fact, I sent an e-mail to customer service asking how to do it and they responded in no more than 2-3 minutes with detailed and easy instructions on how to combine our accounts.  Our accounts were combined within a half hour.  How great is that?
  • Even though we combined our accounts, we do not have access to each other’s externally linked bank accounts.  This isn’t really necessary for us, but I think it could be a benefit for non-married couples that are working on a savings goal together, but don’t have 100% of their finances combined.
  • ING DIRECT accounts are quite easy to use.  The navigation in the main screen is very user-friendly.  It’s never hard to find what you’re looking for.
  • The sub-accounts!  This is maybe the greatest feature at ING DIRECT.  Our home savings are broken out into 2 accounts:  down payment fund and new home expense fund.  It makes life so much easier to be able to see these two things separated.
  • How cool they are.  I love interacting with ING DIRECT on twitter and their e-mails are pretty catchy.  Their marketing team is definitely in sync with Gen Y.

What We Don’t Like

  • There isn’t much we don’t like at ING DIRECT.  I’ve always had a pleasent experience with them.  If anything, I don’t like the interest rates right now (currently around 1.00%), but you won’t find much better at any banks these days.  Although the market is causing low interest rates across the board, ING DIRECT definitely offers competitive rates.

What are your thoughts?  Do you like ING DIRECT?

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  • I do like ING Direct – I opened my first account with them in 2009, and have had no problems with them since. Everything I’ve needed to do has been easy, and the rates are competitive, even though right now they are crap.

  • ING Direct is by far my favorite bank account. Best decision I have ever made. LOVE the sub accounts. Really helping me with my savings goals and seeing where I am at.

  • I have heard that with ING accounts you can be international and not accrue any fees? Do you know anything about that. Universal ATM’s? My bf and I were talking about possibly switching to an ING account but we would be using it as our main bank account and that scares me! 🙂

  • I can’t express enough how much I LOVE ING. When I heard that they were bought out by Capital One I was really sad but I’ll stick by and see how things go.

  • I’m really unhappy with their interest rates, but as everyone said, things are tough all over. My main issue has nothing to do with them, really. I’ve been slow to accept online banking in general and I still pay all of my bills through the snail mail. In my 30-something mind, it somehow seems more “real” when I actually write a check and mail a bill to a company, and I think I’m the same way with saving. I like getting my paper statement from my brick-and-mortar bank every month. More than that, I just like knowing that if for some reason, things in my life/the world went to hell in a handbasket, there is an actual building that I can march down to and demand my money. It seems irrational and crazy, but deep down there is a part of me that likes that security. Long story short…I rarely add to my ING, which kind of defeats its purpose.

  • I love ING Direct too, and I’ve had great experience in the past with them. I’ve been a customer since 2006. I don’t really have any negatives either, just being a little apprehensive right now because of the upcoming Capital One merger.
    Thanks for sharing!

  • I’m a big fan of ING, I love how easy their website is, being able to set up multiple savings accounts and when I had my wallet stolen a few years ago they were so helpful in getting my money back quickly.

  • I have an account with ING Direct, but I can’t see how to make a sub account. Do you just open a new account or is there something I’m not seeing?

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