General Question

syz's avatar

Is ING Direct secure?

Asked by syz (35649points) May 23rd, 2008

Does anyone use ING Direct for their banking? Is it legit? Their rates are so much better than my current bank, I can’t help but think of the “if it’s too good to be true” credo.

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5 Answers

shilolo's avatar

I use it for long term savings, and yes, their rates have been better historically. I can’t say whether it is safe or not since I haven’t needed the money, but it does pay the interest on time, and is FDIC insured (same as most other banks). I don’t use it for day-to-day banking though, but I would feel secure knowing it is FDIC insured.

giovani's avatar

As shilolo said, if by “secure” you mean insured against bank failure, then yes—insured by FDIC up to $100,000.

The reason for the difference in interest rates has to do with bank cost—ING only has 6 physical locations in the US, compared to a typical bank, which would have hundreds or thousands. There are many virtual banks, ING is the largest. You might want to check out SavingsAccounts.com—it seems to have a pretty comprehensive list of the different banks and their rates. You’ll, of course, want to do a little research on a bank you consider—ensure it has FDIC insurance, and has a good record.

nikipedia's avatar

Yes, I <3 ING. Have banked with them since before I had money.

Trustinglife's avatar

ING lauds their Internet security every time I log in (which takes about 3 screens). It’s secure. I put money in and take it out whenever I want. Keep in mind it takes about 4 businss days for withdrawals to land in my regular bank checking account.

russellsouza's avatar

I have used ING Direct for a few years now..everything from Checking (Electric Orange) and Savings to their CDs. They have partnerships with sharebuilder to invest in the stock market as well.

ING Direct is a great company but does not always have the best rates. I stay with them because I really like their interface. BankRate.com provides a good list of rates.

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