ING Direct vs. CapitalOne High Savings

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pbtran

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Spoof-sters,

I have several debates with my friends recently regarding which financial institutions is the best for opening a high-yield savings account. Any inputs/comments on this?

1. ING Direct claims the following on their website:
http://home.ingdirect.com/products/savings_content.html

Effective as of 04/05/05, ING Direct Orange Savings Account earns a variable 3.00% APY


2. CapitalOne claims the following on their website:
http://www.capitalone.com/investments/hys/howitworks.php

Effective as of 04/06/05, CapitalOne High-Yield Savings Account earns a variable 3.15% APY

Both ING Direct and CapitalOne require a minimum of $1 USD deposit to open savings account.


The determining factors I'm looking for are:
1. No fees to open and maintain the account.
2. No minimum balance requirements.
3. Ease to use in deposit/withdrawals online.
4. Customer services (both online, phone, mail, etc.)
5. FDIC insured (up to $100k by federal laws & regulations)


Please give me some inputs, comments, personal experiences, etc. on this topic.

Thanks in advance!
~Peter
 
Hell, just sign up for both. :tongue:

I would go with ING, they offer $50 for sign-up. ;)
 
how does the $50 sign up promotion work?

ALso can you do online withdrawals or transfers with ING?
 
carasage said:
how does the $50 sign up promotion work?

ALso can you do online withdrawals or transfers with ING?
Click to expand...

Here is a pretty informative thread on the $50 sign-up promotion. It is quite simple, you have to electronically deposit atleast $1 to get the $50. After 1 month you can then have the money electronically transfered to your B&M account.
http://www.spoofee.com/forums/showthread.php?t=15940

Yes, you can do online withdrawls to your regular B&M account and also transfer money from your B&M account to your ING account. :)
 
Choochoojr said:
Here is a pretty informative thread on the $50 sign-up promotion. It is quite simple, you have to electronically deposit atleast $1 to get the $50. After 1 month you can then have the money electronically transfered to your B&M account.
http://www.spoofee.com/forums/showthread.php?t=15940

Yes, you can do online withdrawls to your regular B&M account and also transfer money from your B&M account to your ING account. :)
Click to expand...

Thanks Choochoojr for the helpful info.

I decided to park my truck load of drug $$$ into CapitolOne high-yield savings (3.15% APY) and get the $50 bucks with a deposit of $1 USD for ING Direct Orange savings account.

~Peter (hiding in Latin America somewhere) :tongue:
 
This is a blatent crosspost, but the other thread isn't getting the attention that this one is, so I'm gonna do it for the good of the group (and me :) )

has anyone confirmed whether you can or can't get the $50 AND the referral bonus?

Since there are two blanks (one on the 2nd page that was confusing folks) maybe you can put your referral in there?
Click to expand...
 
Since I have a little knowledge and experience with Capital One, I feel more comfortable with a place I've heard of than ING Direct or Emigrant Bank which I never heard of until recently even though both pay a higher yield. So I passed on the $50 bonus and a little more yield in favor of a larger, more established place. The fact Capital One lowered their MMF minimums substantially recently and offer free check replacements tells me they are becoming more serious about attracting customers.

I doubt any of these banks will have any problems based on how rare it is for US banks to fail, but from what I hear FDIC insurance take a long time to get and is not easy to deal with, so I'd prefer to stick with places with established reputations which are diversified into many areas even if I make a bit less per year. Maybe ING and Emigrant are bigger and better than I realize. These are just my opinions, of course.
 
Capital One started in 1995.
Started as an independent company in 1995, Capital One has quickly risen to the top of the credit card industry in the U.S.
Click to expand...
ING, however, has been around for over 150 years...a full 15 times longer than Capital One and definitely more established than Capital One.
ING Group is a global financial services company of Dutch origin with 150 years of experience, providing a wide array of banking, insurance and asset management services in over 50 countries.
Click to expand...
ING just isn't as familiar a name in the US as Capital One. :tongue:
 
Online Banks

Tried out the ING.
$50 promo was cool, but I didn't like the fact that you were assigned an account number and couldn't use a user ID to login. Also, after the initial setup, they never emailed me again. To me, it's too easy to put money in there and forget you even have the acct. And it's too easy to forget the account number if you don't login on a regular basis.
 
You do get a monthly statement. I have my statement mailed via snail mail. It's farily hard (for me anyway) to forget that money is there.
 
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