ING Direct

[raskolnikov]

I am thinking of opening a savings account with ING. Does anybody have any experience with them and how safe they are. I am not a risk taker financially. What happens if a company like that goes bust overnight? Do you lose everything?

 

[FIGJAM]

What happens if a company like that goes bust overnight?

Can't answer any of your questions, but if this happens, we'd be in the most psycho depression of all time!

 

[raskolnikov]

Can't answer any of your questions, but if this happens, we'd be in the most psycho depression of all time!

Well, I would be one depressed psycho if it did happen that's for sure.

Anyway. related to this, I am looking at opening some sort of savings account where I start off with an initial amount of $5000 and will be able to invest $1,000 a fortnight minimum over a two year period. Does anybody have any advice as to what would be the best sort of account for this?

 

[sabre_ac]

I am thinking of opening a savings account with ING. Does anybody have any experience with them and how safe they are. I am not a risk taker financially. What happens if a company like that goes bust overnight? Do you lose everything?

ING go bust?

I was under the impression they are a multi national corporation, with limitless resources...

Corporations like this dont go bust.

 

[raskolnikov]

ING go bust?

I was under the impression they are a multi national corporation, with limitless resources...

Corporations like this dont go bust.

Fair enough. I don't really know much about them. Just that they may be a good company to have an investment with.

 

[bunsen burner]

Well, I would be one depressed psycho if it did happen that's for sure.

Anyway. related to this, I am looking at opening some sort of savings account where I start off with an initial amount of $5000 and will be able to invest $1,000 a fortnight minimum over a two year period. Does anybody have any advice as to what would be the best sort of account for this?

ING. There's another couple of products /banks with the same service but they're pretty much a muchness.

- ING is dutch. Multinational. Will not go bust. Safe as houses.
- Current rate is 6%. No fees.
- They make their money because they have little overheads (ie no branches). They pay top tier rates and have no fees.
- Link an ING account to your account that your pay goes into. Tfr money over every fortnight
- ING is secure over the internet
- There are also no conditions and fees. None of this CBA "we'll give you 4.5% provided you don't make any withdrawal except for the roll over day (1 day per month), if you do need to withdraw for an emergency then we'll giver you 2% for the month".

ING rocks man!

 

[bunsen burner]

Fair enough. I don't really know much about them. Just that they may be a good company to have an investment with.

Invest refers to buying shares. They'd be blue chip I would imagine.

But you're talking about saving more than investing. Although in today's climate 6% isn't too bad. Anyone saving for a house deposit should be linking their pay account to an ING account. Saving money with a high st bank is a no no.

 

[bunsen burner]

Anyway. related to this, I am looking at opening some sort of savings account where I start off with an initial amount of $5000 and will be able to invest $1,000 a fortnight minimum over a two year period.

At that rate you'd be looking at saving yourself about $62k.

 

[raskolnikov]

Cheers BB. I think I will definitely open an account with them. It's got to be better than my current ANZ progressive saver.

 

[johnnyhoward]

A bloke I worked with was looking at opening an ING savings account because he heard they have the best interest rates, which is true. Get this - the thing that stopped him was that he apparently heard ING stands for "IndoNesian Government". I asked him if he was sure, as I had an account with them and I was pretty sure they were Dutch. He said "I'm certain - I wouldn't trust them - you know how the relations between Australia and Indonesia are". I tried to hint at the truth to him but I just went back to my office and had a laugh.

Anyway the organisation are safe as houses as BB said, no worries there. What you want to do Ras is set up an automatic savings plan where you can set a certain amount to be transferred from your regular bank account monthly, weekly whatever - so don't ditch the ANZ account just yet - those accounts will have to do for daily banking.

 

[raskolnikov]

.

Anyway the organisation are safe as houses as BB said, no worries there. What you want to do Ras is set up an automatic savings plan where you can set a certain amount to be transferred from your regular bank account monthly, weekly whatever - so don't ditch the ANZ account just yet - those accounts will have to do for daily banking.

Yeah I have two accounts with ANZ, a regular savings account and a progressive savings account. I would close the progressive saver and leave the regular one open for everyday use.

 

[gadj1976]

I'm a 20 odd year customer of the ANZ and decided to put my money into ING. Much better rate of return. Much easier transaction system. Just much easier.

Having said that, and not being a risk taker, shop around.......there are plenty of places that WILL NOT go bust but offer as good as or better than ING. ING wont go bust, as I'm sure they're underwritten no doubt.

Go and talk to a financial planner, they'll know the best places to invest - don't just take weirdo's on BF's advice.

 

[bunsen burner]

Go and talk to a financial planner, they'll know the best places to invest - don't just take weirdo's on BF's advice.

Unfortunately you'll probably get better advice from people off BF as financial advisers often get kickbacks so advise you on what's best for them and not what's necessarily best for you. Then some of them are incompetent and don't know what they're doing.

Best place to get fin advice from is learning it yourself. It's amazing how many people earning $70k+ per year have no idea about money.

 

[benrey_demons]

have my own ING direct account

never any problems, easy to use

 

[cooperjai]

Unfortunately you'll probably get better advice from people off BF as financial advisers often get kickbacks so advise you on what's best for them and not what's necessarily best for you. Then some of them are incompetent and don't know what they're doing.

Best place to get fin advice from is learning it yourself. It's amazing how many people earning $70k+ per year have no idea about money.

that is so true.
Financial advisers will never tell you about HYIP's.
get in get out move on.

WARNING: do your homework, don't get greedy.

 

[gadj1976]

Unfortunately you'll probably get better advice from people off BF as financial advisers often get kickbacks so advise you on what's best for them and not what's necessarily best for you. Then some of them are incompetent and don't know what they're doing.

Best place to get fin advice from is learning it yourself. It's amazing how many people earning $70k+ per year have no idea about money.

you've got me wrong, i didn't say invest with them, i said seek advice from them. ultimately you have to be comfortable with who you invest with,.

 

[bunsen burner]

you've got me wrong, i didn't say invest with them, i said seek advice from them. ultimately you have to be comfortable with who you invest with,.

It's almost the same thing. nThey will almost always tell you biased info. They are salepeople and will not discount you going through them even if you tell them you just want advice.

And I trust my own info and instinct over a unknown quantity financial adviser. Go to do your own investing and learn about what you want to invest in.

 

[crudbucket]

A bloke I worked with was looking at opening an ING savings account because he heard they have the best interest rates, which is true. Get this - the thing that stopped him was that he apparently heard ING stands for "IndoNesian Government". I asked him if he was sure, as I had an account with them and I was pretty sure they were Dutch. He said "I'm certain - I wouldn't trust them - you know how the relations between Australia and Indonesia are". I tried to hint at the truth to him but I just went back to my office and had a laugh.

Anyway the organisation are safe as houses as BB said, no worries there. What you want to do Ras is set up an automatic savings plan where you can set a certain amount to be transferred from your regular bank account monthly, weekly whatever - so don't ditch the ANZ account just yet - those accounts will have to do for daily banking.

Your friend is a moron, thank heavens you realised that. ING is a dutch based Multi-National, the "N" stands for "Netherlands".

 

[rooboy_88]

iv got one of there accounts and its a good move.

no fees and a healthy %.

its trying to crack into the australian market so that would explain the good incentives.

 

[bunsen burner]

its trying to crack into the australian market so that would explain the good incentives.

Got little or nothing to do with it.

1. ING is far bigger than any of our main 4
2. It's a different market. It's not everyday banking. It's internet banking. That means you can't deposit cheques or withdraw cash.
3. The good incentives come about because they have low overheads.

It's sort of like when Aussie Home Loans took on the big banks. New concepts and prducts allowed them to crack the market.

 

[grimlock]

I've got an ING direct account and am very happy with all things concerned with it. Great rates and easy to transfer money in and out of the account.

Anyone here have a BankWest online account. My friend said it offers better rates but I'm unsure how secure they are compared to ING.

 

[tragicforces]

NAB's iSaver account has a better interest rate than ING Direct...

 

[bunsen burner]

NAB's iSaver account has a better interest rate than ING Direct...

Does it have any conditions though? I find it hard to believe that one of our greedy Big 4 has better rates without strings.

 

[bunsen burner]

Anyone here have a BankWest online account. My friend said it offers better rates but I'm unsure how secure they are compared to ING.

Pretty sure that since Bank of Vic went down in the 80s that all Aussie banks have to be underwritten therefore you don't lose your cash do they go under.

 

[gadj1976]

It's almost the same thing. nThey will almost always tell you biased info. They are salepeople and will not discount you going through them even if you tell them you just want advice.

And I trust my own info and instinct over a unknown quantity financial adviser. Go to do your own investing and learn about what you want to invest in.

I think(?) we're agreeing......