My husband wants to open an account with them but I’m hesitant because doesn’t it cost money to take money out. We aren’t going to need this money for around 16 months.
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ING interest is high, but not high enough. Etrade gives a 4.7% apy. ING gives only 4.2%.
I have an ING savings account (3 actually) and I absolutely love it. When I turned 13, I opened my own brick & mortar bank account in my home town but now I’m in college and unfortunately my hometown bank doesn’t have a branch nearby and so I had to open an account at another bank. Because you can link accounts to your ING, I was able to link both of brick & mortar accounts to the ING and now I can use ING to transfer money from one to the other (bank x to ING to bank y, bank y to ING to bank x). But in addition to that benefit, the interest rate is so much higher than my other 2 accounts (which is great because I’m trying to save money, start and emergency fund but because of grad school I may also need the money soon so I need access). Also, ING is so easy to use that I set up one username but opened 3 accounts, one is my regular savings (which I use the most) and then I set up 2 more (emergency fund, grad school/car fund) and set up recurring transfers into them. So, in short, I am very pleased with ING.
I have just recently opened an account with them and I haven’t had any problems so far… My boyfriend had an account with them, too, and he never had any difficulties getting money. i.e. when they say no fees, they really mean it.
ING receives excellent write ups in money management magazines such as Money. They are a “real bank” and your deposits are FDIC insured (up to the $100,000 limit). It doesn’t cost any more money to transfer money (wire transfer) than a regular “brick and mortar” bank. You can use ATMs to deposit and withdraw money. And, the ING accounts pay a much higher rate of interest than most “brick and mortar” banks.
Go for it!