Washington Mutual is offering 2% on savings. I'm not sure how. But they say the account is FDIC insured, so I gotta believe them. Ing only offers 2.2% , so for that extra .2%, I think I'll stick with bricks and mortar.
Joanna
Jordan Hayes wrote:
>>Anyone have any experience, positive/negative, with online
>>banking, like ING direct?
>>
>>
>
>I don't think there's anything out there quite "like" ING Direct: so if
>you're asking about them in particular, the answer might be a little
>different from other kinds of "online banking" experiences. There were
>a few examples early in the bubble of "totally online" (i.e.,
>branchless) banks, but none (AFAIK) have survived. ING Direct (through
>their Orange Account product) have really put a stake in the ground:
>there are no fees for ANYTHING you might want to do (though there's not
>much you CAN do!), and it's really just a "cash management" account.
>You can find cash management functions in most brokerage products, but
>the ING (current 2.2%) rate is much higher, and there's this business of
>all the fees and complications. On the down side, you don't get an ATM
>card, checks, etc.: they expect you to do your
>othar-than-cash-management functions in some other account. They just
>ACH funds to and from that account.
>
>It's a brilliant move: retail banks are fighting about "no fee checking"
>and are incurring large costs for typical customers (call your bank
>about a question or problem? It likely costs them $10 to answer the
>phone!), so they aren't involving themselves in any of that (though I
>notice you can do a transfer over the phone, hmmm, that's expensive),
>but unless you have a lot of cash floating around and can benefit from
>the additional interest (the example on their home page is $440 on $20k
>in a year vs. about $90 for a standard "savings account" that you might
>have linked to your checking account) it seems like a lot of work to
>transfer things around and keep track of.
>
>What are your concerns?
>
>/jordan
>
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