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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Question about IngDirect & Money Market (Credit Union)
I am just thinking as Ingdirect went down that maybe I should be putting that money in the BFCU Money Market.
1. Would it be safer to have it in a credit union?
2. Can I access it as easily as a savings/checking account?
Thanks :)
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Posted 2/12/08 3:50 PM  |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Question about IngDirect & Money Market (Credit Union)
I do not think you can get a debit card with an ING Orange acct, so if you are looking to be able to withdraw money right away, that is not the type of acct you want.
I have an ING acct, if I need to take money out, I request the money from ING and its deposited into my checking acct 2-3 days later.
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| Posted 2/12/08 3:56 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Question about IngDirect & Money Market (Credit Union)
I currently have an Ing account but am thinking it might be safer to have a money market in the credit union. My mom just heard a story of someone putting money in an online bank, not Ing though and they closed down and he lost all his money!!
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| Posted 2/12/08 3:59 PM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Question about IngDirect & Money Market (Credit Union)
ING is part of the FDIC and your money is secure up to $100,000 per account
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| Posted 2/12/08 4:01 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Question about IngDirect & Money Market (Credit Union)
Posted by Lisa
ING is part of the FDIC and your money is secure up to $100,000 per account
That is why I have used them. Just wasn't sure if that was the "best" place to put my money.
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| Posted 2/12/08 4:04 PM |
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melbalalala
Little Lady
Member since 5/07 5014 total posts
Name:
Melissa
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Re: Question about IngDirect & Money Market (Credit Union)
Posted by hazeleyes33
Posted by Lisa
ING is part of the FDIC and your money is secure up to $100,000 per account
That is why I have used them. Just wasn't sure if that was the "best" place to put my money.
It's a great place to put a small amount of money in for "liquid savings".
I wouldn't put all of your savings into it, the interest rate isn't worth it. Money Markets are generally not that much better, interest rate-wise and may have fees.
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| Posted 2/12/08 4:12 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Question about IngDirect & Money Market (Credit Union)
Posted by melbalalala
Posted by hazeleyes33
Posted by Lisa
ING is part of the FDIC and your money is secure up to $100,000 per account
That is why I have used them. Just wasn't sure if that was the "best" place to put my money.
It's a great place to put a small amount of money in for "liquid savings".
I wouldn't put all of your savings into it, the interest rate isn't worth it. Money Markets are generally not that much better, interest rate-wise and may have fees.
Oh, ok. Thanks :)
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| Posted 2/12/08 4:14 PM |
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doormouse
LIF Infant
Member since 5/05 155 total posts
Name:
Jen
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Re: Question about IngDirect & Money Market (Credit Union)
Unfortunately since the Feds keep cutting interest rates I think a lot of the banks' rates will be going down as well, whether they are online or with a credit union.
It's pretty aggravating- the people who are actually trying to save are getting the raw end of the deal. 
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| Posted 2/12/08 4:14 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Question about IngDirect & Money Market (Credit Union)
I just opened an etrade savings account. the rate was higher than ING and you can get a debit card. Seems pretty easy to use so far
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| Posted 2/12/08 5:16 PM |
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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Re: Question about IngDirect & Money Market (Credit Union)
I've been using Emigrant Direct for a while and they always have good rates in comparison to ING. Sadly it's the lowest it's been in a while for me (I've seen it over 4 plenty of times) - right now it's 3.60%.
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| Posted 2/12/08 7:12 PM |
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