Comments on: Changing How I Save Money in My ING Accounts

By: Carnival of Debt Reduction #143 — The History of Debt | Moolanomy

Carnival of Debt Reduction #143 — The History of Debt | Moolanomy — Tue, 12 Aug 2008 16:58:57 +0000

[...] Changing How I Save Money in My ING Accounts posted at How I Save Money.net. [...]

By: Mark @ TheLocoMono

Mark @ TheLocoMono — Sat, 31 May 2008 21:00:35 +0000

It is somewhat a good strategy. I am not quite sure I understand but if I get the gist of it, you are saying your paycheck is being deposited into your checking acount and you plan to move X number of dollars into your savings account.

Why not direct deposit into your savings and meter the money you need to pay your bills with every two weeks?

Remember the interest is based on how much money is in your account each day during the cycle, not what you have at the end of the month.

I think my confusion is coming from the debt-free side because I can see the logic behind your approach from your side however my own approach is in reverse.

By: Dividends4Life

Dividends4Life — Thu, 29 May 2008 17:40:26 +0000

At 3.00%, ING is now the highest MMA that I hold. Time to transfer money.. [sigh]

Best Wishes,
D4L

By: Shawn Knight

Shawn Knight — Thu, 29 May 2008 06:29:56 +0000

I keep my extra money in a regular savings account as well, but I am not sure of the interest rate and really not too concerned with it. The money is my emergency fund and my monthly additions for my Vegas trip in January. While I suppose getting interest is good, 3% or so isn’t enough for me to worry about it. After all, its earning less than inflation

Once I get to the point where I have money to invest long-term, a good mutual fund will earn me around 12%, more than enough to stay ahead of inflation rates

By: LuLuGal

LuLuGal — Tue, 27 May 2008 23:06:07 +0000

@ Ralph:
That is a great strategy but a bit time consuming as you have to move the money twice.

Now of course if you kept the money in your Electric Orange checking account you would get more interest than your other checking account…but you would save yourself the hassle of moving the money two times. (subliminal message: switch back to ING )

@ Passive:
You need to start this now because you will see that it really helps.

By: paulette

paulette — Tue, 27 May 2008 15:20:55 +0000

Sounds good Thanks for the info.

By: passivefamilyincome

passivefamilyincome — Tue, 27 May 2008 11:05:41 +0000

I think it is a good strategy as long as you have the time to devote to this activity. I find it difficult to find the time to manage this type of activity on a monthly basis although Ralph has inspired me with his post to start looking at this closer.

By: Ralph

Ralph — Tue, 27 May 2008 02:40:05 +0000

It sounds like you have a great plan.

I do basically the same thing, except I moved away from ING a long time ago. They have wonderful customer service and I was very happy with them, but ultimately I am a rate chaser and they haven’t been competitive in a long time.

One thing I do along the same lines is with credit card payments. I transfer the money that we spend on our credit cards every couple of days to one of our savings accounts so that as it sits waiting to be used to pay the credit card bill it is also earning more interest than it would in our checking account. The benefit is two-fold. The extra interest and the piece of mind from knowing that you are always going to be able to make the credit card payment.

By: Sara - pension comparison

Sara - pension comparison — Mon, 26 May 2008 17:18:55 +0000

I think it is always worth looking around – just to see what’s out there.