ING Direct, Virtual Bank--Comments/Caveats?

Last week, after being subjected to their commercials for the umpteenth time, I finally got around to checking out their Canadian website and I was impressed by what I saw. They’re based in the Netherlands and claim that their high interest earning accounts, low lending rates and lack of service charges are because all transactions are through the phone, internet or ABMs, i.e., no brick & mortar buildings to raise the overhead.

This is pretty appealing as I have a somewhat large chunk of money (probably too large) gathering dust in a standard savings account at an abysmal interest rate. I’d like to transfer that sum to a higher earning account while I try to develop a more coherent investment strategy.

The problem is that, after years of getting anally raped by the ever-proliferating service charges and lousy interest rates of traditional banking institutions, ING Direct sounds a little too good to be true. So I’m turning to my fellow Dopers to see if anyone has had any experience with them. So far, things are looking good and I’ve heard remarkably few complaints.

I have an ING Direct account, and I can safely say that it is a legitimate thing. It is completely free, and the interest rates for a regular Savings Account is 3.00%.

Now, some other banks also have an interest rate that high as well… but they usually require a minimum balance of $1000 or something. ING Direct is 1)No minimum balance and 2)No fees

I was a little leary about it all too at first, Hodge, but then I got to thinking: “How are they able to do this?”

This is the way I see it: Seeing they only have the one office/headquarters (for ING Direct anyway) they don’t have to pay nearly as many employees as your typical down-the-street-bank. That, I’m sure, makes a pretty big difference. There were a couple more things I had thought about for this… but I’ll be darned if I can remember any right now.

In any case-- I HIGHLY recommend using ING Direct. I have already deposited and withdrawn money from my account, hassle-free.

(BTW- They have a referral program going on until June 30th, with which you get $10 deposited in your account for every person you refer that starts an ING Direct Account. Anyone who starts a new account, that was REFERRED by a friend, gets a bonus $25 in their account.-- NOTE: I have received and also spent my $25 bonus, so… don’t worry about that part not being legit. :slight_smile:

In any case, I would highly recommend it. If you don’t have any friends with an ING Direct account, and want to take part in the Referral program promotion thingie (which I think only runs till June 30… this is probably because it is relatively new still and wanted to get its name out), feel free to email me or something.

Anyway, time to get back to work.


Just in case you’re weary of an unfamiliar name, ING Group is one of Europe’s largest financial groups. They’re the second biggest Dutch party in the industry (right behind the bank I happen to work for ;)), and they’re certainly not a shady bank that’ll fold like a house of cards next month.

Looks good! Considering that TD Canada Trust is now paying 0.05% on their savings accounts, I think I’m gonna switch.

I use ING too, and like it. I opened an account back when they would give you $50 just for doing so…I think I opened it with about $10. A few months later, I withdrew the $50 bonus with no problem whatsoever.
It’s a good deal. I don’t keep much in it, but all my accounts are like that. If you can refer anyone, you get a nice little bonus too.

Thanks for the replies, folks. I think I’m going to open an account. Unfortunately, the Canadian site doesn’t have any signing or referral bonuses :frowning:

Coldfire, I definitely feel more secure knowing who’s backing this scheme. BTW, I followed this link from the ING website on their new corporate headquarters, and I have to ask, when did Dutch architects start taking design cues from Battlestar Galactica? :wink:

I know! It’s about 400 meters up the road from where I work.

Kinda ugly, really. It’s not even done yet, and it has several nicknames already. :slight_smile:

I refuse to open an ING account because of those stupid commercials.

I have an account. No problems yet, except with the fact that the name of my bank recently changed… but it was quickly worked out and I’ve been happy with it so far.