[cristina47454]

ING is at 1.5%, HSBC is at 1.65% (High yield savings)

Anyone have experience and want to share pros and cons of each? I want to keep my EF someplace accessible, but also someplace where it's doing some work for me. Looks like neither has fees, so what's the difference?

 

[maryjane]

Since I opened my online account last fall, ING has been just under HSBC in terms of APR. I went with ING anyway for two reasons: (1) I got a $25 bonus when I opened, using a link from a friend. (If you want one, PM me and I'd be happy to send you a link.) That $25 far exceeded the APR difference for the amount I had in savings. 2) I love that you can do sub-accounts. I have about 7 different subs, one for each sink fund, one for EF, etc. It really helps me stay organized.

BTW, the interest rate 8 months ago was double what it is now. Since January, the rate has fallen four or five times, I think. Just be prepared that interest will be low for now, and that really what you're doing is finding a safe place to keep your EF -- not earn money on your EF.

Quote:

Originally Posted by cristina47454 ING is at 1.5%, HSBC is at 1.65% (High yield savings) Anyone have experience and want to share pros and cons of each? I want to keep my EF someplace accessible, but also someplace where it's doing some work for me. Looks like neither has fees, so what's the difference?

 

[mightymoo]

I have ING, I like them a lot. It has just the right amount of features for me, I'm not sure exactly what HSBC has/does.

One thing I'm concerned about is that ING announced that they plan to sell off a bunch of assets (they didn't say which) in the next year and focus on their core business

http://www.google.com/hostednews/afp...zbLpGTTXOoVG9w

Quote:

It said the sales would affect 10 to 15 business areas in the course of the next few years, leaving the company focused on Europe, life insurance and pension savings.

So what i'm concerned about as a customer is it sounds like INGDirect probably doesn't fall into 'europe, life insurance and pension savings' - so will they sell it off? And if they do will the new company be as good? One of the things I like about ING is the great customer service, etc.

I don't think its anything to panic over, they aren't folding, they will probably sell it to another company, it might possible not even change its name. I can always move my money if I'm not happy with them, but its a good thing to know if you are considering opening an account with them.

Another thing to consider is that savings accounts at both institutions are no cost (as far as I know) and so you could open one at each and see which you like better. I have considered doing that, perhaps splitting my money between them, or opening the monthly CD at whichever offers the better rate at the time (I have my emergency fund in rolling CDs at ING)

 

[Shelsi]

You can do sub accounts on ING? How do I do that?

I've only ever had ING and I like it but I can't really compare it to the other.

 

[mightymoo]

Quote:

Originally Posted by Shelsi You can do sub accounts on ING? How do I do that? I've only ever had ING and I like it but I can't really compare it to the other.

You just open another savings account. It's not really a 'sub account', its just another savings account, but they are all under your saver id, so you see them all in a list and can easily transfer between.

 

[MidnightCommando]

No experience with HSBC but I really have no complaints about ING other than they keep lowering the interest rates. It was 3% when we opened! I heard somewhere it is tied to the feds cutting interest rates on loans and such but I don't know if it's true or not. Makes sense though

 

[mightymoo]

Quote:

Originally Posted by MidnightCommando No experience with HSBC but I really have no complaints about ING other than they keep lowering the interest rates. It was 3% when we opened! I heard somewhere it is tied to the feds cutting interest rates on loans and such but I don't know if it's true or not. Makes sense though

Everyone has lowered rates, but I will say, ING has lowered them more, because they used to be the highest, now they are not.

 

[panamama]

i love, love LOVE my ING.

like others, i am bummed about the falling/fallen rates (it was 4% when i opened my account a few years ago), but other than that i have not one single complaint. the site is very intuitive/user-friendly and the customer services ppl are amazing. everyone i know who uses them has only good things to say. i've never used HSBC, so can't say from any personal experience. but i have heard mixed reviews of them and that's enough for me.

 

[cristina47454]

Woah. FNBO is paying 1.9%.

In my mind, the advantage to ING is the subaccounts. But the rep at FNBO said you can open separate accts and link them, which is basically the same thing, right?

 

[mightymoo]

Quote:

Originally Posted by cristina47454 Woah. FNBO is paying 1.9%. In my mind, the advantage to ING is the subaccounts. But the rep at FNBO said you can open separate accts and link them, which is basically the same thing, right?

I'm not sure. I think the advantage of ING is that you get one view of all your accounts. "linking" may just mean you can transfer between them, so you may have to log in to one account, then send money to another, then log in to that account if that makes sense? I have my ING account linked to my checking accounts, for example, but I have to log in to each to see the balances of each.

I would ask specifically if you can log in and get a screen that shows all of your accounts if you have multiple. That may not be what you care about, the rate may be more important, but that's what ING has and what people mean by 'subaccounts'. Opening new accounts is also very easy, I literally just click 'open new account', and a couple screens of 'I agree' and give it a name and poof I have a new account.

 

[1babysmom]

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