Ing is safe...even Spark Guy Chris (i think that's his name) works for Spark people he loves them..so I gave it a shot and they work.
What they do is because they are strictly online only (no overhead costs of having in person employees) they save money which means they offer you a higher interest rate on your savings account than actual banks do. I think ING is somewhere between 4.5 and 5.01% I can't remember. I try not to look at it all the time.
When you sign up they ask you how much you want to transfer. It can be as little as $5.00...and maybe within a few days to a week and a half your bank account is verified and the money sits in your ING account collecting interest...of course the more you have in the the more interest.
I think $5 = 1 penny in interest per month
and around $500 = $1.35 in interest per month
so $5,000 will be maybe around $15 in interest per month.
I think they are highly reliable and trustworthy. I know it's scary cause there's no "live" person but if you feel you have 2nd doubts. Do research on them on the Better Business Bureau and Ripoffreport.com or other fraud reporting sites.
Heck you can even call ING and talk to the Representative.
All I know it's a decent place to stick your money so it's not as accessable as a bank atm is but you can get your money within 3 business days of you requesting to withdraw your money from your ING.
I personally use it as my 6 month Emergency fund. Like if I lost a job I'll have at least 6 months worth of bills saved.
Mutual funds I would use more rather for supplemental retirement funds and wealth accumulation.
And Roth IRA solely for retirement since you can't take it out until legal retirement age.
It's kinda cool, this group is one of the ones featured in the article on the SP homepage today called "New Year's Resolution Teams!" I just wanted to share that with everyone, it was cool to see our little group listed. Peggy, do you feel like a celebrity? Maybe some new folks will join us as we try to get lighter pounds-wise and debt-wise.
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