I’ve been using ING Direct for my business’s savings account for a little over a year now, and I’m quite pleased with it–sufficiently pleased, in fact, that I thought I’d share my experience with you.
(Quick note: My wife and I also use ING for our personal savings account, and each of the statements below applies to the personal savings as well.)
No Minimum Balance, No Fees.
To me, whether or not a bank account has any fees is a big deal. I can’t stand making those “Can I speak to your supervisor?” phone calls to get fees waived.
Also, having no minimum balance is important for us, because we don’t often keep a huge amount of money in our personal savings account. It’s nice not to have to worry about dipping below some necessary balance and getting dinged with a fee at the end of the month.
Easy to Use
It’s extremely easy to move money back and forth between the ING savings account and the linked checking account. Grand total time to execute a money transfer (from log-in to confirmation email) is well under five minutes. Important reminder: As with all bank transfers, the transfer itself may take a couple days to clear.
Good Rates
Due to rate fluctuations among banks, ING doesn’t necessarily offer the single highest rate at any given moment, but it’s usually better than most “brick and mortar” banks. And frankly, I’m not the type to open an account at another bank just to get an extra half percent for a few weeks until a third bank suddenly becomes the one with the best rate.
Good Customer Service
Their customer service has been responsive to questions I’ve sent via email–replies within a couple hours each time. That said, I’ve only had to email them twice in the entire time I’ve been a customer, so I can’t promise that they’re always this speedy. (I guess that’s a good thing, now that I think about it.)
Opening an Account
Opening an account was a snap. No crazy hoops to jump through. Just provide your information, link it to a checking account, and you’re good to go. (For reference, the linked checking account does not have to be with ING. Ours is with a local bank.)
Click here to open a personal savings account with ING.
Click here to open a business savings account with ING.
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Hi Mike,
Thanks for the great review. I’ve been using ING for my personal savings account for many years. Been thinking about opening one for my business too. Sorry if this seems like a stupid question… just wondering if you can tell me what is the difference between a personal and business savings account. The personal savings account has a higher interest rate. Wondering if I can just open a 2nd ING personal savings account for my business…?
Nat
Hi Nat.
That’s not a stupid question at all.
The answer depends upon the structure of your business. If your business is a sole proprietorship, then there would be no problem with using a personal savings account for your business.
If, however, your business is a separate entity such as a corporation, it would be important to open an account in the business’s name rather than your own name. (And you would, therefore, need a business savings account.)
Thanks Mike. I appreciate your quick and clear response.
Nat
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