ING Bank operated under ING Direct for years and basically pioneered the term “online savings account”. Its lack of an actual branch actually works perfectly in the world of online banking and it’s always a favorite because of its simple and easy to use interface. Let’s take a look at it more in this ING Direct review.
ING Direct’s Transfer Process
Through some testing, transfers to and from ING Direct usually takes about two business days while it goes through the ACH (Automated Clearing House) system while most other online banks take three business days.
Another thing to note is that you can have up to three non-ING Direct accounts linked with your online savings account so don’t start adding accounts like there’s no limit.
The way they use to verify link accounts is the usual “two trial deposits” (where they will send two small deposits to your account so you can type in the actual deposit amounts). While it’s not the quickest option, it is adequate because you will seldom need to do this.
Interests Details of ING Direct Savings Account
Interests will start accruing two business days after the transfer is made and is held for five business days before you can withdraw it again. The interesting thing is that the initial deposit is locked up for ten business days (they claim that it’s for security purposes).
ING Direct’s FDIC Details
Located in Wilmington, Delaware, ING Direct is a federally insured bank (more commonly known as FDIC insured). ING DIRECT’s FDIC certificate number is 35489 and is filed under the name ING Bank. Currently, each individual is insured up to $250,000 until 12/31/2009 and $100,000 thereafter. This means that individuals can be insured up to $500,000 if they have one indiviidual account and another joint account. Plenty of protection if you ask me.
ING’s Savings Account Security and Login Process
It’s nice to see that most online banks are thinking of creative ways to increase security and ING Direct is no different. As you can see, the first screen only allows you to enter your customer ID and nothing else. Separating this with the password is a little bit more secure than having everything on the same screen because it makes hacking a tiny bit more complex.
Another aspect I loved about this simple screen is the “Hide my typing” option. While it’s subtle and obviously only make sense when you are in public, it’s a nice addition none the less.
When your computer isn’t setup, the login process requires you to answer some of the questions only you should know. At the bottom, you can always skip this in the future by registering your computer with the online system.
Instead of passwords, ING Direct uses a pin code where you have to click the actual numbers (again, for security reasons). When I tried to login, it didn’t need me to enter my secret phrase for seeing the picture of the flower but if it does, it’s another level of security.
What Does ING Mean for Us
Options are always good and ING’s long history in the online space instill much needed confidence. It’s reputation, solid and secure login process coupled with its prompt transfers make this a great option.
ING Contact Information
ING Bank
1 South Orange Street
Wilmington, DE 19801
(888) ING-0727
- ING Direct – Official Site
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