Friday, July 20, 2012

Winn-ING (since 2007)

This guy knows what I'm talking about.
Starting this blog made me reminisce about when my obsession with personal finance began.  THIS is that story.

Like most people, when I got my first paycheck I thought, "Hey having money is good, I would like some more please."  Now after saying that to my boss the next week, I found out being polite alone will not get you more money, I mean I did say please didn't I?  Well, at least it didn't work for me, maybe you're better looking and should still give it a shot.  Anyway, asking for money wasn't off to a great start, so I decided to look into what I could do with the money I had.  I already had a savings account at a local bank, but wondered if there was something better out there.  My search led me to ING.  One of my best Internet finds yet.

What's so great about ING.  Well, it's an online bank.  Now I know what you might be thinking, "my local bank offers online banking."  Even though that may be true, it isn't the same as being an online bank.  Online banks don't have buildings that you can go to for financial services.  This may seem inconvenient, but in place of those buildings you get exponentially larger interest rates on your savings.  We're talking 8 to 80 times or more.  Let's do some quick math to make this sink in.  Right now you could get a savings account at some brick and mortar banks with a rate of .05%.  ING's current rate is .8%.  That's 16 times!  On a $10,000 balance, you'd be looking at interest of $5 a year versus $80.  Now that may not seem like a lot of money, but hey, it's a month of free cable, if you still have cable after the last post.  Plus, back before the latest and greatest crash in 2008, the ING rate was 6%.  So, it was $37.50 annual interest at a brick and mortar versus $600.  That's $562.50.  BAM!  It's that easy to make more money with money.  

I could end it there, but I'd feel bad for not including an even more awesome offering from ING.  

They also have an interest checking account.  The interest rate isn't crazy high like the savings account.  However, the greatness comes in being able to send electronic or paper checks from the website.  This lets it be a one-stop-shop for paying any bill that you have.  If the biller accepts electronic payments, ING will fire one over, if the biller only accepts paper checks, then through the mail it will go.  No more stamps, no more envelopes, no more mailbox, err that may be too far.  In addition to that, you can now deposit checks over the website by uploading photos of said checks and you can even order a checkbook, if you really really like stamps or licking envelopes...weirdo.  

So go forth and open these accounts, direct deposit to your checking, instantly transfer some to your savings, go buy some gas with your debit card, take out some cash from the free ATM (that's right, ING is part of a free ATM network), mail your mom a check, wire your brother some cash, photo deposit those birthday checks, and make more money while doing all of it.

Note:  ING is just one of many different online banks out there.  I started with an HSBC savings account, but switched it to ING when I found out about the awesomeness of their checking account.  It's very convenient to have instant transfers (not same day, but same minute) between checking and savings accounts.  But by all means look around, just make sure what you find is FDIC insured. 

Double Note:  I am not getting paid by ING to promote their products.  However, if you are interested in an ING checking or savings account, I can send you a referral where you get $25 for opening an account with at least $250, an instant 10% return.  Full disclosure, I would get $10.  Now, I realize that our relationship is new and we are still feeling each other (not in the creepy way) out, so if you don't feel comfortable requesting a referral yet, I understand.  Read more posts, see if I'm the kind of guy you'd take home to your parents to talk to them about retirement and if so, then email me for a referral.  You can send your referral request to

Do you have an online bank account?  If so, which one and what do you think is the best part?  If not, what's stopping you?


  1. SOLD! After looking at my other online account for saving, I saw that on average I am receiving between 1 and 5 cents a month in interest. YUCK! This account makes much more sense! Wish you had started writing about this sooner!!!