EugeneV said:Can my wife and I each add a joint account to the individual account's profile? That is, would a joint account be available to both of us for instant transfers and not count toward the limit of 3 linked EXTERNAL accounts? TIA

Once you add a joint account to your individual account's profile, both, you and your wife, will see the joint account. Only one of you needs to open the joint account. However, make sure both of you are co-owners of the external account linked to the joint account.

I had an individual account linked to my Wells Fargo checking account. My wife had an individual account linked to her Bank Of America checking account. I opened a joint account but we had to go to Wells Fargo to add my wife as a co-owner of my Wells Fargo checking account. Now, when she logs in, she sees two accounts: her individual account linked to BOA, and our joint account linked to WF. When I log in, I see two accounts: my individual and our joint accounts, both linked to WF.

With this setup, money is FDIC insured up to $400K, $100K for each individual account and $200K for the joint account.

Hope this helps.

EugeneV said:Thanks. Actually, it does not matter what names there are on the external account as long as you use it for funding first (after verifying deposits).

That's not what we were told by ING. In our case, my WF checking account had already been verified and used for funding during my individual account setup. When later, I opened a joint account with my wife, linked to the same WF account, for security reasons, we had to add her name to it. We got a letter from ING that we took to a WF bank, they put a stamp on it, a few signatures, and we sent it back to ING. Your case may be different.


What I wanted to know is whether you are able to transfer money between your individual and joint account online instantly (not through ACH). Also, did it just "show up" under your profile, without any action on your part? That is, did you give them any information about your individual account (account number or member ID) when you opened the joint account? Thanks!

Yes, you can transfer money between your individual and joint accounts instantly without going through ACH. I do it to make sure we don't go above the FDIC insuring limits. When I opened the joint account, both my wife and I were already members of ING and had individual accounts. If I recall correctly, I first logged in to my account with ING, and from there, then, opened the joint account. I had to enter my wife's member id and pin only. I selected the same WF external account for funding, and after that, the joint account was visible from both my wife's and my ING accounts.

walletLess said:Sorry to bump up this topic. Perhaps my question is silly, but I am not a finance expert by any means (in fact, I am not even a finance novice).

I opened an ING Direct savings (orange) account, and deposited $12000 in it. At rate of 2.8% per anum, I should be getting about $336 interest per year, or about $0.92 per day. However, as I open my account everyday, I see my interest for the month only increase by $0.47 each day. Is anything wrong in my understanding of the 2.8%? Does the calculation involve something else which I am obviously missing? I will appreciate your help here, since it is difficult for me to figure out this due to my lack of knowledge in finance.

Compound Interest. If you go to the Tips&Tools>Calculators>Savings Every Month then it will give you the 336.01, you had calculated

Wouldn't it AVERAGE 90 cents or so a day over the course of the year, compounding it so that the total interest per day increases as interest builds? That's what I figure.

Thanks guys, will call ING and ask them. Will post back soon.

EDIT- Just called ING Direct. They said, that my money becomes available only after 10 days from deposit, and the APY is calculated on the available money in account, not total. My available money is 5700, which comes to about $.44 per day. When the remaining deposit will become available on April.04 (10 days from my deposit), I will start getting $.93 per day.

I am also tempted to close my Money Market account with PNC bank and only keep my checking account with them. Any one thinks its not a good idea? How does it affect credit ratings? I opened the account in Feb'04 FYI.

walletLess said:Thanks guys, will call ING and ask them. Will post back soon.

EDIT- Just called ING Direct. They said, that my money becomes available only after 10 days from deposit, and the APY is calculated on the available money in account, not total. My available money is 5700, which comes to about $.44 per day. When the remaining deposit will become available on April.04 (10 days from my deposit), I will start getting $.93 per day.

I am also tempted to close my Money Market account with PNC bank and only keep my checking account with them. Any one thinks its not a good idea? How does it affect credit ratings? I opened the account in Feb'04 FYI.

Wow 10 days of no intrest? That sucks but good to know. Wonder is there is some kind of ING or banking thread where this nugget of info could be archived.

rich123 said:5.00 % APY 3-year Money Market Certificates

That's nice... but 3-year is kinda high for me. I prefer lower interest where I can withdraw at anytime..

ING OSA now at 3.00 % !!!!!!!

must be the huge flush of money out....

Alright, ING is coming thru! Glad to see them stay competitive.