Recent newsletter from ING Direct

Posted by Tim Habersack on September 14th, 2008 filed in News Thingies

I have a savings account with ING Direct, which is a mostly-online only savings and loan company. (They do have offices for their home mortgage division) Anyway, they’re pretty cool because right now the interest they give is 3%, which is pretty decent. It is compounded monthly, and any amount you have in there will earn interest for that month.

Their service has always been great for me, but the reason I write about them today is regarding the newsletter I just received from them. Here is the section that really surprised me:

While we don’t have an Orange crystal ball, we do expect the economy to remain fragile through 2009. The best course of action for our Customers is to be disciplined: avoid splurging; identify and cut out unnecessary expenses and save for what’s essential; and hedge against those tough times. We can all benefit by developing good spending habits: confront – and cut up – credit cards; use your home as a savings vehicle – not as an ATM; and establish and contribute regularly to an IRA or 401(k).

I was really impressed at this responsible advice coming from a financial institution. Most places try to downplay the current economic downturn, or try to convince you to get into more debt or something.

2 Responses to “Recent newsletter from ING Direct”

maiki Says:
September 14th, 2008 at 13:21
Two things:

1) http://wordpress.org/extend/plugins/subscribe-to-comments/

2) Let’s talk about this when you come over. I could use some advise on savings accounts. ^_^
Uncle Mike Says:
September 16th, 2008 at 12:50
Convert to cold hard cash and stuff it under your mattress. You will always be liquid.

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