I might possibly be Capital One 360’s (formerly ING Direct) biggest fan—I totally love them. At first, the idea of an online bank with no physical locations seemed kinda creepy. Then I realized the advantage to that, it would be harder to get to my money.
Therefore it would make it easier for me to save. I have been with Capital One 360 since October 19th 2007, and have never had any problems with them. I have had thousands ($18,000+ at one time) in my account with them, and was able to remove it all without any issues.
When I first signed up with them, a zillion years ago, the APY (annual percentage yield) was 4-something %. That’s pretty appealing, though it’s not that high now. Still, it is much better than most standard savings accounts, it even beat my credit union.
My Favorite Things About Capital One 360:
- Once you sign-up for a savings account, you have the ability to create lots of other accounts and give them nicknames. For example, you could open savings accounts and name them: Emergency Fund, Vacation Fund, Fun Money, Giant 3D TV Savings, etc.—you probably got the idea. The benefit to this is more directly reflected savings; you can set savings goals and see how you’re doing. Good stuff
***See my post about creating sub accounts with visuals.
- Minimum transfers rock! With Capital One 360, you have the ability to transfer as low as—wait for it—1 cent. You can choose from one-time transfers, weekly, bi-weekly, the 15th and end of the month or monthly transfers. Personally, I have weekly transfers set for every weekday at $1 and $2 each. This makes savings easier and automatic. I use the auto-transfers to save up for our car insurance, so that I can pay it as a lump sum and save money. You can also choose start and stop dates for non-one-time transfers.
***See my post about creating daily transfers or my post about how you can use these to start saving even if you’re broke.
- APY right now for savings accounts, beats all my banks and credit union. LOL Even the checking interest is better than my psychical banks/credit unions offer.
- Interest is paid monthly
- You can view how much interest you have earned so far for the month for each account.
- If you really need access to your money, they also have a checking account with a debit card. I got one, but of course I shredded my PIN number to avoid the evil ATMs.
- You can link it with your Share Builder account, if you have one.
- There is also free online bill pay
- If you download the CheckMate app, you can deposit checks (for free) from your tablet or smartphone.
- You can make P2P payments (Person2Person)
- You can send a check. Yep, no more buying stamps. That saves money.
- Their checking accounts under $50,000 earn .25% APY (which still beats my traditional banks savings rates). Checking accounts $50,000 to $99,999.99 earn 1.10% APY & $100,000 and higher earn 1.15% APY. Personally, if you have over $15,000 I would recommend finding an account with much higher interest.
- Capital One 360 also has: CDs, Roth IRAs, Roth IRA CDs, Kid’s Savings accounts, Teen checking accounts and more.
- I’m not sure if I can really explain how awesome Capital One 360 is, it’s probably one of those thing you need to see for yourself. If you are looking to find easier/better ways to save your money, this really might be a good option.
Just click on the image above and open a new checking account with Capital One 360. After opening the checking, it’s super easy to open your savings account. If you have any questions, just send me an email and I’ll do my best to help you out.
I’m interested in opening an account with ING. Hook me up with the referral link, please!
P.S. I love your blog!!!
Kelly- I just sent you the link. Thanks, I’m glad you love my blog. Happy Saving!
This Blog Rocks !!!
@Paul- 😀 Thanks
Please send me the link
Just sent it Jennifer. Happy saving! 😀
Hi Jen! If I read that correctly, ING is basically its own checking/savings account, correct? I was all smiles after reading this because I absolutely LOVE the idea of secretly putting away $20+ each month to our emergency fund. After my husband read this, he was eager to jump on the train too. Our only issue is we already have 2 bank accounts so we’re iffy about getting a third. :-/
Yep, Sylvia, ING is an online bank with checking and savings accounts. ING makes saving money easier, thanks to their automatic transfers. I know what you’re saying about adding another bank into the mix, it can get overwhelming at times. Right now, I’m using a credit union, 2 banks and ING, so I’m at 4 but might be dropping one bank in the next couple of months. As long as ING keeps being awesome, I’ll stay with them forever, they’re def. my favorite bank.
ING gives you the options of opening savings accounts only, that might be easier. Then later on if you end up wanting a checking account with them you could add one—just wait until a promotion comes up because you might be able to earn 50 bucks if you already have a savings account. That’s what I did.
Hi Jen!
Thank you so much for enlightening me about ING Direct! We opened up an orange savings account with them on 9/19 and have already made 2 deposits. We absolutely love this bank, especially its APY. Have a great weekend!
Hey Sylvia- that’s awesome. I’m so happy for you two. I hope you end up loving them as much as I do. Have a great weekend too.
I love this blog already. Please send me the ING link
Thanks Margaret, I’m happy you like it here.
I just sent you the ING link for the savings accounts, it’s good until Dec. 18th. Happy saving.
Hi, can you please send me the link for setting up an ING savings account? thanks!
Just sent it to you. Thanks Shannon. 😀
Can you please send me the link as well? Much appreciated! My current savings account at BoA is worthless.
I just sent you the link Cat, thanks. I used to have accounts at BOA too, I’m so glad to be rid of them. Good luck with ING, I hope you love them as much as I do.
Thanks so much for sharing. I am so bad with finances. We make enough money that we should not be struggling at all, and yet I am always looking for my next paycheck. I do not know how to save. I would appreciate the link for ING.
We used to be a couple of paychecks behind (and in debt), it was awful. Even if you can only start small, you’ll still get there. I just sent you the link for ING’s Orange Savings account.
I’m so happy to read about this! I’ve been wanting to create different savings accounts for specific things but haven’t been able to figure out how to do it in my normal bank accounts. I’d appreciate the link for ING as well!
Katie
ING is awesome. Sending you an email.
Jen recently posted..My Plan to Save a LOT of Money
Hi, I love your blog already…..can you please send me the link for setting up an ING savings account? Thank you
Thanks Kritt. Just sent you an email.
Jen recently posted..September 2012 Goals
I’ve done some research into Ing and it seems like a simple and easy way to save money! I’d love if you could send me the referral link as well!
It really is, I love ING. Sent you an email a couple days ago.
Jen Perkins recently posted..Getting Back into the Swing of Things
It’s a little strange that a post from 2011 is showing up on your homepage and even stranger is the fact that it didn’t become Capitol One 360 until April of this year. It was ING Direct in 2011.
Anyhow, I am a huge fan of Capitol One 360. My dad called me today and asked if he could borrow $40 because he got an overdraft fee at his traditional bank. Before I gave him the money, I lectured him on how awesome CO360 is and a how they don’t charge overdraft fees. 😉
LOL I figured since I’m still on a break, I could rotate some of the most helpful or popular posts to the front page to keep things interesting.
Jen Perkins recently posted..Carnival of Financial Camaraderie- June 8th