In January I was enticed by Ing to open a checking account which yields 3.0% apy with no minimum balance. Getting 3.0% interest on a standard savings account with no minimum balance is pretty tough, I think, not to mention on a checking account. So I decided to give it a try, hoping to switch over within the next few months.
Not so easy… They can pay that interest because so much of their service is automated, which in some ways is kind of cool, and in some ways is a pain in the ass.
* Obviously, the interest
* Setting up automatic savings account transfers, bill pay, etc.
* Their website. I seriously love it.
* Deposits can be made via direct deposit, an electronic funds transfer, or by mailing them a check. They even suggest I keep another checking account so I can deposit checks there and then transfer the money to ING. This means that it will take several days for my money to actually appear in my account in most cases.
* You don’t get a checkbook. They encourage you to pay everyone electronically (but seriously, do you want to ask everyone you pay by check for their routing number and account number?), but will mail you (or the payee) an already-filled-out check they print if you need it. If first-class mail is okay, it’s free, but if you need it to be delivered the next day, it’ll cost you $15.00.
* When you do request a check, it is posted on the day it is sent, NOT on the day the recipient deposits it. Which kind of pisses me off. If my landlord deposits checks on the 15th of the month, I lose money that, technically, is still mine. Apparently in ING’s eyes, it’s theirs.
So… It may or may not be worth the hassle. If my average balance only earns me a few cents a month, I might switch back for the sake of convenience…
If you haven’t noticed, I’m a little obsessive over money… I have this friend who reads palms, though, and she said once that a small gap between my index and middle fingers signifies that money slips through my hands… And it kind of does. For example: here I am worrying about a little bit of interest on a checking account, and sometime between Sunday and Monday I managed to LOSE $30… I think it must have fallen out of my pocket or something, but it sets me back a little. Maybe it’s karma getting back at me for finding a 10 Euro note on the ground in Finland a few years ago. I obsess over details, and then lose it in the end anyway.