May 14, 2006 at 1:38 pm 2 comments

Today, I transfered most of the emergency fund from ING Direct to GMAC since the interest rate at GMAC is higher (4.75% APY at GMAC vs 4.15% APY at ING Direct). However, I still leave a small portion of the fund in ING Direct, just to keep the account open. Should I keep the ING Direct account open or should I close it completely?

Pro for closing it:

  • Have all money at one place to earn more interest
  • Less accounts to manage

Con for closing it:

  • $25 referral bonus
  • I don't have to go through the signing process again if I want to transfer fund back when ING Direct raise its interest rate higher than other bank

hm…what others benefits/drawbacks are there for leaving ING Direct account open?


Entry filed under: Cash.

Simple Task Got Complicated! Reason Why Annual Credit Check is Necessary

2 Comments Add your own

  • 1. Julie  |  May 22, 2006 at 1:17 am

    Wow, is it that big a difference? Maybe I should switch over also. Have you been watching their rates? Do they trade places often?

  • 2. jim  |  May 22, 2006 at 5:27 am

    The rates change but big changes don’t occur, ING hasn’t been at the head of the pack for a couple years now but now the difference has gotten big enough to warrant a change.

    As for closing ING, I don’t see a reason why you should, just keep it open just in case. Plus, if it’s open you can refer other people to ING and make $10 per signup (and they get $25).

  • 3. Moe  |  June 14, 2006 at 1:52 pm

    Just close it, dude! Every year, thousands of americans forget about money they own that’s dispersed across many banks… ultimately, the money is handed over to the government. As for keeping it open for the sake of some referral fees, ask yourself how many people have you referred in the past 6 months? If the answer is ZILT, then chances are likely you will also refer ZILT people.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


ING Saving Account - Use these links to get
-$25 Sign On Bonus
-$25 Sign On Bonus

To Do List

* Retirement: 401K, IRA, Roth IRA
* Investment
* Research life and disability insurance
* Buy a car
* Credit Check

Recent Posts

Blog Stats

  • 57,008 hits

%d bloggers like this: