bank rates

Is ING Going Away?

Ally said to be in talks to buy the online bankING Group’s online bank to be bought out? Say it ain’t so.

I’ve had an ING savings account since 2003 when I was a newly minted college graduate living on my own and looking for a place where my extra cash could grow.

I liked that it was online. I liked that it took a few days to move to my checking account, which helped me ask if I really needed that money.

Now, I read reports ING may sell ING Direct USA, its online bank.

From the New York Post:

Sources told The Post that Ally, the automobile and home mortgage lender, is looking to acquire the online banking business to boost its deposit base and further fortify the lending giant, which accepted a taxpayer handout during the height of the financial crisis.

I know ING is part of a major EU bank that accepted bailout funds. Really, I do.

But compared to U.S. banks?

The U.S. arm of ING has been a boon, especially during the turmoil of the recession and the subsequent fee and surcharge era that has followed. Even when savings rates in my ING account fell, I still got a warm and fuzzy feeling every time I logged onto the website.

Heck, I even like going to an ING café. The coffee’s good, the computers are free and there’s never an up-sell to sign up for anything ING-related.

But now, I don’t know.

Ally Financial Services was once GMAC Financial Services, and a new name doesn’t stop it from making me queasy. I recently opened up an American Express savings account with a higher interest rate than ING (though so slight, what’s the difference), but I don’t want to leave that bouncing orange ball behind.

I might not have a choice, though.

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Comments (11)
1 Star2 Stars3 Stars4 Stars5 Stars (6 votes, average: 4.33 out of 5)
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11 Existing Comments
  1. SeniorSaver said:
    on May 13th at 01:06 pm

    I like the ING savings account, too, although it’s not the best in terms of rate. I have an IRA savings account that I’ve use to temporarily park funds from IRA CDs maturing at other banks. I hope Ally keeps the IRA feature, which it currently doesn’t have.

    I tried to visit the ING cafe near the 405 Freeway in LA the other day, but I couldn’t find it.

  2. Bill said:
    on May 13th at 02:54 pm

    ING has no field on its online application for mailing address (in addition to the required street address.) They need to update their application as many people legitimately have a mailing address separate from street address.

  3. Savvy Saver said:
    on May 13th at 03:00 pm

    The sign up process at Ally is difficult, poor customer service and incompetent.

  4. Joe George said:
    on May 14th at 11:06 am

    Saavy Saver, I have found my experience at Ally quite good. I also like the 25 bp bonus that they gave on CD maturities (I don’t know if they are continuing to do this). BTW, their early withdrawal penalties are at most, a light slap on the wrist. They are trying hard to be customer-friendly.

  5. Jimbo said:
    on May 15th at 09:27 pm

    I’ve banked with both ING and Ally. Ally is GMAC with a shiny new logo an old terd. Same slimy tactics as GMAC (try opting out of all of the marketing they sell your name to). I will be crushed if they wreck ING and I’ll be forced to close my account just like I did with Ally.

  6. Dave said:
    on May 16th at 05:25 am

    I like them both. I have absolutely no complaints about Ally Customer Service and find their products innovative and much more flexible then their competitors…..the No Penalty CD, .25% bonus and highest rate within 10 days of opening being just three.
    ING Direct as good as they are has not been leader in terms of rates or new products for at least 2 years.
    But competition is good and I hate to see them disappear.

  7. SmokeAndMirrors said:
    on May 16th at 10:57 am

    There is no question ING Direct is going away. The European Union is forcing ING Direct’s parent company to sell the online bank by 2013 as a condition of the government’s $14.9 billion bailout of ING Group. The real question is will the new owner keep all of the things that make ING Direct popular with its customers — including those cafes?

  8. Jess said:
    on May 16th at 01:53 pm

    Joe George, just because you claim your experience was acceptable does not mean other people’s experiences are good or that their customer service is good. Why you feel the need to dispute and invalidate another comment is curious.

  9. Joe George said:
    on May 17th at 03:35 pm

    Jess, I wasn’t disputing or invalidating anyones opinion. I was merely giving my opinion….am I not allowed to do that?

  10. Pat said:
    on May 23rd at 06:28 pm

    Bad experience with Ally service and it does seem like they’re not careful with personal info.

  11. Gray said:
    on May 24th at 09:00 pm

    I bank with USAA, Navy Federal Credit Union, Pentagon Federal Credit Union, and until recently, EverBank. I opened up a MMA and 5 yr CD with Ally. Excellent web site. They have 24/7 customer service (better than USAA). I had easy transfers between other institutions.

    I recommend Ally, and ING’s assets (web site design, accounts) will only strengthen it.