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Originally Posted by soma
Should I be concerned about security? I read somewhere that you are only liable for $50 for fraud or theft if you report the incident within 2 days (for traditional banks). Does this apply also to ING?
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You shouldn't be overly concerned about security. To enter you account, you need you customer number, pin number, and the answer to a question pertaining to your personal information (a new question each time). Keep those safe and to yourself, and your account should be safe. Also, when transactions are made, an email confirmation is sent to your primary email account.
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Originally Posted by soma
BTW, is a savings account a safe place to put money? I'm 19 and I'm pretty new to all this.)
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A traditional bank savings account is a safe place to put money. You earn a somewhat variable (but low) interest rate, your deposit is insured up to $100,000, and you have immediate access to your cash.
ING savings account is different than the traditional acct. Mainly, a bit higher interest rate, no immediate access to money (2-5 days), all online or by phone. Still insured to $100,000.
If you want to earn higher interest rates, and don't need immediate access to your money, CDs (certificates of deposit) are an option. You get those at banks. Your money is tied up for a set amount of time (a few months to a few years) and when it matures, you get your initial deposit plus interest earned.