Should I bother having a savings account with my bank?
 

I recently re-opened one with my bank so I can put money away and access it easily. I can transfer money back and forth between my checking instantaneously. I also have a high interest savings account with ING Direct. Problem with ING, it takes a few days to transfer money to my checking account. So question is, should I even bother having one with my bank and have a little more patience? It was an impulse move on my part. :confused:

ING is a savings account. If you plan to save some money put it in the ING account.

BUT if you plan to switch back and forth from chequing and the ING savings account, then it's quite pointless because i'm sure you'll be dinged with EFT (electronic fund transfer) charges and that will negate your interest savings.

Excellent point lemans.
Savings accounts are an excellent method of saving money - because of the hassle it requires to take the money out.

Do it the other way around. Put the money into your chequing account - and do yourself a favour and put a forced monthly amount into your savings. Once it's large enough to invest - then take it elsewhere and make your decisions. Don't get dinged by the nickel and diming banks who charge you for breathing in their space. :)

ING transfering money
 

I have an ING Direct savings account and a savings account at my bank. ING does not charge to transfer money back and fourth. Also I have the savings account at my bank with a few thousand for an emergency.

Yes, ING does not charge for EFT but the majority of the other banks do.

The point behind a savings accounts is just that, savings. If you need to constantly move money around then you're not really saving it - just keep it in your checking account.

As was recommended, keep your money in the checking account and set aside with ING's auto transfer feature whatever amount you can save each month. The key is to always "pay yourself first" and don't touch it. If you need to earmark some dollars for car insurance, usually six months from now, open a second ING account and put the "short term" savings in there.

You may also want to set some goals. What are you saving for? When will you need it? You may want to consider another investment vehicle with better returns if you don't need the money in the next 5-10 years.