Bankroll Management

[Casey240Z]

I am wondering about opening a ING savings account so that I am not keeping a bunch of money in neteller, does anyone have any experience with them? I know that EFT's take 2-3 days from them, is there a better alternative? What is the general rule on how much money you keep at the tables, and in neteller. I play 1/2 and 2/4 right now but I can imagine when I move up more I am not going to want to keep tons of money in either. Please give me some ideas on how you manage your poker bankroll.

[Scotty_H]

I use ING and I like them. You are right it can take 2-3 days for an EFT. Because of that I also have a neteller account which allows me to move money around much quicker. I have my ING account linked to my checking account so I can withdraw to it too. I have most of my roll in ING with a few dollars on neteller and enough to play with on a couple different poker sites. If I need money quickly (for a reload) I can pull money off my normal sites (which I probably won't be on anyways because I am working on the bonus) through neteller and make my reload bonus deposit. Work off the bonus and then withdraw again to neteller and deposit what I need onto the next site with the remainder going into ING so it can start earning interest.

[mannika]

I generally try to keep enough on the poker site to cover all my multitabling, as well as to guard against minor downswings. So for example, currently I am 3-tabling 3/6.

When I play, I need $450 physically on the table (using normal buy-in), and I also like to have at least another $450 in the account, so my floor for that account is $900. Also, I'll set a point a which I cash out some winnings. This will vary depending on how often you need the cash, but I will often cashout once I get to $1400 or higher, and cashout so that my remaining balance is at least $900. This cashout goes to Neteller, which I immediately transfer through EFT to my bank account.

For example:
- BR is currently at $1300 at Party
- I have a fairly good day at the tables, BR is now $1550
- I cash out $600 to Neteller, leaving me with $950 in the account
- Once that $600 gets to Neteller, I EFT to my regular chequing account

The floor you use depends on your goals. If your goal is to guard against large downswings and to be aware of them, then your floor amount should be fairly low. If your goal is to minimize transaction costs (for me, I am incurring exchange rate transation costs), then I would recommend a higher floor amount, as large swings while using a low floor amount may cause you to have to redeposit more often than you like.

[Casey240Z]

I think I will start doing that idea of double my buy in and just keep enough for a possible bonus in neteller and open an ING savings account for the rest. Right now it would only be a couple of grand that I could put in the ING but a little interest is better than nothing. Does anyone know if there are any fees associated with the ING savings account(I know they say there are none)?

[Scotty_H]

I have not been charged any fees yet on my ING account.

[Casey240Z]

Does anyone know of a savings account like ING but with faster EFT's(quicker than 2-3 days)?

[Shoe]

No, that is how long EFT's take.

[Aaron Harsh]

Just a quick question about the ING account. Is there a reason to use them instead of a person's regular savings account? I see they offer about a 3/4% per year increase in interest over my regular savings account, which would be a slight benefit, but I can now transfer immediately from my savings to my checking and then again immediately to the poker site I want to fund. And that is mighty convenient sometimes. Now if ING were a direct deposit and withdrawal option to and from Neteller I could see some real benefit. Am I missing something? Thanks.

[AncientPC]

People do it for the higher percentage interest.

You can EFT for free to / from ING / checkings account but it takes 2-3 business days. Plus the fact that there's no minimum deposit.

People have reported being able to hook up ING directly to Neteller though.

[IsaacW]

[ QUOTE ]
People have reported being able to hook up ING directly to Neteller though.

[/ QUOTE ]
Does anyone have more information on this? I love my ING savings account and it would be perfect for storing any unused bankroll. Being able to transfer directly between Neteller and ING would be awesome.

[LondonBroil]

ING is awesome. Me and my fiance set one up a year ago and we email each other during the day sometimes to tell each other how much interest we've saved so far this month.

If anyone hasn't pm'd you yet, I can refer you there.. (is saying this allowed here?)

[Shoe]

Can you EFT to a savings account or does it need to be a checking account?

[Scotty_H]

you can EFT to the ING savigs account no problem.

[alekhine8]

I currently get 1.39% on my savings account. Can someone please PM me (or heck, just post it) what kind of interest you earn off an ING account and how one would go about setting it up? Thanks.

[Casey240Z]

They give you 2.35%. Go to there website and sign up.

[MS Sunshine]

"Me and my fiance set one up a year ago and we email each other during the day sometimes to tell each other how much interest we've saved so far this month."

You guys would be so much happier emailing during the day about nipple clamps. Trust me on this.

MS Sunshine