Recently, my mother was considering opening an ING Orange Savings Account but had questions on the matter. Here you go mom! I hope this helps.
Watch Your Savings Grow.
Earn a variable 1.10% Annual Percentage Yield (effective 03/02/2010).
The Orange Savings Account
- High Interest, No Fees, No Minimums – All your money goes to work for you.
- No Changing Banks - It electronically links to your current checking account. Transfers are free and easy.
- FDIC Insured – Your deposits are FDIC–insured up to $250,000 per depositor.
- Quick Application - Start saving in less than 5 minutes. Giddyup.
ING Direct Worldwide – Operating in 9 Countries. Serving over 17 Million Customers.
How do I access my money?
When you open your The Orange Savings Account, we use the checking account information you provide for your initial deposit to automatically establish a link, which allows you to easily transfer funds between the two accounts. View a brief demo to learn more about links.
You can initiate a deposit or withdrawal between your accounts online or by phone one of the following ways:
- Sign in to your account 24/7 at ingdirect.com.
- Call our Interactive Phone Service with 24/7 access at 1-888-464-7868.
- Speak to an Associate at 1-888-464-0727 from 8 AM to 8 PM, 7 days a week.
Keep in mind, transactions generally take 2 bank business days to be completed.
If you have Electric Orange, you can transfer funds from your Orange Savings Account to your Electric Orange, which will be instantly available to make purchases with your debit card, to access cash at over 35,000 free ATMs or to pay bills online.
How do you calculate the interest on my account?
Interest on your savings account is accrued daily, compounded monthly and credited to your available balance at the end of each month.
When do deposits start accruing interest and how long are they on hold?
Interest starts accruing on your deposit starting 2 bank business days after being processed.
All deposits are subject to a 5 bank business day hold before they can be withdrawn. For security reasons, your initial deposit used to fund the account is on hold and unavailable for withdrawal for 10 bank business days.
Electronic deposits that are automatically initiated outside the bank – like Direct Deposit or Social Security benefits – are generally available immediately. Transfers between ING DIRECT accounts are also available immediately. Both begin earning interest right away.
{ 13 comments… read them below or add one }
My mom did too! Lol. I have a few ING accounts, although right now I’m frustrated with them. It seems like every time I’ve signed on recently the APY has dropped. I know that they are still one of the highest interest accounts, but it drives me crazy that every 2 weeks or so it drops a bit more.
It must be their catching orange ball of a logo.
You might check Ally Bank. They were just rated by Klipinger’s as the best online savings account. The rates are rather competitive, too. I am seriously thinking about going with Ally for some of my funds.
Hang in there. The interest rates may stay low for a while, but they will climb back up.
I just did a blog post on ING Direct myself, becuase I got to say – I love them. It’s a great way for me to automate my savings.
I just added you to my blogroll.
I wish I had money to deposit in all these accounts! They have a great referral program, too. Help friends and family join in on the right track.
Ha! Giddyup, indeed! I love my ING savings account. It was dormant for a long while, but now I can hardly stay away from it. I would recommend it to anyone, particularly as it’s not ‘super-easy’ access, in that it does take a couple of days to get transfers to your regular account. It really makes you more aware of WHY you need to access your savings there.
Hi Annie! So glad you could stop on by. I told my mom it took 2 days… she wasn’t totally keen on the idea (although its better than a lot of the 5 days most banks take). But you’re right, it serves as a good way to KEEP the money in the bank (as it should be).
I love my ING savings accounts. I recommend them to everyone I know!
My fellow Yakezie, you’ve been added to my blogroll, too.
I am going to need to utilize their services soon, as I keep hearing great things about them.
I’ve been a big fan of ING Direct. I’ve not been such a big fan of their interest rate cuts. I know that interest rates everywhere have been cut but when they went from 1.35 to 1.1%, I got sad.
Hello christine,
I thought i was the only person to know this service.
What i like most with the ING Direct service, is their interest rates. I think they are the best i’ve found online.
As soon as we get our tax refund, I’m SO opening an ING savings account. The interest rates are crap these days, but ING is a bit higher crap, lol.
I love high-interest online savings accounts! I got mine through Emigrant Direct (after some serious back-and-forth debating between it and ING) several years ago, and love it. I’m sure I’d be equally happy with ING.
Even though the rates have gone down considerably from the 5.25% I signed up for, I’m still making more than 1% now – whereas my old traditional bank savings account makes somewhere in the neighborhood of .04%. That means I’m making 25 TIMES more money with an online account
Thanks for researching and posting this information. I really like quick application, as it makes me excited sometimes when I see opportunities like this. The high interest seems to be appealing. No fees and minimum is great. Plus the easy access is ideal. But still I would love to hear from persons who really have into it.