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 FDICâ€“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All deposits are subject to a 5 bank business day hold before they can be withdrawn.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 â€“ like Direct Deposit or Social Security benefits â€“ are generally available immediately. Transfers between ING DIRECT accounts are also available immediately. Both begin earning interest right away.