ING DIRECT Orange Savings Account Review

2010 February 27

ING DIRECT is an online-only bank, and they offer some of the highest savings interest rates around.  Unless you are already banking with an online-only bank, you probably don’t realize how pathetic your savings rate is.  Actually, everyone’s savings rates are fairly pathetic these days, but still, if you’ve got to put your money somewhere, you may as well earn the best interest you can.

So I’m happy with ING DIRECT.  There may be a (very) few banks which offer slightly higher rates, but ING’s Orange Savings Account offers a savings interest rate about 4X the national average, and better than most online-only banks as well.  No minimum balance to earn the great rate.  Here’s the skinny:

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.

Their website is really nice and make is easy to move money around.  Creating sub-accounts is a unique feature that I like. It is easy to open to open these sub-accounts.  I give the sub-account a nickname, setup up monthly transfers, and of course get the same savings rate.  Just helps me organize my money into different pots.

If you’re interested in opening an account, leave a comment here and I can “refer you” with an offer: $25 free when you open your account.  Full disclosure, I will get $10 if you sign up.  Then you can refer the same offer to your friends if you like.

Oh, and they offer free checking accounts that earn interest also.  For more in depth and history of ING, you could check out this review.

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