Orange savings account; simple to sign up, offering a high yield savings account online with no fees and or account minimums.
ING Direct offers the Orange savings account and they are an Internet-only bank. You may only be aware of the highly visible and effective marketing campaign with ING Directs’ big orange ball and their use of the color orange. This is boosting their share of the savings account market, but what about the product itself? It is not wise to quote interest rates because they are continuously on the move (it is 1.3% variable on 10/8/2009 but will certainly change in the near future). They are a safe investment vehicle as far as banks go as they’ve weathered the most recent financial meltdown with little assistance from the Dutch Government.
The Orange savings rate is very competitive because ING Direct keeps costs low by having mostly an internet presence, this keeps overhead lower and admin costs too.
There is nothing complex about the ING Direct Orange savings account and it does have several outstanding features. The most important benefit is the annual percentage yield or APY which is typically better than the average ‘real’ conventional bank. What’s more? There are no fees for the account administration service nor is there a minimum balance requirement. You can get started saving with as little as $1. If you already bank with ING Direct online you can link your ING Direct account to your Orange savings account in order to transfer money between the two. If you have an account with a different bank then you are required to log in to your Internet account and request a FREE transfer. This is free from the ING Direct side but you may need to check with your bank on their pricing for transfers out. Once online the transfers in and out of the Orange savings account are simple, rapid and intuitive. You can also automate the whole process with a monthly draft.
ING Direct also offer certificates of deposit or CDs which run for periods of 1 to 5 years. The rates are extremely competitive (again check online for the latest rates) but if you have some cash on hand you can convert it easily into an interest earning CD locking in a longer savings period but also picking up an sometimes much loftier interest rate. You will need the Internet in order to operate your account but if you feel more secure you can do the application process by printing out the forms and mailing them in the usual way. Alternatively, you can do the whole thing online with just your basic demographic information and a checking account number in less than 5 minutes. Don’t wait to get started, you’re losing interest by the minute.
The initiation process with regards to allowing free flow of your funds between your existing bank checking account and your new Orang savings account is not usually the same day since ING Direct will run small ‘penny’ transactions through your linked checking account in order to ensure that all the numbers are correct and everything is working properly, but all in all it’s a rather speedy process. Your part will be to verify these transactions and validate your personal identification number, PIN. This comes to you in the mail. You are insured through the FDIC for up to $250,000 of savings.
Most everyone whom uses the ING Direct customer service has never had a problem, although ING definitely likes the independent do-it-yourself saver. In that way, they can keep admin costs as low as possible. It is definitely the savings yield rather than the personal service that sells the Orange savings account though. Honestly though, you really don’t need much service
If you are worried about the security of your assets when saving online, ING Direct goes very far to prove their reliability. In the first place, they continually tell you how serious they are about security. If they suspect fraudulent activities occurring on your account, they will typically freeze the account immediately and review it’s status with you. This is undoubtedly in some cases a hassle but also very reassuring to the nervous customer. After all, you are saving for the long term, so dealing with their customer service in the name of security is probably just fine by you and me.
In conclusion, with regards to online savings accounts, here’s what Orange can do for you:
- Get you started with a savings account without you having to leave the house and in under 5 minutes
- They offer you the most competitive rates in the market by being an internet only presence – by keeping overhead and admin costs to a minimum
- They offer excellent fraud protection and security
- They can reassure you they will make it through the next financial crisis as they’ve weathered the biggest storm since the great depression. Actions speak louder than words.
- There are no account minimums, so if you get in a pinch – you can pull your money out immediately and without penalty!
Get started saving now: