For the best savings interest, go Orange!
Written: Oct 19 '04
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Product Rating:
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Pros: The Orange Savings Account--best interest rate you'll find for a savings account.
Cons: Delayed availability of funds--takes three business days to complete a withdrawal.
The Bottom Line: Get an Orange Savings Account with ING Direct if you have a low-interest savings account, or if your money is doing nothing in a checking account.
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| BlackViper's Full Review: ING Direct |
Ladies and gentlemen, I am a college student. As such, my biggest concern is money. (Being a finance major contributes to that as well.)
Ever since I was in high school, I've been keeping my meager funds in a checking account at Commerce Bank. Sure, I could access my money anytime I wanted to with my MAC card, but my money was just sitting there doing nothing--such is the nature of a checking account, of course.
I decided to take a majority of my funds from the checking account and use it to open up a savings account with Commerce. I thought I was a wise man, and I felt rich--I had two separate bank accounts! However... when my first statement came, I learned the horrible truth--this savings account had an interest rate of .25% (Lesson learned--ask the bank official as many questions as possible, particularly about something as important as interest rates.)
I promptly closed the account.
My girlfriend told me that she had her money sitting in an Internet bank account with ING Direct. She was getting 2.2% interest--much better than my baffling .25%. Also, if she referred me, I would get a $25 bonus for opening a new account, and she would get $10 for referring me. I figured this was a good deal--again, I am a college student. As such, free money = good.
ING Direct requires you to link a checking account from any bank to your new Orange Savings Account. I linked my account from Commerce to the ING Direct account, and I was on my way.
I've had my Orange Savings Account with ING Direct ever since, and I haven't encountered any problems with it. I also picked up my $25 bonus--sweet! (Speaking of which--if you read my review and you decide to sign up for ING Direct, let me know! I'll refer you and pick up $10... I would appreciate it!)
ING Direct has other financial services available that you would expect to see at any bank. However, they are most well-known for their Orange Savings Account.
The one drawback to having an Orange Savings Account is the availability of your funds. You are limited to six withdrawals per month. Also, any withdrawals from your Orange Savings Account to your linked checking account take three business days. As such, you do not have instantaneous access to your money.
However, Orange is the way to go if your money is sitting in a checking account, or if you have a savings account with a low interest rate. (example: .25%!) If you are looking for a savings account with a high interest rate, the Orange Savings Account at ING Direct is your best bet.
Recommended:
Yes
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Epinions.com ID:
BlackViper
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Member: Ed Thurston
Location: New Jersey
Reviews written: 122
Trusted by: 15 members
About Me:
Finance major at The College of New Jersey... loyal fan of the Philadelphia Eagles!
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