I recently looked at one of the statements from my savings account at a small local bank. I was making a mere .35% interest yearly. It doesn’t take much to realize that at such a low interest rate, it’s hard to even keep up with inflation!
Luckily, I had noticed the many ads on TV lately for ING Direct Orange Savings accounts. Their motto, ’’make your money work for you, ’’ couldn’t be more true. Orange Savings accounts earn on average 2.35% APY, a huge difference if you have significant savings balances.
Banking with ING is simple, with an existing checking account at a local bank, you use ING’s easy sign-up process to electronically link your checking account to your ING account. Transfers afterwards are done with the click of a button on the website.
One of the ways ING is able to do all this without fees or minimum balances is by holding your money. All deposits after your first one aren’t available until 5 days after the deposit was made. This insures they have enough time with the money to make it worth it for them. Of course, if you have a balance waiting to be transferred that was deposited earlier than 5 days ago, it is ready at any time. Of course, all electronic banking transfers may take up to 2 or 3 days to show up. So, moving money between ING and your checking account is not instant.
In general, small planning can help avoid snags with this issue. It generally works great for most people.
I have personally been very satisfied with ING. The account-opening process couldn’t be easier, and afterwards, the user interface is straight-forward and simple.
If anyone has further questions, or would like a referral, which earns you an account-opening bonus of $25, feel free to contact me at:
bdemers@gmail.com
Send your First and Last name as well as your email address if you desire a referral for $25.
I strongly recommend this product.