ING Orange Savings Account – Best Savings Accounts
The first of the best savings accounts that we are going to review is the ING Orange account. ING Direct savings accounts offer some of the highest interest rates of any bank in the United States. ING Direct has revolutionized banking with its online savings accounts and online checking accounts. This article will provide a review of the ING Orange savings account.
The ING Orange Savings Account is one of the best savings accounts. The ING savings account has a variable 3.00% annual percentage yield. Combining this great 3.00% APY with the other ING online banking accounts, and you have a great savings account.
The ING savings account is FDIC insured. If you are going to earn a rate like 3.00%, you need your bank to be FDIC insured. 3.00% APY is not enough interest to be earning if you money is not secure. But, you don’t have to worry about this because ING Direct is FDIC insured. The FDIC insurance will insure your money up to $100,000 per depositor.
In addition to ING direct’s high interest rate savings, the ING orange account has no minimum balance requirement. By having no minimum balance requirement, you don’t have to worry about not being able to afford high interest savings accounts. Anyone can afford to open an ING direct savings account.
The ING Orange savings account is one of the best savings accounts. The ING online banking experience is one of the best and with the high interest rate savings of 3.00% you can’t go wrong with opening an ING Orange account. Come back for tomorrow’s article on the ING Electric Orange checking account.
[...] writing about the ING Orange savings account, I knew that I had to follow it up with a review of the HSBC online savings account. The HSBC [...]
[...] accounts due to its 3.50% APY. While the First National Bank of Omaha is not as well known as the ING Orange savings accounts and HSBC online savings, the FNBO savings accounts are great high yield savings accounts. This [...]
A note about FDIC Insurance: most people don’t understand how FDIC works, so it’s no surprise that you would only mention that it covers only $100,000 per depositor. FDIC actually covers $100,000 per depositor and beneficiary of accounts. For example: an account titled Joe and Jill Smith with a POD (payable on Death) to Tom and Dick Smith would actually be covered for $400,000.00. Joint accounts are covered for $200,000 per institution. It does not matter what person’s Social Security number is first on a joint account because regardless of who’s first there are still only 2 unique depositors. A quick visit to the http://fdic.gov and search for “examples” will give you most of what your looking for on FDIC insurance.
One fun piece of information about FDIC is that they have 99 years to payout any claim made to them. In addition, each of the largest 10 banks have a larger amount of money then the FDIC. Actually, if just ONE of the top 5 banks (Citi, Bank Of America, JP Morgan Chase, Wachovia, PNC) go under the FDIC will NOT be able to pay out claims to anyone. So, I would stick with a bank the government would have to stand behind (like the top 5) since they are the LEAST likely to fail. However, if you feel that FDIC is all that matters then put your money in ING.
In addition, ING is not a good bank. If you take the time to read their terms and conditions you will find that there are many different possible interest rates that their account can offer. Not just because of fluctuating rates, but rather due to balances and withdrawals. You should read up a little more on them before you suggest people to sign up.
Last thing, I noticed that you updated this page on the 4th of July at 8:11PM. That’s just not American. Don’t you have fireworks where you live?!?! You should have at least had a beer and a hot dog in your hands, not a computer. Just my opinion. Have a great day!!