ING Direct Savings Account and CD's Review

Overall 4.76 of 5 view all 17 reviews

mindyvol
Garden City, MI

ING Direct Orange Savings Account has the best rates around!

an moderate investor, saving a little, an online shopper

Pros

High Interest Rate, No minimum balance, No fees, service charges, penalty costs

Cons

Online bank only

JUL

2008

My husband and I finally made the switch to internet banking this year. We researched several online banks and were sold on the ING Direct Orange Savings Account.

After receiving only pennies in interest from our local bank and credit union, we now receive a 3.0% Annual Percentage Yield (APY) on our savings account. I have yet to find an actual bank branch to offer that high of a rate on a savings account.

Even better, using a referral link from a friend who already had an account with ING Direct, my husband and I both received $25 in FREE money as a sign up bonus in each of our individual accounts. My friend receives $10 for each referral that she makes.

My husband and I use our savings accounts strictly for that - saving. We have no plans to transfer our money back into our local bank's checking account. However, it seems to be a very easy process to do so.

ING Direct also offers great rates on their checking accounts and CD's. The 12-month Orange CD is currently offering a rate of 3.30% APY. The Electric Orange Checking Account has a beginning APY of 1.74% and goes up to 3.40%.

Signing up for an Orange Savings Account at ING Direct is easy. I highly recommend it to anyone who is looking for a better interest rate than is being offered at their local bank and credit union. Also, be sure to find a friend who is already a member so that you can obtain your FREE $25 sign up bonus!

ING Direct Savings Account and CD's is recommended by mindyvol

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Comments about mindyvol’s Review

In response to joyjoy's comment from Aug 12, 2008 at 11:39AM:

Good idea. I use the ING account strictly for savings so that it doesn't get spent. I don't trust myself (lol).

My savings account is linked to both my checking account and my PayPal account. That way I can easily transfer money either way when I need to.

Oh YAH! We really DO think alike. I swear by my ING account -- opened it a couple years ago and have already made a couple hundred dollars in interest. I also do the ING Sharebuilder thing, which I also recommend. Have a great day, Mindy! THIS time I'm REALLY going offline for a while.

In response to JovialCougar's comment from Jul 19, 2008 at 10:13AM:

Thanks for the nice comment. I think that online banking is finally catching on with more people. I know that we've already made money more in only a few months than we would have in one year with our regular bank.

In response to CrystaBush's comment from Jul 19, 2008 at 11:12AM:

You're not finance dumb. Some people feel more comfortable with a local bank instead of an online one. The interest rates are usually poor though. I made 30 cents on my checking account at my CU this quarter. Pathetic, huh? I would use an online bank, especially for a savings account that you don't plan to spend.

In response to JazzSinger's comment from Jul 19, 2008 at 8:33PM:

When I did my research for an online bank, I kept coming back to ING. I factored in interest rate, customer service, and other account holders reviews. I'm happy with ING but will keep HSBC in mind too for future reference. Thanks!

ING has a good interest rate, and I have an account there, but HSBC's interest rate is even better (3.5%).

I've never even heard of this....I just have regular savings accts. in 2 banks that are local.
So I should try and move them to this instead and make more $$ on interest?
I am so finance dumb.

Good review! I started using ING about a year ago. I've probably made several hundred dollars additional interest than I would have gotten from my regular bank.