ING Direct - Orange Savings

Average Score:

•   Best savings account I ever had!

  I have had an ING Orange Savings account for close to three years. I opened an account with ING because they were offering a higher interest rate than the bank that holds my checking account. I also wanted an account that was difficult to access quickly, but easy to access should an emergency occur. The ING Orange Savings is exactly what I needed. I have my ING account linked to my regular checking account so I can easily do online transfers to and from the ING account. I was able to set up a linked account with Sharebuilder that automatically deposited funds into the Sharbuilder account every two weeks for investing. I still get a great interest rate that my regular bank cannot compete with. My favorite aspect of the ING Orange savings account is that I can set up "sub accounts" within my main account. I have sub accounts for Christmas savings, vacation savings, and retirement savings. By doing this, I can see a breakdown of what I have saved for each event, all within my main account. An added bonus to signing up with ING was that if I referred a friend, we both got a monetary bonus added to our account as a thank you. I have recommended ING to many of my friends and have been very happy with the product since I opened my account.

  Posted by kjkirby -- Aug. 6, 2009

•   Great rates, good customer service, a bit tricky at first

  I've had this account for several years now, and I'm continually amazed at the great rates they offer. I chose them because I wanted an account with limited access.

  As a bank, they are unique. They have no physical branches, and require that you link directly to an existing bank account. That process is a bit clunky, and I'm sure it would be a challenge for the less internet savvy. Once the link is created though, you can transfer money in and out of the account with ease.

  The best feature of ING Direct Orange Savings accounts is the great rates associated with them. You'll be hard pressed to find better rates - believe me, I've tried.

  The worst feature is the limited access to your money. Any transfer takes a couple days to be processed. For me, that's a good thing, but it's not for everyone. You don't have to make a special trip to your bank within specified hours, as you would with a traditional bank, but you do have to be prepared to wait for your money. Withdrawals take about 2 business days to be processed.

  As far as customer service goes, I have no complaints. I've called their customer service hotline several times, and their representatives are always pleasant and informative.

  If you're looking for a good place to save money, ING might be for you. That's especially true if you have a hard time saving, like me. Your money is safe, and accessible - thought you have to make time for withdrawals.

  Posted by mnof1000v -- Aug. 2, 2009

•   An easy banking experience

  I’ve been using ING Direct Orange Savings for about a year now, and I’ve been very happy with it. I opened the account because my primary banking (a credit union) provides good local services, but does not provide the best savings interest rates. I was interested in finding a savings account with a decent rate of return without having to tie up money in CDs. ING Direct Orange savings has competitive rates (almost 10x higher than my credit union’s savings acct) and is very easy to use. Setting up the account was very straightforward and transferring money back and forth to my credit union account is also simple.

  I earned the $20 bonus for opening the account, and an extra $10 “bonus” by referring a friend to ING. If you factor that into the interest rate, it pretty much can’t be beat at a brick-and-mortar bank. I’m sure you could make more “bonus” money if you wanted to hit up friends and family.

  The only shortcoming I’ve seen with the ING accounts is that you can’t name a beneficiary for your accounts online. I’m guessing you could call customer service to do this, but it’s not critical for me.

  I’ve found ING’s online services to be more comprehensive than other online banks and not as prone to having fees associated with them.

  All in all, I am very happy with ING and plan on maintaining my Orange Savings account.

  Posted by djbartkow -- July 29, 2009

•   The best decision I made was to get an Orange Savings

  I have had my Orange Savings with ING Direct for over 5 years. I not only have been gaining interest since then, but I have also referred many people to their bank and have gotten payouts for it in return. I don't know of any other bank that will pay you to refer people who get accounts on top of paying you interest already. They are also a very secure online bank. When you create your account they really verify that you're who you say you are by doing several questionnaires and making you go through a waiting period to verify your identity; I really enjoyed that. Overall, I can say that getting an Orange Savings is a good deal because there is no minimum or maximum that you can have with them. And if you want or need your money, it's only a mouse click away. I have sent out checks with my money and even transferred some of it back to my physical bank without any sort of issues. On the contrary, I usually get the money between one and two business days regularly. I would recommend this to all families out there who are looking to create a savings account that will pay them back, for their kids, a new car, or even a vacation. It's for sure very worth it and it'll take less than 10 minutes to sign up! Find a referral link though to start out with some free money!

  Posted by madee10d -- July 29, 2009

•   Orange Savings is Great

  I had been keeping my money in a non-interest checking account for several years. After an incident last summer when I lost my debit card while traveling, I decided that it was time to move most of my emergency fund into a separate account for safety and also to start earning some interest. I compared reviews and interest rates and chose Orange Savings at ING Direct as having the best of both. I was a little nervous about using an online bank, but I have been very pleased with the service. The account was quick to set up and it’s easy to transfer money in and out. Automatic transfers are also easy to set up and I planned a regular monthly transaction to continue building savings in a challenging economic environment. I feel very secure with the safeguards on my account. If you use a financial tracking program like Quicken, it’s easy to download account information to keep your finances up to date. The only change I would make in the Orange Savings service is to receive fewer marketing emails—I’m not going to get a mortgage any time soon and it clutters my inbox! I would definitely recommend this account to others looking for an easy and safe way to build savings and earn interest as well.

  Posted by jjh -- July 27, 2009

•   I Love My Orange

  I've had several Orange Savings Accounts for more than three years. What attracted me to the Orange accounts was the $25 sign up bonus, the ease of account use, and the simplicity of the product.

  The ING Direct groups seems to understand that a lot of us don't have time to read and interpret the buzzwordy bank speak that comes from other institutions. The entire site is designed for the lay person to be able to access it and read it. What a relief!

  The only reason I didn't give ING Direct 5 stars is because their interest rates have seemed low in the last 6 months, compared to other online banks, which was surprising. But I'm still with the Orange and will have a hard time switching. I might even end up with one of their mortgages! So easy to use...

  Definitely recommend it for service, ease of use, and lack of superfluous banks stuffiness.

  Posted by rubysparkles75 -- July 27, 2009

•   Oranges galore

  My ING Direct savings account is great. It is great because I get to actually save my money while gaining interest on the money I saved. The ING savings has one of the highest interest rates available compared to the traditional brick and mortar banks out there.

  I also love my Orange Savings account because I can create mini savings accounts within the account that lets me save for different items. For example, I am trying to save money to buy an engagement ring. So I just created another savings account and I have my money automatically transfer from my linked account into this account.

  ING also allows me to automate all of my bills, and transfers to other accounts as needed. All I need to worry about is earning enough money to keep up with my savings. In addition to great interest rates, the bank gives me $25 in referral bonus for everyone I get to sign up for their service.

  I have been a member for over 4 years now and I have no complains. The only complain I would have is that the money transfer from your linked account can take up to 3 business day. But I believe that is with any bank. It also beats going to the bank every time. You can also mail any depositing check directly to ING without going any further than the mailbox and your money is usually in your account within 2-3 days.

  Customer service has been great. I have called once when a mishap happened at an ATM and the person on the other end understood my problem and helped me out right away. I don’t think I’ve been more please with calling a support number before.
  

  Posted by qaclearmedia -- July 20, 2009

•   A wonderful online-only banking experience

  I have had this account for a little over a year now. I originally opened an Orange Savings account because I had heard recommendations on a variety of blogs and websites for it.

  I like the simple web interface, and the no-frills, not trying to sell you every product on the market approach to their image. It's just a bank, and they help you by paying interest for your money :)

  I opened the account online, and found the process to be easy enough. Personally I find it to be a positive that all of ING's services are right on the website.

  I have been using their automatic savings plan, which was a breeze to set up, to transfer money from my checking account twice a month. I have been quite pleased with this feature as I never have to remember to put money aside for the savings account.

  The main downside I have encountered is that the transfers to my Bank of America checking account take two business days, so when I need to access my savings, it can be a hassle. This could also be thought of as a plus for the impulsive types who need more barriers between them and their money.

  Right now I'm earning an interest rate of 1.40% APY. It's not a lot, but it's certainly more than I'd get if put my money in my mattress!

  Overall, I would highly recommend this account to people who are comfortable banking online and haven't really done anything about starting to save. They make it easy to get started.

  Posted by fragiletruth -- July 15, 2009

•   Great online savings account

  I've been banking with ING Direct for about 4 or 5 years (with about a 2 year dormant period in the middle).

  When I decided to return to using my ING account, I could not find my account information. The gentleman I spoke to in customer service was well-spoken, congenial, knowledgeable and helpful. He tried to help me to remember anything (password, log-on, account number)... Unfortunately, I had to be reissued a new account number and password via mail which took about a week.

  The process was seamless. The money I transferred over the initial phone call had processed and the linked checking account information had also carried over.

  The primary reason I enjoy having a savings account with ING Direct is because I have to think more about my money: it takes a couple of business days to transfer into your checking account, although this issue would most likely be remedied by signing up for their ElectricOrange Checking.

  When I first signed up with ING, they offered great bonuses for referrals; referral bonuses are still offered but the payout is not as high as it once was.

  ING Direct has been great to bank with over the years. The website is secure and easy to use and I have always easily found answers to my questions through their website, unlike some other banking websites.

  Posted by eklaughlin -- July 15, 2009

•   Great Service All Around

  I just started an Orange Savings Account at ING a few months ago, and I already have great things to say about it. For starters, opening an account is easy and doesn’t take very long at all. The forms are quick and clear, and opening a second account after you open one is even easier! The user accounts page is very user-friendly as well, with all the necessary information displayed conveniently and readily. Linking my checking account at another bank was easy and only took a few days, just as they promised. Plus, who doesn’t love competitive interest rates?

  In particular, I am very impressed with ING’s customer service. I got a call from them a few weeks ago saying my account had been accessed from somewhere in South Carolina (I live in Maryland). Nothing had been taken, but since it was so far out of my normal pattern of access, they froze my account until I could be contacted to verify that it wasn’t a fraudulent access. I recently had my Social Security Number stolen from my college, and it let me rest much easier knowing that ING was so vigilant about keeping my savings account safe. It was easy to unfreeze the account after I had changed my security information, and the customer service representative was friendly and helpful.

  Posted by robotgirl1629 -- July 14, 2009

•   Slow and Steady Wins the Race

  I have had my online ING Orange Savings account for a year and a half. Originally skeptical about online banking, a $25 offer intrigued me and I checked it out. I have ING withdraw $25 a week and stash it away in my online savings. I forget about it and am always delighted when I see how much the balance has grown. I've made only one withdrawal for some extra vacation cash. In these financial times, I feel a bit more secure knowing I have a small nest egg in the case of emergency. I have only had occasion to call customer service once, when inexplicably my weekly deposits ended after that one withdrawal. My rep was very helpful and things were immediately straightened out. Access to my information online is very easy and secure. They have you nickname your accounts, which I didn't understand, at first. I realize they should be called "Vacation" or "Mad Money". I named mine after one of the Beatles.
  Ridiculous! I had no trouble transferring money from this account into my checking, which is at a different bank. I feel ING is doing a good job with these online accounts and if you find it hard to save, I definitely would recommend that you choose a modest amount to be auto-withdrawn and deposited weekly.
  Slow and steady wins the race to a little bit of financial security.

  Posted by gemdoll323 -- July 5, 2009

•   A Fantastic Deal

  ING offers great service, wonderful rates, and a fantastic ability to transfer funds in and out of the all online bank. I couldn't be happier!

  Posted by hlharts -- July 1, 2009

•   ING!

  I have used an ING Savings account for a year and a half, and love it! I started with one savings account, and now have four, all for different purposes. All four appear on the “My Accounts” page, so it’s easy to see your total deposits. Transfers from my bank account to ING (and vice versa) take a few days to process, but so long as you can plan a few days ahead if you ever need some cash, it works. Transfers between ING savings accounts are instantaneous. Three of my accounts have an automatic deposit every month. Makes saving easy, and if you ever need to change the transfer date, you can do so right up to the day before. The interest rates are low right now, and maybe you’d be able to find something slightly higher somewhere else, but I like ING, have never had a problem, find the site easy to use, and it’s FDIC insured. I’ve never had to contact customer service, I’ve always been able to do anything or get my questions answered online. Have looked into their checking account and CDs, but haven’t tried them yet.

  Posted by danielajf -- July 1, 2009

•   Recommended for the risk averse

  I was hesitant to open a savings account with ING because it seems to lack branches. Not a problem. Just link a regular savings account to wherever you have your checking account. Transferring money only takes a couple of days and the rate at ING is higher than most other places. Of course, if you REALLY want a good rate of return, go buy an index fund and wait the recession out.

  Posted by bennegan -- June 22, 2009

•   Orange savings

  I have had this savings account for almost a year. I chose this account since it was very easy to open online, and the account had a good interest rate. I have to admit that the $25 I got for opening the account was a factor as well. I had been trying to find a savings account where I could set aside some amount from my salary and I finally decided on ING because it was the account with the highest interest rates available at the time.

  I liked the process of opening the account, which was fairly simple, and quick. All you need is a checking account to link to this account. I especially like how simple it is to do online transfers between accounts. And the best part is that it's completely free.

  I would say the best thing about the bank is how simple it is to access and use your account. All the options are easy to understand, and use. However I have been disappointed lately as the interest rates have decreased significantly. It's now only 1.5% APY, whereas when I opened the account it was @2.75%. But this is probably because of the economic downturn and hopefully they will increase the rates again.

  I have called customer service couple of times and would have to say I am very happy with the service. There isn't too much wait time and they are very helpful. I would recommend this account to anyone who is trying to put aside some money for their future.

  Posted by jaswant_kumar -- June 22, 2009

•   ING Savings

  I've had savings accounts with ING for 3 years now. I originally chose ING because of their interest rates and because I got a $25 bonus for opening an account. I opened up a savings account online and I also use ING's checking account. The website is very user friendly and it's easy to do everything I need online. I’ve never needed to contact customer service, although I hear that they are very helpful if you do need assistance. I love that you can create multiple accounts for each savings goal. I have several for things like car repairs, Christmas gifts, and an emergency fund. I have some of my paycheck direct deposited into an ING savings account, which is really convenient and easy. The money is available right away, unlike when you transfer money. Transferring money from an outside account usually takes a few days to complete. I also like that it’s free to transfer money between an ING account and an outside account. The interest rates aren't always the highest but they're competitive and better than what you can get at most brick and mortar banks. Overall, ING is a great option for savings accounts and I would definitely recommend it to anyone.

  Posted by ralavall -- June 18, 2009

•   Convenient Savings at Typically High Rates

  I have been a customer of ING about 4 years. I started with the Orange Savings account and opened the account quickly via the Internet. The website makes it easy and the language of the agreements does not require a law degree to understand.

  Moving money between my local checking account and this savings account is quick and free. I have set up automated savings as well as move money to keep my reserves liquid and at the highest rates possible. Customers get a useful newsletter and statements are easy to view, download, and print if you want.
  

  Posted by jennybucks1 -- June 15, 2009

•   Simple and Safe

  I have an online savings account at ING that I really like. It was very simple to set up, it offered a better interest rate than my B of A savings account, and it is very simple to use. I appreciated how easy it was to set up the account online, and I really appreciated how easy it was to set up the ability to transfer funds in and out of another bank account. The options on the website are very very clear, easy to use, and very simple. Its almost as if they've built this for dummies, but that's exactly what I want out of an online savings account. Getting my 1099 tax statements is easy, tracking my interest rates is easy, logging in is easy, etc. I'm not interested in using it for check writing, brokerage purposes, or anything like that. I use it to park some cash where i can earn some interest and rest peacefully at night knowing its FDIC insured.

  Posted by eshigs -- March 30, 2009

•   Can be hard to withdraw large amounts

  I can't say that I have a ton of experience with ING--my wife and I opened an account to park some cash while we were saving up to buy a house. We never had any issues until it came time to pool funds from various accounts to make a down payment. Turns out ING is SUPER slow when it comes to either wiring a large amount of cash or producing a bank check. Something to keep in mind if you're using your ING account to save up for a large purpose--definitely plan ahead!

  Posted by jdserwer -- March 27, 2009

•   Since Back in the Day

  I've been on ING Direct since before they started doing ads, since before they had their coffee shops (how cool is that!), since they were the only online bank, since they only had the orange account.

  I joined them back in the early 2000s when their rates were high. They used to have really high rates and these awesome referral bonus's that gave you and me $25 bucks each. I got everyone in my family an account.

  Their website has always been simple, almost barebones; It always just plain worked.

  These days, I think their rates are down and they don't pay as much for friends, but I still love them. Simple, get it done, reliable. Would absolutely recommend it to set it and forget it.

  And do check out the cafe in Phili - makes no sense, but why not do coffee and money!

  Posted by peterw -- March 26, 2009

•   Love it!

  I opened an account with ING a little over 2 years ago, and have been nothing but pleased with their service. I initially chose them as the interest rates paid on their accounts are generally higher than almost everyone else in the market place. I have also learned that given their on-line nature, they are also able to offer other products with lower fees than their competitors. Setting up my savings account online was extremely easy as their website is functional, user-friendly, and secure. As a company, ING has been great at communicating with their customers through these turbulent economic times. It gives me comfort knowing that they did not engage in risky investment practices that have put the future of so many other major banks in jeopardy. Monthly, they provide easy to read statements, and annually, they promptly provide tax forms, all via their website. I have been very pleased with ING, and would gladly recommend them to anybody.

  Posted by jennie -- March 19, 2009