Give yourself credit: ING Direct Orange Savings Account gets even better

About a year ago, I signed up for an ING Direct Orange Savings Account. Then I added a couple more accounts. Now I have one for savings for my daughter (the occasional birthday check is going here), one for an emergency fund, and one for my own money. (Mr. Cheap and I have a joint checking and savings account through our credit union, but this is the account where I stash money that’s just mine, like the cash from a few savings bonds my late grandmother left to me.)

ING Direct was very appealing for our emergency fund for several reasons:

  • Great interest rates. My credit union’s savings account offers a scintillating 0.5% annual yield, or 4.5% for a six-month certificate of deposit. ING Direct pays 4.5% on the regular savings account.
  • No fees. Same as the credit union.
  • Easy transfers. I can transfer money in and out of my other accounts just by going online. My favorite is that it is easy (and free) to set up an ongoing transfer. I can set it to transfer an amount monthly from checking to my emergency fund — then enter the transfer as a bill so that I can forget I’m actually saving money. The savings feel far enough away — like a retirement account — that it never occurs to me to raid the funds for any “good reason.”
  • Nice reporting. It’s easy to log in and view a monthly statement that makes it simple to reconcile my accounts in Quicken and keep track of interest for the tax man.

This week, I got a letter from ING Direct inviting me to help them add more customers. If someone I refer opens an account with $250 or more, ING Direct will throw another $25 into their account (and pay me $10). I know at least one person’s going to sign up, because hey, $35 is $35 (or, in one year in the ING account, it will be $36.61). If you know me and would like me to send you the code to benefit from this promotion, send me an e-mail at cheaplikeme [at] gmail [dot] com.

Whether you take advantage of this deal or check out ING Direct (or other reputable online banks with great rates and accessibility — I can’t personally comment on them because I don’t use them), online accounts are a great way to sneak some savings into your finances.

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5 thoughts on “Give yourself credit: ING Direct Orange Savings Account gets even better

  1. L'an says:

    So just to clarify: when you say it’s easy to transfer between accounts, I hope you mean between different ING accounts, as well as between an ING account and an account elsewhere (say, the joint account you & Mr. Cheap keep at the credit union)?

    I ask because whenever I’ve tried to arrange automatic transfers between different banking institutions (not ING), it has been a pain in the tuchas… and I’d love to find an easier option!

  2. cheaplikeme says:

    Yes! I have had no problem setting up automatic (or non-automated) transfers between ING and my credit union … and no problem transferring between ING accounts.

  3. Late Bloomer says:

    The High Interest Savings accounts area great deal these days! And it would seem that ING is feeling the heat from the other banks and credit unions launching similar accounts, offering the same or better rates than ING. I would guess that’s why they’re offering you cash to bring in new clients.
    Personally, I prefer to deal with a truly Canadian financial institution, whether that be one of the original 5 banks or a credit union (I’m Canadian, obviously). Also, from an environmental perspective, ING has very little to say or offer…a very vague outline of their goals is all that’s posted on their website along with photos of the “green” events and organisations that they support.
    Why not check out “local” alternatives to ING’s high interst account. The added bonus is that there are physical locations and people that you can visit and seek assistance from if necessary…along with the same 24/7 online services offered by ING.
    Personally, I like RBC and have included links to their e-saving account page and environmental policy pages – FYI.

    http://www.rbc.com/environment/index.html

    http://www.rbcroyalbank.com/RBC:Rpjwg471A8UAAYTY-6U/products/deposits/e-savings.html

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