Building up savings is one of the best ways to set ourselves up for financial success, and the amount of questions coming in lately about ING accounts tells me that you're all on your way! There are a number of online banks out there, meaning they don't have actual branches you can physically walk in to and speak to customer service in person, but ING is a particularly appealing choice to many savers for a few key reasons. Find out what they are when you read more.
The three biggest draws are their no fee policy, high-yield interest rates, and they do not require a minimum account balance. It's harder to build your savings when fees eat up the interest you earn, and many savings programs mandate that you keep a minimum balance that is sometimes thousands of dollars in order to get a high interest rate or avoid fees. At ING, your $500 account is treated to the same high-yield interest rates as someone else's $10,000 account.
The actual product they offer is called the ING Orange Savings Account, and they make it easy to set up automatic transfers from your checking account at your existing bank to your ING savings account. The interest you earn on your savings is variable according to market rates, so if the Fed raises interest rates your savings account rate should go up, too.
Do any of you have an ING savings account or prefer one of their competitors?