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What is an ING Savings Account?

Savvy ATM: What Is an ING Savings Account?

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

.

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?

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gLam-shortie gLam-shortie 8 years
I have an ING savings account after my old online banking NetBank got bought over by them....but i'm very happy with ING! super easy to use and it's nice that the money isn't instantly accessible... being a college student, you do get spending "urges" on things you really don't need!!! It has saved my moola in more ways then one!
highclassjunkie highclassjunkie 8 years
Hey, ive had one for about 2 years. the interest rate used to be 3.75 % but now it down to 3 % :( i was checking yesterday and PC financial seems like it has a pretty good savings account plan ... its interest rate is a little higher. but i still love ING lol its very good.
radmama27 radmama27 8 years
Oh I need one of these now after reading all the comments!!
hkdkat hkdkat 8 years
I have HSBC because they had a better interest rate at the time (not sure now but I'm happy w/it.) I've just opened up a vacation fund as well and love that I can do bank to bank transfers, both recurring and one time. I love watching my $ grow.
codewhiz codewhiz 8 years
I've had my Orange Savings Account for 6 years! I even had an Orange Savings Account beach towel that said "Make more splash with your cash" which I made into a shower curtain (thank you Real Simple).
stargazer25 stargazer25 8 years
WAMU is at 3.3% savings with a checking acct. The checking acct only has to have a $1 in it. No fees for either acct. I would choose WAMU over ING because of the rate at this time. If you don't go with the higher rate it's like you are giving away $$. Although, HSBC does have a promotion of 3.5% rate (or pretty close to it) for a couple of months and then it will probably drop back down (depending on what the fed rate for short term money is when the promo ends). So they do beat WAMU in that regard.
esmerb esmerb 8 years
I love the way ING is set-up. I feel like saving money is now so much fun and easy!
Row-D Row-D 8 years
HSBCalso has fairly competitive interest rates with their online savings. Sometimes a half point more. But overall, agree with everyone else. It's a user friendly site. The lag time if you want to access your $$ can be inconvenient however. It's a good place to do automatic deductions and have as your "nestegg" account. I have another savings account thats linked to my checking for possible overdrafts or for my emergency type situations. If anyone wants a referal to get a few extra dollars let me know!!
Beauty Beauty 8 years
I have HSBC and it's pretty much the same. I automatically shift $500 a month into it, so my emergency fund is growing nicely. When I get it to a certain point, I'm going to take some of it and get all mutual-fundy with it. Having the money transferred automatically is one of the best choices I've made about money. It just seems to magically grow!
vouninou vouninou 8 years
I've had ING on-line accounts, here in Canada, for at least 4-5 years and I'm also very satisfied with them. I first had one account to start building an emergency fund and I liked it so much that I set up some other accounts to specific saving goals ... one is holiday & travel savings, one is Christmas gifts savings ... As it has no fee, I found it was an easy way to manage my things. When I decide that I want to save money for something specific, I set up a new account, when possible, set up automatic contributions and that's it ... In *only* have to wait to reach my goal and close the account (or reallocate it to another project). Plus, as other says, they make it very simple to set up automatic contributions and transfers between on-line accounts and my checking account. In my case, they gave me an ATM card so I could get money from my on-line account easily but I've never even used it as it is not the purpose of these accounts. I also like they're referral program ... always great to get an extra money only by referring someone.
graduatedsqueaks graduatedsqueaks 8 years
I also like that if someone refers you, that you get $25 dollars free if you put at least $250 in. Free money is always nice. I agree with the other commenters that it's great to see your money growing day by day. And I also like how you can set up automatic contributions. I set those up and pretty much forgot about them, and ended up with a sizeable sum in my emergency account when I actually needed it!
ginandsugar ginandsugar 8 years
I can't say enough good things about ING! I recently paid off my car and set up an additional ING account that automatically takes the amount of my old car payment out of checking so I can start saving for my next car (or repairs)! The way ING lets you set up different accounts within your main accounts makes it a great way to set aside money for specific needs like "car fund"!
lizs lizs 8 years
I love ING! Their customer service is fantastic. I've been thinking about adding the Electric Orange checking - good to hear that it removes the lag time as I suspected it would. I'm a total fan of having an account for each goal - I'm addicted to checking my progress.
brielleblonde brielleblonde 8 years
i have an ing direct account, my mom made me set one up as soon as i got my first job when i turned 16. unfortunately it now has $0, because I just paid my tuition...
rannew rannew 8 years
I have ING savings account set up for each of my husband and I's savings goals. We have home improvement funds, eyeglass/contact replacement funds, copay and prescription funds, travel funds, etc. We also have the Electric Orange checking accounts linked to these. This helps with that lag time as the transfers to and from the savings to the checking accounts is immediate and you can go spend the money that you've saved as soon as you need to. This we really helpful yesterday when I had to go to the doctor's office and I'd transferred my copay money just hours before. Or when we reserved our campsite for summer vacation, we transferred money from our Travel savings minutes before submitting the reservation.
Cassandra57 Cassandra57 8 years
I also have a (small) ING account, and love it for all the reasons stated above. The time lag in transferring funds out keeps it safe from me! I keep a small (i.e., even smaller!) savings account in the same bank as my checking account, so that I can quickly cover unexpected expenses. I'm considering moving my checking to ING (which does them now) or my credit union (now that it has a more convenient location).
bellaressa bellaressa 8 years
I agree with the other posters. I love ING - I use mine for my emergency fund and I will be transfering some money out of my regular savings account with my bank to continue saving for my downpayment with ING. I love the automatic transfers, I never have to think about it, set it up and the money is just withdrawn the same day I have it deposited in the bank. I had mine for about 3 years and the first two I literally set it up and forgot about it until I was laid off the latter part of last year and ING came in handy.
MsWalton MsWalton 8 years
Thanks LOT for this post! I've been seeing the commercials lately and I was very interested in this. Definitely makes it harder for me to spend it. Think I may sign up.
angel0950 angel0950 8 years
i have 3 online savings accounts! i think it's a great way to save as well as to earn a high yield while a traditional savings and checkings dont offer major incentives unless you've met their minimum requirements. love it!
MindayH MindayH 8 years
I have had one for about a year now, and I love that you can see how much interest you have made from the year at the top - it always motivates me to see if I can save up a little more each month, cause I know it does me better rather than sitting in my checking. I wish that it was quicker to transfer money in and out, but I see the benefits that the lag brings too.
Geoffrey Geoffrey 8 years
I actually chose the HSBC online savings account because their interest rate was 1/4 point more than the ING Orange account at the time. Same features as ING Orange with automatic transfers into the account, and 3 day bank-to-bank transfer out of the account. It is where I keep my emergency fund, and it has been effective in helping me isolate it and make it grow.
syako syako 8 years
I've had one for probably about 3 years. I like it. I also have it set up for automatic withdrawals and it's really nice because that account is out of sight and out of mind for the most part. It does have a lag to get your money out, so I don't know how much help it would be as an "emergency fund" but I used it to save up for a down payment on my new car and other purchases like that.
Martini-Rossi Martini-Rossi 8 years
Ive had one for about 2 years now and its by far a great way to save. You can setup automatic transfer or transfer your money manually from which ever checking account you choose. Also, if you want to withdrawl your money it takes about 2 to 3 business days. I like this because I cant impluse buy with my ING saving.
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