ING Direct Orange Savings Account Review
I have been an ING Direct Orange Savings Account user for about 6 months now. Since I have been an ING Direct customer for a while, I thought that I should review the ING Direct Orange Savings Account. This ING Direct savings account review will describe what I like about ING Direct and what I don’t like about it. I hope that you find this review helpful.
Why I chose to open an ING Direct Orange Savings Account?
My ING Direct savings account was the first high yield savings account that I opened. One day, after looking at my Wachovia savings account fees, I got infuriated. I was paying about 10 times more in Wachovia fees than I was earning in interest on my Wachovia savings account.
My anger with Wachovia was two fold. I hated the fees that I was paying and the low interest I was earning on my Wachovia savings account. Therefore, I started looking for a high yield savings account paying more than .25% interest.
While the ING Direct Orange Savings Account was not paying the highest savings rates, I chose ING Direct because they had a ING Direct cafe in Philadelphia. I was a little hesitant to do my banking online, therefore I thought that ING Direct was a good compromise. I could visit my local ING Direct cafe or use the web to do my banking with ING Direct online banking.
Opening An ING Direct Savings Account
Opening my ING Direct savings account was very simple. While I went to the ING Direct cafe in person to open my ING account, I actually recommend that you don’t. There is no advantage to opening an account in person. In fact, you sit down at a computer terminal and do the same thing that you could do using the ING Direct online banking website.
Recent Disappointment With ING Direct Savings Account Interest Rates
Until recently, I have been completely satisfied with ING Direct. But, recently ING Direct has lowered its ING Direct savings account rates. When I initially opened my high yield savings account, ING Direct was paying 3.00% interest rates on the Orange Savings Account. In November 2008, ING Direct lowered the savings account interest to 2.75% APY. Today, ING Direct has lowered the ING Direct Orange savings rates to 2.50%.
While these savings rates are higher than my Wachovia savings account, they are much lower than the interest rates on the Dollar Savings Direct Savings Account. This high yield savings account is currenty paying 4.00% APY.
I hope you have enjoyed this ING Direct Orange Savings Account review. I am happy that I have opened an ING Direct savings account. Despite not having the highest savings interest rates, I am still earning a lot more interest than I would have with my Wachovia Online Banking savings account.
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