Update 3/02/10: The Orange savings account rate has fallen from 1.15% to 1.10% APY. Refer to the bottom of the post for the recent rate history.
ING Direct is offering a savings account bonus of $25 for opening an Orange Savings Account by August 3, 2009. The promotion page is located at ingdirect.com/save, and the reference code is VE222. Bonus is only available for new customers, and it's limited to one bonus per household.
Credit for this find goes to FW member dakotamidnight who posted it at this FW thread. ING Direct has long been offering a $25 refer-a-friend bonus. Unlike this refer-a-friend bonus, this promotion has the advantage of not requiring a $250 initial deposit. The FW poster mentioned opening it with $1 and having the $25 show up the same day. Note, the $25 bonus is unavailable for withdrawal for 30 days.
ING Direct Orange Savings Account Review
For those who have never opened an online savings account, ING Direct is a good place to start. ING Direct's Orange Savings Account has never been a rate leader, but at least ING has kept the rates fairly competitive. This is compared to banks like E*TRADE, UFB Direct, E-LOAN and OnBank which have slashed their online savings account rates below 1%. Also, ING hasn't added rate tiers and low balance fees like some other banks. ING Direct savings account rate as of 6/09/09 is 1.50% APY for all balances.
ING Direct is known for its easy online interface rather than the best rates. However, it does have a few features that are not the best for online banks. These have to do with their ACH transfer system. The downsides include:
- Limit of 3 linked checking accounts
- Linked account must be a personal checking account, not a brokerage, money market or savings account
- ING Direct places a hold of 5 business days for deposits (initial deposit has a 10-day hold)
One important improvement ING Direct made a year or two ago was the capability to add links online without having to send in a voided check.
ING Direct is also well know for its customer service. When I've called ING, I've always been quickly connected with a knowledgeable CSR. My only issue with their customer service is the lack of a secure message system. This allows you to log in and send and receive secure email-like messages. When I receive confirmation on issues from CSRs, it's nice to have something in writing.
ING Direct's bank deposit products are FDIC insured (FDIC Certificate # 35489)
Other Bonuses and Online Savings Accounts
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. For other high yield savings accounts, please refer to my weekly rate summary.
Orange Savings Account's Recent Rate History:
03/02/10: 1.10% APY
02/18/10: 1.15% APY
02/04/10: 1.20% APY
01/08/10: 1.25% APY
09/09/09: 1.30% APY
07/03/09: 1.40% APY (from 1.50% APY)