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ING Direct savings account

Category: Bank Deals, Savings Account Rates- fhuff- 12:57 pm/ May 23, 2011

ING Direct has a savings account that earns 1 percent annual percentage yield (APY). The savings rate is effective as of Feb. 23, 2011, and is variable. Details of the Orange Savings Account offer include:

  • No monthly maintenance fees
  • No minimum balance requirement
  • Links to existing checking account at any bank
  • Easy online application
  • Deposits insured by the Federal Deposit Insurance Corp. (FDIC)
  • Maximum of six withdrawals per month

Interest on the savings account accrues daily and is compounded monthly. All deposits are subject to being held for five business days before they can be withdrawn. The initial deposit used to open the savings account will be held for 10 days for security reasons.

The Orange Savings allows you to set up automatic savings plan that allows you to save as frequently as you want. There is no minimum number of deposits required so you can set up deposits on a weekly, monthly, bi-weekly or some other basis. You can also set up more than one automatic savings plan if you want.

ING Direct is based in Wilmington, Del. Banking is done by phone, online or via mail 24 hours a day.

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