I may be the last person on earth to have a savings account at a traditional bank, so I thought I would ask some friends what the best online savings account has been for you. I’ve been lazy in the past about establishing yet another bank account. I’m finally tired of receiving a horrible rate for my savings account at about .50% I have 3 buddies that talk a lot about the Orange Account, and how great they are. Also, many sites talk about the ING Orange account as a great option at 3.0%. I’ve done a little research on the Orange accounts and noticed that you can link the account directly to your existing checking or savings account. Seems really easy. Any catches that anyone has found?
Some requirements of mine:
1. FDIC insured.
2. No fees or penalties for withdrawal.
3. Yields higher than .50% Should be easy to beat my current savings account.
4. Easy online web access.
5. Great customer support. 24/7 would be nice as I’m sometimes checking accounts and bills late at night.
What has been the best online savings account for your cash? If you know of any alternatives to the ING Orange account, please let me know. I would love to compile a list of passive income or alternative income savings accounts.
{ 6 comments… read them below or add one }
Hey Scott,
I also use ING Direct, and wholeheartedly recommend it. The only “catch” would be the wait time between transfers. It is not instant, so you may be waiting 1-2 days to see funds available.
If you can live with that, I say, go for it!
By the way, thanks for commenting on my blog and also for the entrecard review. I really appreciate it!
Stumbled ya’!
I use them and love it. I think there is a limit on withdrawals on the savings account. I don’t have a checking account so I don’t know about that. I’ve read somewhere that some have had their account cancelled because they were high maintenance customers (whatever that meant).
I haven’t had any problems with them since I opened my account many years ago. You can get $25 if you sign up using someone’s referral link and open an account with $250. I’m assuming you already have someone referral link, but if not, let me know.
I’ve been with ING for a number of years and love it. Very easy interface and reliable transfers (although it does take a day or two).
In the name of passive income, however, you’ll want to sign up with a referral link. You’ll get $25 to start your account and the referrer will get $10.
The cool thing about that is you’ll then have those referral links to give. I was able to open accounts for my children with my own referral links. They got the $25 and I got the $10. Very easy money.
I’ve blogged about it on my blog if you’re interested. And of course I have those referral links to give if you’re planning on opening an account.
Sounds like ING is the winner
Thanks Alyssa, Saph, and The Family CEO for your thoughts on ING. It looks like ING will meet all my criteria as an alternative to my current bank account.
I quadruple the props for ING. I have switched all my banking to them. They have been around a while, their website is top notch, and they listen to customers.
I even have an ING Electric Orange checking which is awesome and transfers to and from savings are instant. Currently I have 12 or so savings accounts and one checking account through them.
PS – Don’t forget ot take advantage of the free $25 dollars when you open an account.