Anyone here use Ing Direct Orange Savings Account?

[hermione]

I just received a grocery subscription shipment from Amazon and it came with a brochure for Ing Direct Bank's Orange Savings Account. This no fee, no minimum savings account is supposed to earn you 8x as much interest as the national average, though for me it would be about 3.5x what I earn with my credit union.

Does anyone here use this bank? It sounds like a great deal, but it also feels a little risky. The brochure says the Orange Savings is linked to your checking account so you don't have to change banks. For anyone who does use this bank, do you know if a transfer from your checking to Orange Savings counts as an external or internal transfer (my credit union charges an external transfer fee.)?

[rstlne]

I've had an Orange Savings Account for a few years, although I moved most of the money to HSBC Direct last year to take advantage of a special offer. The savings account is FDIC insured, but I'm not sure if that's the risk you're referring to.

As for transfer fees, you're going to have to ask your credit union. My bank has never charged me for an ACH transfer but some financial institutions may do that.

[rorich]

I have used ING Direct and I believe the current interest rate is just under 4% at the moment. I believe there is also a promotion where you get $10 for every person you refer to ING, for a maximum of $250 (25 people). I have no issues with ING. Furthermore, ING has bought Sharebuilder. You can set up an investment account with Sharebuilder.

[Kathryn]

I've used ING for a few years now--very solid, established company. Are you sure your bank is not referring to wire transfers, rather than ACH transfers? I'd check with them.

[MSMomsmoney]

I've used ING for over a year now.

They are not the highest online bank rate...

But they are very good.

Easy interface. No problems whatsoever.

And yes $25 sign up bonus...and for referrals you receive $10 each...now upto $500.

[72Tiger]

I've used them for about 6 months now. There are online banks that pay higher interest rates out there, but I have never had a problem with ING, and don't know of anyone who has. As stated above they are FDIC insured up to $100,000.

[hermione]

Thanks for your feedback everyone. I've contacted and am waiting to hear back from my credit union about transfer fees. From what all of you have said, it sounds pretty good and we are seriously considering opening an account with them. Thanks again!

[khorrell]

I also have an ING account, though I'm considering moving it. Rates are inching down and I feel more organized when I have my money in one spot rather than floating around in various accounts. I would definitely look into it if you can't get comparable rates at your regular bank.

[stardanced]

I just got my ING account a few months ago, and I'm very happy with it. The rate has dropped a couple of times since I opened the account, but it's still better than the Money Market account I used to have, and I like the $25 bonus.
You probably won't be charged any fees. My checking account charges fees for things like wire transfers, but my transfers to my ING account function just like online credit card payments.

[Megan]

I think my favorite thing about ING is the ability to make sub-accounts under the main account. You can do so simply by logging in, and then opting to open a new account. I like to separate my money, so that this account is my monthly spending account, this account is my long term savings account, etc. I know a lot of people use that method to set up vacation accounts or Christmas accounts or accounts for their kids' educations.