When you read other financial blogs and websites (okay, so you only read this one, I'm sure!), this product is the one you will see most often for online banking.
The ING Orange Savings account has several advantages that make it a great place to put money for an emergency fund (or, if you like online banking, your regular savings account).1. It is FDIC insured up to $100,000.
2. The interest rate is first-rate (averaging around 5%).
3. Unlike some other decent places for an emergency fund, the Orange account does not have a minimum to get the interest rate. By way of contrast, some money market accounts have good rates for an emergency fund (3% or higher), but you must have a certain amount (usually $1000) in the account to get ANY interest. That is how they offer the good rates. ING's Orange Account gives the rate to all customers. So if you can just start an emergency fund with $100, you will still get something in interest.
4. Their site is quite easy to use. You don't have to be a computer geek to figure out how to use their online banking service.
And, by the way, if you decide to use this product for your emergency fund, set up takes about 5 minutes.
