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.
3 comments:
An internet savings account is definitely the way to go! I personally use EmigrantDirect.com, and have found their service and rates to be great. Often their rates are a bit higher than ING, but with the rates equal now, I would go with the HSBC account that Adam reviewed earlier if I was starting new. I like that they give you an ATM card - that isn't a feature of EmigrantDirect's account.
Saving at ING Direct through MyPowerMall not only earns you 4.50% APY. You also earn unlimited income by referring others to save at ING via their own MyPowerMall. This opportunity is totally free. So, there's nothing to lose but everything to gain.
My friend and I were recently discussing about how technology has become so integrated in our day to day lives. Reading this post makes me think back to that debate we had, and just how inseparable from electronics we have all become.
I don't mean this in a bad way, of course! Societal concerns aside... I just hope that as memory gets less expensive, the possibility of copying our brains onto a digital medium becomes a true reality. It's one of the things I really wish I could see in my lifetime.
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