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Ing Orange Savings Account
A Quick Review of the ING Direct Orange Savings Account
By Stanley McMahon
The Orange Savings Account from ING Direct is an online savings account
that has many attractive features. International Netherlands Group
(ING) is noted for keeping its costs down which in turn enables it
to offer a high Annual Percentage Yield (APY); currently it is
4.15%. Opening an account with ING Direct does not require account
holders to have a minimum balance and there are no service charges.
The facility of 24 x 7 internet and telephone banking offers
flexibility to account holders. An ING orange savings account can be opened online, by
telephone, or by mail. The verification process requires a validated
bank account. This also helps for setting up a direct debit system
for making regular payments to the online account. The ING Direct
website has a detailed FAQ page that one should read before signing
up for an account. Filling up the form for an account is a quick
process and should one not have required documents at the time of
application; the application can be saved for later submission.
A Welcome Pack and a PIN are sent by post to the account holder's
address. Banking the Online ING Orange Savings Account with ING Direct is secure and safe. Logging
in to an account requires entering the customer number, the PIN, and
the password. ING Direct uses the banking-industry standard 128-bit
SSL security. With ING Direct, one can split money into different
accounts covering things such as house expenses and travel expenses.
Money management becomes easier by having these split accounts.
However, paperless transactions mean that record-keeping by
maintaining a physical file of the transaction becomes difficult.
Also, an account activity record in the case of a joint account does
not mention the account holder. Account holders who have been with
the bank for at least one quarter can view the details of their
transactions on an online transaction statement.
Money can be added to an ING
orange savings account by means of a check, D.D, or a direct debit from an existing account with another bank.
One can also switch funds between ING accounts by using a simple
point and click procedure on a very user friendly interface. A
reversal of a direct debit from the ING Direct account can take up
to 5 days. Since a transfer to another bank can take a minimum of
three days; account holders need to plan their withdrawals from ING
Direct.
About the Author
Stanley McMahon recommends you visit OSAWatch for a more in-depth
review of the ING
Direct Orange savings account.
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