Orange Saving Accounts: A Better Option for Savings

2007-03-08 10:33:40

( Financial )



Orange saving accounts, also known as ING orange savings accounts or ING savings accounts are online savings accounts that offer one of the highest annual percentage yields in the market today.

Orange saving accounts is different from a traditional savings account, in that, Orange saving accounts can only accept transactions online, whilst traditional savings accounts have bank branches that you can visit and deal with.

With an Orange saving account, your traditional checking account is linked to the Orange saving account to make it easier for you to make regular deposits to your ING savings account. Any withdrawals that need to be made from your Orange saving account are done online. Deposits and withdrawals are received within 2 to 3 business days after the funds are sent. This is the main reason why Orange savings accounts can yield high interest rates, as there are lower operational costs involved in operating such an account.

Opening an Orange saving account is easy, and can be done in two ways: by filling up an application form online, or by printing the application form, completing it and mailing it.

Filling up an application form online provides you a faster processing time, as all you need to do after filling up the application form online is to review your account information, review the bank terms and conditions and provide information on your checking account including its routing and account number. You will then be given a customer number and personal identification number which you will use each time you log into the bank’s system. After this process is complete. You will receive two small amounts that will be deposited into your traditional checking account, confirm with the bank as to the amounts that have been deposited within 60 days, and then your online savings account will then be ready for you to use.

Sending your application form by mail will take several weeks to process before you can open your bank account. The bank will still need to send you your customer number and PIN, and can only start using the account after your initial deposit has been received, and after you verify the amounts of the deposit made on your traditional checking account with the online bank.

There is no required minimum amount for initial deposit into your Orange saving account, nor are there any service fees charged to your online savings account for the transaction.

Although Orange savings accounts operate online, there is still a customer service number, which you can contact for any technical matters.


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