Orange Savings - ING Direct’s Savings Account vs. HSBC and Emigrant Direct

Posted by debt kid on the July 28th, 2008

ING Direct’s Orange Savings account boasts one of the highest APY (Annual Percentage Yield) of all online high yield savings accounts.

The current rate is: 3.00% APY

APY vs. APR

APR is the annual rate of interest without taking into account the compounding of interest within that year. Alternatively, APY does take into account the effects of intra-year compounding.
Security at all of ING’s web properties is incredibly strong. When I could not find my customer number, the extensive phone review to reset my account was very reassuring.

Your Orange Savings account needs a checking account to link to. This allows for the quick transfer of funds to and from your online savings account. Fund transfers have typically showed up in my account as quick as 2 business days from the day I requested.

Your best bet when choosing an online savings account is to go with the highest rate available from the major online banks. HSBC, ING, and Emigrant have all been around for awhile, and while their may be minor differences between the three majors, they all offer the same basic features:

  • No minimum balance
  • Link to a checking account

Setup your ING Savings Account Now: Click Here

HSBC Direct

HSBC’s current rate is: 3.5% APY

Emigrant Direct

Emigrant Direct’s current savings rate is: 2.75% APY