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Hi I am new here. Does anyone know if there is a downside to a ING Direct Orange Savings Account? They offer an annual percentage yield of
2.6%, no minimum deposit requirement, no fees or service charges, and according to the ad, you can transfer funds easily back and forth from your checking account into this savings account. There must be a catch?
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Welcome downisland!

I've had an ING Direct account for a little over a year now, and I would say, there really isn't a catch. I get part of my paycheck directly deposited and so far, sailing has been smooth. I made some recent large purchases and transferred a bunch of money from ING to my regular checking account at another bank with no problem.

The only "catch," I guess is that you can't instantly transfer money. It might take a few days to clear. As long as you plan for this, ING is a great choice

- Illini2001
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It's the direct regular deductions from your paycheck that I'm interested in. Do depositors have to continue to follow some sort of automatic,regular, deposit requirement with ING or could a depositor just deposit money when and if you wanted to? Thanks very much Illini for the quick, and informative response.
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It's the direct regular deductions from your paycheck that I'm interested in. Do depositors have to continue to follow some sort of automatic,regular, deposit requirement with ING or could a depositor just deposit money when and if you wanted to?

You can set up deposits whenever you like.

You might also want to consider Emigrant and Capital One which offer similar accounts with similar features but at higher interest rates (currently 3.25% and 3.05% respectively).

--B+C
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I have my pay deposited in my Wachovia checking account, then I log on to ING and move whatever amount I wish whenever I wish, from Wachovia to ING.
Hope this answers your question.
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Do depositors have to continue to follow some sort of automatic,regular, deposit requirement with ING or could a depositor just deposit money when and if you wanted to?

yes :)

I really like the ability to have a start and stop date at ING - I use it to immediately save the SS money when my husband tops out and have it go on through the last paycheck of the year

I think the only downside can be the lag time in money movement but I don't need cash particularly fast .

rad
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They offer an annual percentage yield of 2.6%,

I'm surprised no one's correct this yet, so I will.

ING raised their rate to 2.8% yesterday morning (BEFORE the Fed announcement, contrary to what one might think, and some have written).

I still have my account open at ING, but it has $1 in it. I transferred all my money to EmigrantDirect (now paying 3.25%). There's plenty of discussion on ED in the Online Banking board, including some posts from me describing a few glitches I encountered with the signup process. Other than that, I've been very happy with ED, especially with the 1-day access to money. (Request a transfer to your linked checking account one business morning, and it's available the next business morning.)

Ken
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>Do depositors have to continue to follow some sort of automatic,regular, deposit requirement with ING or could a depositor just deposit money when and if you wanted to?

To my knowledge, you are never obligated whatsoever to have any recurrent regular deposit. You can put in whatever amount you want, whenever you want =)

Best of luck

- Illini2001
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I have been a happy customer for the last year or so. The electronic transfer takes a few days sometimes, but that's not a problem for me.
JG
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For the record, I have one last referral available. $25 for you, $10 for me.

Fuskie
Who needs the $10...
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ING can take a week to clear a deposit -- they pretend the pony is being ridden cross country rather than EFT. I pulled our money out of the Orange accounts. Furthermore, ING does not do automatic monthly transfers to your checking, for those of us who would like to buffer an annual withdrawal. All in all, not a particularly user friendly place.

db
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Furthermore, ING does not do automatic monthly transfers to your checking

Are you sure about that? It looks to me like they can if you instruct them to.

--B+C
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I was told ING didn't do auto monthly transfers to your checking, only from your checking, but then my experience with their staff has been underwhelming, so I may have gotten bad advice.

db
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Does anyone know if there is a downside to a ING Direct Orange Savings Account? They offer an annual percentage yield of 2.6%

Have you looked into EmigrantDirect.com? They offer a higher rate (3.25%). They are the online division of a long-time NY savings bank. According to some folks on the online banking board they handle transfers to/from your checking faster than ING also.

I just applied for an account with them 2 days ago.

http://www.emigrant-direct.com/info.php

2old
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Actually, ING just annoounced its rate has gone to 2.8%. Only "down" side is it doesn't post transfers (in or out) until the first business day following the request. My bank, of course, doesn't post it until the day after that.

Fooldaveonce
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