ING’s Direct Orange Savings accounts can be very useful savings platforms as they can be used not only as a savings account, but also as an emergency fund wherein you can save your money in the event of future necessity.

But, as with anything nowadays that we put our money into, you must educate yourself about it.

Here are a few things you might need to know about an Orange Savings account.

Orange Savings accounts have competitive interest rates as compared to the national average interest rates. Their annual interest rate is 0.90%, as opposed to the national average of other comparable savings accounts is about 0.15% per year. This is about six times the national average, making Orange Savings accounts a viable choice in which to house your savings.

Automatic Savings

Orange Savings accounts also have the option of automating your transactions. You have the choice to link up to five other savings accounts that you have in other banks. After linking your accounts, you can easily transfer money from your other accounts to your Orange Savings account and vice versa.

Suppose you want to have a good amount of money in one place for your next holiday. You need to start saving money to reach up to that amount. You can direct your ING Bank to withdraw, say, $50 each month from another bank of yours and deposit it with your ING Bank under an Orange Savings subaccount that you have nicknamed “Holiday Money”.

This is a convenient way to ensure that you have funds deposited into your account without needing to do it manually every month. Best of all, you can do all of this online.

Another example is to set up a specific orange savings account for money that you have earmarked to invest in the stock market.

Orange Fees

You also do not have to pay any fees for services provided by your Orange Savings account. Unlike other savings account providers that charge fees for so many things, such as charges for maintenance, inactivity, withdrawals from your savings or any other related fees that most banks surprise you with.

Also, when you withdraw money from your Orange Savings account at any one of the 32,000 ATMs they have nationwide, that transaction will also be fee free.

These are some of the most important things you should know about Orange Savings accounts, or any other savings account for that matter.

If you’re thinking about opening up a savings account through Orange Savings, here’s one more tidbit for you: because Orange Savings accounts are insured by the FDIC, you’re deposits are guaranteed up to $250,000 per depositor.

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