For those finding this page from searching for “ING Direct’s Routing Number,” the routing number in question for the Orange Savings Account is: 031176110.
ING Direct (the operating name of ING Bank, fsb) is one of the more well-known choices in online saving account. ING has spent quite a few pennies to advertise and market their famous Orange Savings Account across the web, on many websites that deals with personal finance. You’ve probably seen their advertisement at site such as MSN’s Money section, BankRate.com, and if you use MS Money 2005, ING Direct is also heavily advertised within the program too. (An annoying “feature” of MS Money 2005).
So what is ING Direct? Unlike other banks, ING Direct has only a few physical locations. In fact, its three locations across the United States isn’t even really a banking center at all. They’re cafes. While serving you some hot refreshment, they’ll tell you about the products and services they offer. ING Direct is backed by ING (NYSE:ING), a global financial institutional. ING Direct isn’t a full service bank, they offer specific products and services, and the main one we’ll talk about today is the Orange Savings Account.
The Orange Savings Account is definitely one of the more popular online savings account, and to date, is still one of few places where I park my money.
You should realize that this is an online savings account, and one of the requirements to open this account is to have a pre-existing checking account from another bank. This is how majority of us will be accessing our money, via electronically transferring our money from our current checking accounts to the Orange Savings Account through the ACH (automated clearing house www.nacha.org).
Many people out there are still uncomfortable with the idea of an online banking account, or any online banking in general, but the truth is, they’re as secure (when precautions are taken) and safe as real life banking. In fact they’re easier, faster, and in my opinion more secure as there is less chance of human error (unless you input the wrong amounts in the transaction yourself).
Just like how you wouldn’t go around giving out the PIN number to your ATM/debit card, you shouldn’t go around spreading your online banking account name and password.
With the lack of physical locations and the fact that majority of transactions are conducted online, ING Direct saves money on the overhead cost and pass the saving onto the customer.
The rate for the Orange Savings Account is a variable APY (annual percentage yield). Interest on the account is accrued daily, compounded monthly and credited to your account at the end of each month. The variable interest has been changing consistently upwards lately, as interest rate across the nation rebounds to more reasonable levels. (2.35% beginning 2005, 2.60% during Feb, a bump of 2.8% in March, and bumped again to 3.0% in April of 2005.)
There is no minimum balance required for the OSA (Orange Savings Account), and you don’t have to keep any specific amount to qualify for the rate of 3.80%
There are also no fees, no service charges, and no hidden cost. So it doesn’t matter if you open the account and deposit and keep $1.36 in deposit, there won’t be any maintenance fees on your account, nor would there be any service fees when you call to ask them how your $1.36 savings is doing. Like many national banks, the Orange Savings Account is FDIC insured. (ING Direct’s FDIC certification)
You have 24 hour access to your funds thru their online website or the interactive phone system, and you can also contact ING Direct sales associate during office hours if you prefer. (Seven days a week, 7AM to 9PM EST)
As mentioned above, the application process for ING Direct is straight-forward and easy. It took me around 5-10 minutes to setup my account. Although having high-speed internet and being familiar with online application process does help speed things up a bit. In either case though, even if you’re not familiar with some of the questions asked, there will be helpful information provided whenever you need it. You can always call the good customer service with any questions you have on account opening, I’m sure they’ll be glad to walk you through with it. One tip on opening the account online: when you choose the initial checking account to “link” to (more on this later), you should choose the checking account that you use the most. This allows for easier and quicker access to your funds.
Accessing your money in your Orange Savings Account works via linked accounts. When you first open the saving account, you have the option to add in the checking account you’ll like to have the OSA linked to. By inputting your account number, bank routing number, you’ll be able to electronically transfer your money from the OSA to your checking account. The Orange Savings Account allows for up to 3 externally linked accounts. One gripe about the linked account is that the first initial checking account linked is easy and straight forward. (Putting in your account number and routing number during OSA opening process) If you want to add more checking accounts, you’re required to mail a check of $1 to them from that particular checking account (noting in memo line that you want this account linked to account number XXXXXXX) this isn’t a terribly big issue, but it’ll be easier if they stick to the online linking process.
Once these linked accounts are setup, you can fund your account by transferring from your checking account to the Orange Savings Account. Transfers are typically done in 3-5 business days, although the transfer time varies from bank to bank. For me, a transfer from my OSA to my Bank of America checking is blazing fast. I usually see the transaction concluded within 1-2 business days. You can also fund your account by mailing checks to ING Direct, although I wouldn’t recommend this route. According to their disclosures, they’re not responsible for any lost and mishaps, even if they do take all necessary care and precautions in handling your checks. So the best way is to deposits your checks into your checking account, then transfer the funds. Another method for funding the account could be from setting up Direct Deposits from your employer or other income source. In setting up your direct deposit, you can also specify how much you want to be taken out of your paycheck.
When you transfer or deposit funds into your account, funds are subjected to a 5 day holding period before they become available. They begin accruing interest on the second day of transfer, but you won’t have access to the funds for security reason and float time. (Note that when new accounts are opened, initial deposits of funds won’t be available for 10 days). You should also note that, due to federal law, you’re allowed to only transfer out of your savings account 6 times per monthly statement cycle. (Although you’re not limited to the number of transfers you can make into your savings account). Because of these reasons, and the time it takes to transfer accounts, I generally consider my Orange Savings Account my “medium liquid” parking lot. This is where I park money that I know I won’t need for the next 1-3 months, but may need further down the road. For money that I need immediately, I just keep them in my checking accounts, or my credit union saving account that I have easier immediate access to. And for money that I “shouldn’t” touch in the near future, they’re allocated to other investment vehicles accordingly.
ING Direct’s customer service is also fairly good. Of the four times I’ve called to inquire about my account, I was greeted courteously and helped promptly. The wait on the phone was not long at all too; in no instances did I have to wait over 5 minutes.
Once on a particular day, I decided to pay off my $3,000 credit card debt, since the introductory 0% balance transfer rate was nearing the end. I initiated a transfer of $3,000 from my checking account to my OSA. For those that read it right, yes I transfer the money the wrong way around. I wanted $3,000 from my OSA to my Bank of America checking, so I can pay off the credit card via Bank of America’s Online BillPay. I didn’t realize my mistake till the next day (or rather 10 PM PST that very night, which is 1 AM EST for ING Direct), and I was a bit distressed since my checking account had only about a thousand in it, definitely grounds for a nice insufficient funds fee. So I woke up early in the morning (um, stayed up since I’m a night owl anyway), and called ING Direct at 4 AM PST (or 7 AM EST, their office hours). After a quick talk with a customer service rep, she told me she’ll forward the cancel transfer request to the proper department, although she can’t guarantee that the transfer could be stop in time. I told her to go ahead and try anyway, while I try to pull $2,000 out of my buttocks to avoid the silly $16 overdraft fee for my checking account. Thankfully for my butt, the transfer was stop in time when I check the account again at 4 PM PST that very day I called.
Besides the customer service, ING Direct’s website is also easy to navigate and use. Login in and out of your account is straight forward, though it can be tedious at times. There’s no password or login saving allowed (for good reasons), and you’re required to input your customer number; your PIN; and your zip code/birthdates/OR parts of your social security number. Transferring money via their website is fool proof (well, almost). When you initiate a transfer, there’s a confirmation screen before you press the “Submit transfer” button so you can verify the amounts and transfer locations. Online accessibility features usual account stuff such as seeing your current balance, account activity, and monthly statement online. You can also choose to have paper statement mail to you. ING Direct does prefer you to use the online statement to save them money, and thus offer you an incentive to do so by entering you into a drawing when you stick with online statements. You can also download your ING Direct account statements to MS Money or Quicken. The website can be a bit cartoon-ish at times, but at least it doesn’t really hurt the eyes (unless you HATE the color orange), and there’s lots of other useful information like saving tips and saving education for kids. (www.orangekids.com) There’s even an ING Direct shop where you can purchase ING Direct gears such as shirts and even an Orange soccer ball! (I suppose for the hardcore ING Direct customers/fans.)
Overall I’m fairly happy with my Orange Savings Account. I would highly recommend it to anyone looking for a particular account such as this to place their money. The $25 account opening bonus is definitely a nice incentive too. Their rates are definitely higher than the national average for savings account. Although there are other competitive rates that are higher than ING Direct’s. For example, Emigrant-Direct’s American Dream Savings Account (www.emigrant-direct.com) is currently at 4.0%, as is Capital One’s High Yield Saving Account which is at 3.45% (www.capitalone.com/savings). The online saving account market is particular hot and heavy right now, and competition is great for consumer like us.
At the end though, even with the higher rates out there, I choose to stick with ING Direct for many of the above mentioned reasons. There are also a lot of people out there that have accounts with different online savings account, and they move their money to whichever that has the current highest rate. (Although some interest will be lost during the time for the money to transfer, etc.) Personally even with the lower rate, I prefer ING Direct because it’s easier to access my money than some of the other accounts mentioned above. (A brief review of Emigrant Direct can be found here). So if you’re shopping around for a higher yield online savings account, you should definitely take a look at ING Direct’s Orange Savings Account and see if it fits your needs. Although these particular accounts usually involve no fees and no catch, I would still recommend you to shop around and do research. By choosing the right account for your needs the first time, you can save a lot of time and subsequent hassle.
Updated 7/21/05:
ING Direct has updated their rate to 3.15%, still lower than some of the higher rates out there. I think I will still stick with ING Direct because their service is what I’m looking for, but I’m keeping an eye open for some other no minimum required saving account options. One good alternative is HSBC’s Online Savings Account.
Updated 10/06/05:
ING Direct has updated their rate to 3.40% as of 9/20/05. They are currently pretty far behind in terms of rates by similar competitiors. Emigrant-Direct’s current rate is at 4.0%, while HSBC’s is at 3.75%. I’ve decided to give ED a try again, and I’m in the proces of opening an account at HSBC.
Updated 01/14/06:
ING Direct has updated their rate to 3.8% as of 12/31/05. It’ll be pretty silly for me to keep updating their rates. You can always refer to the latest rate at ING Direct’s site.
