ING Direct Online Savings Account

ING Direct was one of the first online-only banks to offer a high yield savings account that, at times, has paid interest rates that are more than 10 times the national average.

Known for security, a friendly user interface, and an emphasis on savings, not borrowing, ING quickly earned the loyalty (and deposits) of millions of Americans. And an ING Orange Savings account is where Lauren and I still stash our emergency fund.

Although originally launched by Dutch financial giant, ING, the U.S. operations of ING Direct were purchased by Capital One in 2011. As of February 2013, ING Direct will be rebranded as Capital One 360.

As I’ve always been happy with ING Direct, I’m hoping little changes but the logo. Right now, ING Direct offers:

  • A decent savings interest rate.
  • No minimums or fees.
  • A super secure and user-friendly Website.
  • Up to 30 sub-accounts to save for specific goals.
  • [Optional] A free online checking account with debit MasterCard

Opening an account takes just five or ten minutes. Once your account is open, your checking and ING accounts are “linked” and you can transfer money back and forth at any time (transfers take two business days). If you choose, you can link up to two additional accounts to your savings account.

The best way to fund your savings account is by paying yourself first — putting money into savings as soon as you get paid—and ING makes it easy with their automatic savings plan feature. Just choose how much you want to save and how often, and money will automatically be transferred to your account on a recurring basis.

Need to get at your cash? You can request a withdrawal online 24 hours a day and the money will be sent to your checking account within a day or two. If you need ATM access, ING has a free, interest-bearing online checking account option that includes a MasterCard debit card.