ING Orange Savings Account

I took the advice that everyone left me in the comments of the post about savings accounts and went ahead and opened up a savings account with ING Direct. It was a pretty painless process; I just typed in my information and it was set up. I do have to wait a couple days to verify my bank account but I’m not in any hurry anyway. I am considering transferring the little that I have saved at the bank to the ING account since the interest is a little better (currently 1.10% with ING).

I decided to give it a try because I like the idea of having subaccounts so I can save for the unexpected expenses as well as building up an account that I don’t touch. I also like that it can be transferred so easily from my checking account at the bank.

The Orange Savings Account with ING also offers an auto savings plan that will automatically debit from your bank account every month (which may not be a bad idea in my case). I’ll wait a couple months I think before I enroll in that.

I am also considering opening a checking account with ING since they’re offering a $50 bonus (code FEELESS). I already have 2 checking accounts and a paypal debit card, plus the savings account at the bank and the new one I just set up with ING. I think adding another checking account would only add to the banking confusion. BUT, the ING Checking account is paying interest and neither one of my checking accounts is paying me anything. I do have some kind of cashback thing with the Paypal account. It might be worth it for me to close one of the other checking accounts and move my banking with ING. Not sure yet.

I am going to start my loose change challenge Monday and whatever change I come up with I’ll be adding to the savings account.

A big thank you to everyone for all of the savings suggestions. I think as soon as I get that emergency fund going, I’ll be able to worry less…and relax more. Peace of mind is a great savings account.

Have a great weekend!