Orange Savings Account - anyone tried this?

Discussion in 'After Hours Lounge (Off Topic)' started by Scott Strang, Apr 26, 2004.

  1. Scott Strang

    Scott Strang Screenwriter

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    Orange account info

    Has anyone tried this? I wonder if it's being done to entice a buyout of the company. If they get enough accounts opened leading to a large ammount of total account holder dollar amounts it would probably make them attractive to perspective buyers.

    No fees? I wonder who they're loaning account holders money to to justify no fees.

    It sounds too good to be true so I figure it is. But maybe not.
     
  2. Todd Henry

    Todd Henry Second Unit

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    ING has been offering this account and high interest rates for a while. They can do it because they have no brick and mortar locations.
     
  3. CameronJ

    CameronJ Stunt Coordinator

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    Scott,

    I've had my savings accounts with Orange for about one year now - and I can't believe how happy I am with my measly 2%. Compare that to my normal bank - which pays me 0.35% on my regular savings - Orange is definitely worth it. It's been very convenient, haven't had any problems putting money in or taking it out.

    ING is a fairly large, well-diversified financial services company.

    My only complaint is that they make you actually log into their site before downloading transactions into Quicken.
     
  4. Nathan_R

    Nathan_R Supporting Actor

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    I've had an Orange account for two or three years. No complaints. Their short term mortgage options are enticing as well.
     
  5. ClintS

    ClintS Stunt Coordinator

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    I started with the ING Orange savings account about 4 years ago. I now have my mortgage and a HELOC with them. Good company, excellant rates and service. Zero complaints from me, I highly recommend them. They are a HUGE international bank very big in Europe. [​IMG]
     
  6. Travis Hedger

    Travis Hedger Supporting Actor

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    Heh, my only problem is that I forgot my account info. So they are mailing it to me now.

    I remembered after seeing this thread that I opened an account over a year ago with them with $1 and never touched it since. Now I can use that as my HDTV fund by throwing in a few dollars with every paycheck with an electronic transfer.

    Wonder how much that $1 has improved. [​IMG]
     
  7. Evan S

    Evan S Cinematographer

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    I have an ING Orange account. I also used to work for the company so I know they are legit. They are a multinational financial services company headquartered in Amsterdam. They are just starting to make their presence known here in the states. Deposit with confidence.
     
  8. Matt Gordon

    Matt Gordon Supporting Actor

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    I tried saving oranges for a while, but they went bad.

    My wife says putting them in the fridge helps.
     
  9. Richard Sharpe

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    I've also had one of these accounts for a few years now. They do have at least ONE B&M location - the cafe (yes, cafe) where I opened my account on E 49th St.

    Back then, they were offering over 4%. (And a free coffee.)

    Oh... wait...

    http://www.ingdirect.co.uk/
     
  10. Eric_L

    Eric_L Screenwriter

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    It saddens me to see people drooling over 2%.

    For long-term money there are MUCH MUCH better options.

    For short term money... well, it is short term, who cares? The difference in interest earned on $10,000 is about $5-$7 per month -not much in the SHORT TERM. Personally, my time is better spent pursuing other goals for the trouble.

    Never confuse longterm/short term goals. Google Asset Allocation.

    Meanwhile, ING is a highly rated insurance company.
     
  11. CameronJ

    CameronJ Stunt Coordinator

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    Eric,

    Theres a difference between Saving and Investing. Also - what if my asset allocation strategy requires that I put $$ in cash?

    I have a certain dollar figure that I want to have in a liquid, safe investment. Even though I'll probably never touch it (therefore it's long-term), I want to be able to get it in an emergency (it may be short-term).
     
  12. Eric_L

    Eric_L Screenwriter

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    Cash comes in many forms. TIPS are just one example...
     
  13. Jason L.

    Jason L. Second Unit

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    I have just started an account with them, and am very pleased with the ease of setting everything up.

    Of course, I haven't withdrawn any money yet.[​IMG]

    It is a very good place to park your money for the short term.
     
  14. Travis Hedger

    Travis Hedger Supporting Actor

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    Actually about a month ago I did some referrals. I was able to get 4 people to sign up and I got $10 for each. The money was put in as soon as the referral funds their account with a small amount as low as $1. It was able to be withdrawn 30 days after that date. Oh, and the people you refer get $25 as well. Not too shabby.
     
  15. Peter Loan

    Peter Loan Second Unit

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    Hey I want $25! Anyone wanna refer me?
     
  16. Jay H

    Jay H Producer

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    So I am thinking of making the switch to this Orange Savings or Electric Orange account but it seems to be linked via a checking account. I don't write too much checks anymore with electronic bill pay and all that so I keep a very bone minimum in it (as it's free anyway). Can one do a wireless transfer with any account to my ING orange savings account? Or do I have to basically transfer money to my Checking and then transfer money to ING. I'm not planning on setting up an automatic transfer schedule.

    Jay
     
  17. Kevin Eckhardt

    Kevin Eckhardt Stunt Coordinator

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    I just checked my ING account, and here is what it says on the "Link an account" page:

    * You can have up to 3 external account links.
    * The account you would like to link must be a personal checking account, not a brokerage, money market or savings account - institutions put restrictions on these types of accounts that prevent electronic transfers.
    * If your check has the words "Payable Through" with another bank name listed near the memo field, it cannot be linked.

    So it looks like you can only transfer to/from a checking account.

    Kevin
     
  18. Jay H

    Jay H Producer

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    Thanks Kevin, good info. I will I guess then have to transfer money from my local savings to my checking and then over to ING. I don't see why they wont allow you to link a saving's account. I don't want to give up my local savings account but don't need all my rainy day money in there either...

    Jay
     
  19. Chris Lockwood

    Chris Lockwood Producer

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    > I wonder who they're loaning account holders money to to justify no fees.

    Why would there be fees on a savings account?


    Where are you people seeing 2%? I have one of these accounts. It pays 4.5%.
     
  20. Michael_K_Sr

    Michael_K_Sr Screenwriter

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    This thread was started over three years ago when the Orange rate was hovering around 2%. It's been raised several times since then to its current level.
     

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