Unless you have a CD (certificate of deposit), very little money is ever made with savings accounts. For the most part interest rates hover around a low 1-2%. Then is making one dollar after a year worth the inconvenience of transferring your money back and forth between a checking and savings account? Well, there is a solution - ING Direct Orange Savings Accounts that offer 4.5% APY. Last year I made $300 in interest while keeping my money in their account. Opening an account online takes less than 5 minutes to complete and you start earning interest the next day.

4.5 % may sound too good to be true for a savings account but since ING Direct is an online bank with low expenses, they pass their savings on to you in interest. Worried about an “online bank” with “no location?” Well, here is how it works:

In order to open and ING savings account you must have a checking account at some other bank (Bank of America, Citizens, Sovereign, etc.). First, you deposit your money into your personal checking account then:

  • go online to ING direct
  • log into account
  • request transfer (from checking to savings)
  • wait and money is transferred into your online high yield savings account

How do you get your money out of the account? Well, the same way you put it in, just reverse the order – from savings to checking. It is easy enough.

**NOTE: When opening your ING account make sure you have your license, social security number, and your savings account number and routing number (found on the bottom of a check).**

The Orange Savings Account. Earn 4.50%. Great rates, no fees, no minimums