Opening An ING Bank Account

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ING Direct operates direct retail banking activities for customers in Australia, Canada, France, Germany and Austria, Italy, Spain, the United Kingdom and the United States. The main products offered are ING bank accounts and mortgages, and increasingly also mutual funds and payment accounts. Being a member of the U.S. Federal Deposit Insurance Corporation, ING bank account deposits are insured up to $100,000 per account

The ING logo dates from 1991 and is an abbreviation of Internationale Nederlanden Groep It is the 13th largest financial institution in the world. With headquartered in Netherland, it serves 75 million ING Bank Account customers in 50 countries and provides services in the areas of wholesale and retail banking and insurance. The bank has assets valued at $600 billion. In the U.S. its headquarters are located at 1 South Orange Street Wilmington, DE 19801.

There are three types of on-line ING bank accounts that can be opened through ING Direct, which are:

(1) Orange Savings ING Bank Account: There is no minimum balance required to open a Savings Account. The current annual percent yield (APY) is 3 percent. There are no fees or service charges.

An Orange Savings ING Bank Account makes your money available to you whenever you need it. If you have an Electric Orange (mentioned below), you can transfer any or all of your available balance from your Orange Savings Account into your Electric Orange and have it instantly available for debit card or check purchases and payments. When you open your Orange Savings Account, it is automatically linked to the checking account of your present bank. You can make deposits or withdraw funds by transferring money between your accounts online, through bank's Interactive Phone Service, or by speaking with a Sales Associate.

To apply online or download an application for an ING bank account, simply click on the "Open an Account" button on the web site:

http://ingdirect.com

or http://home.ingdirect.com/products

or

http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount

There is also a button for "products and rates."

The application form, which is very short and simple, can be filled on-line, or downloaded and mailed. You can also call toll free at 1-800 - ING - DIRECT (1-800-464-347328) to talk to a sales associate who will help you open an account on-line or send you an application form by mail and answer any questions. The phone lines are open between 8 AM and 11 PM U.S. Eastern Standard Time.

(2) Electric Orange ING Bank Account: It is America's first all-electronic, paperless checking account. The interest paid depends on the balance in the account, with online Free Bill Pay, easy access to cash, an Electric Orange MasterCard® Debit Card. It provides the access and convenience of checking with the earning power of savings. The current annual percent yield (APY) ranges from 1.75% for deposits of less than $50,000 to 3.4% for deposits of $100,000 or more.

 

(3) The Orange CD: Orange CD's, another form of ING bank accounts offer a higher annual percent yield. They too are FDIC insured and carry no risk. You earn a predictable return but your money is locked for the period of the CD.

The Orange CD also comes loaded with features like automatic renewal, easy online account maintenance and interest disbursements. By selecting interest disbursements, you can elect to have the interest your Orange CD earns automatically transferred monthly or annually to your ING bank accounts Electric Orange, Orange Savings Account or your linked account. As with any CD, should you decide to withdraw your deposit before the end of the term, certain penalties will apply. One must bear that in mind and ask the details of such penalties from the bank.

The annual percentage yield (APY) is 3.30% for 6-month to 12-month CDs and drops to 3% for 18-month to 24-month CDs. Then it gradually rises to 4% for a 60-month CD.

The Orange CD ING bank account can also be opened on-line or by calling 1--800--ING--DIRECT (1-800-464-3473.) for help or to obtain an application form by mail.

Though 120,000 people work for ING, it has no physical bank offices. That is why it offers a bit higher annual percent yields (APY), lower rates for mortgages, and more attractive terms for insurance. The ING bank accounts are accessible 24 hours a day by a click of your mouse. There is no need to drive to a bank and wait in line.

 

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