Wednesday, August 20, 2008

Orange Savings Account

I did it folks. Yesterday I opened up an Orange Savings Account with ING Direct. Kim let me know in April on our grown folks trip that the OSA really is that deal. I was dragging my feet when I first heard about it more than four years ago. I'm not a trailblazer or anything like that, so I want to make sure the bank's not going to fail and that my money is FDIC insured before I electronically send it anywhere.

BUT I always knew I wouldn't be getting my grown woman on until I opened one. Well, it's official: I'm an adult. LOL!

Now here are the Tea's Top 10 reasons you TOO should open an Orange Savings Account, if you haven't already.

10. All the grown folks are doing it.

9. They have a delightful little cafe on Chestnut between State and Wabash. Not only can you go in and chill, watch the news, check your email and/or read the paper, you can open an account AND you get a free coffee for opening it (Do you know how much a grande latte or Chai Tea will set you back these days?) To add to the ambiance the people who work there are uber-nice AND they donate all of their pastries to charity at the end of the evening. If you go there close to 7 p.m., they will consider you charity and give you all the pastries you can take. I definitely came up in more ways than one today.

8. If you open an account and give them my name, I can get some dough. (FREE MONEY)

7. If you open an account, then one of your friends opens an account you can get some dough (FREE MONEY)

6. If you open it with $250 they give you a bonus $25. You KNOW how I feel about free money!

5. There's no minimum balance to open an account. That's right one penny can get you started.

4. You can set up automatic withdrawals from your checking account from another bank, so the loot is out of sight, out of mind.

3. The APY is 3.0 (This really should be the ONLY reason you need, but... you know, I have a blog to maintain here)

2. Because wealth building is important to foster and maintain the strongest communities and when my paper gets long[er] you cannot borrow any money.

1. Because in the time it took you to read this post you could have already opened an account.

Do you have an Orange Savings Account?


antithesis said...

great post and good for you for handling your grown woman affairs! i do not have an orange account. i have a red,white, and blue account (bank of america). they havent really done anything bad to me yet so imma stick w/ them. it's good to know about ING just in case

Torrance Stephens - All-Mi-T said...

so u think that is better than opeing up a forex account over seas?

hope u dont mind the query or drive by

kay* said...

i've had a savings account with ing for about 2 years and it is awesome! when i opened you only had to open with $100 (or maybe it's a canadian thing?) and they gave you like $15 free. I didn't get an atm card for it because i really wanted/want to save so every time i even think about accessing it i know it will take 48 hours for the money to transfer to my regular i rarely touch it. the interest you earn is wicked and the automatic transfer makes it so that you dont even miss your funds!

good choice mrs t!

ThummyB said...

YAY! I opened up one of these about 3 months ago, and it is doing great!

T said...

@ all-mi-t,

I don't mind the drive by at all. What's this forex you speak of? Elaborate. I'm open to listening to anything about making money.

black_sun said...

No ING account for me, but I did open an EmigrantDirect account from Emigrant bank. It was very similar to the ING offerings at the time in that there are no fees, no minimum is balance required, and its easy to get an account started online. When I opened the account about 2 years ago the APY was a jaw dropping 5.5% (its currently at 3%). When you see the interest adding up, it really motivates you to put more money in the account so you want to save (and earn) even more. I tried to put your girl up on it, but she wasn't listening to me. Looks like she's finally come to her senses. LOL.

In your post it sounds like ING is offering a few extra perks now and has an office in your area so those are a big plus. You made a good decision.

Reese Johnson said...

good post T, i have a citibank e savings taht i opened 2 years ago when rates were good, im still pullin 4.75 apy on it because they lock in their rates but i may look into the ING move because i need to diversify cause i see that savings so i been touching it lol

black_sun said...

PS - T's post is about SAVING. A forex account is NOT a savings account, its an investment account. They may earn more money, but the risk is MUCH higher. You wouldn't put all your savings into the stock market, just as you don't want to put all your savings in a forex account. Its just too risky.

There should be space for both saving and investing in everyone's portfolio, but don't confuse the two.

T said...

1. I see I need to write about money more often. It's not even 10 a.m. and I got too many comments.

2. Good to see I have so many money-minded friends and readers.

3. Speaking of coming to one's senses? If that's not the pot calling the kettle black[_sun], I don't know what is.

Luvvie (aka Queen IG) said...

I got that young ING orange!!! opened mine online. So convenient.