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The Orange Savings Account from ING Direct is an online savings account that has many attractive features. International Netherlands Group (ING) is noted for keeping its costs down which in turn enables it to offer a high Annual Percentage Yield (APY); currently it is 4.15%. Opening an account with ING Direct does not require account holders to have a minimum balance and there are no service charges.

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The facility of 24 x 7 internet and telephone banking offers flexibility to account holders. Account can be opened online, by telephone, or by mail. The verification process requires a validated bank account. This also helps for setting up a direct debit system for making regular payments to the online account. The ING Direct website has a detailed FAQ page that one should read before signing up for an account. Filling up the form for an account is a quick process and should one not have required documents at the time of application; the application can be saved for later submission.

Where can I get a direct deposit form Sign in to your prepaid account at //my.accountnowvisa.com and click Quick Start to access your personalized Direct Deposit form. How do I find my routing and account numbers Sign in to your prepaid account at //my.accountnowvisa.com and click Quick Start to access your personalized direct deposit form. Your routing and account numbers are on the form.

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A Welcome Pack and a PIN are sent by post to the account holder's address. Online banking with ING Direct is secure and safe. Logging in to an account requires entering the customer number, the PIN, and the password. ING Direct uses the banking-industry standard 128-bit SSL security. With ING Direct, one can split money into different accounts covering things such as house expenses and travel expenses. Money management becomes easier by having these split accounts. However, paperless transactions mean that record-keeping by maintaining a physical file of the transaction becomes difficult. Also, an account activity record in the case of a joint account does not mention the account holder. Account holders who have been with the bank for at least one quarter can view the details of their transactions on an online transaction statement.

Savings remain accessible but when cash is withdrawn, so the amount on which interest is payable will increase. This can mean that effectively savings can earn significantly higher rates of interest than if left in a traditional savings account. Standard variable interest rates may be a couple of per cent above savings rates. Income tax is also normally payable on savings interest however this does not apply to savings made on the mortgage. For a higher rate taxpayer offsetting savings against a 6% mortgage product is equivalent to earning 10% on savings.

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Money can be added to an ING Direct account by means of a check, D.D, or a direct debit from an existing account with another bank. One can also switch funds between ING accounts by using a simple point and click procedure on a very user friendly interface. A reversal of a direct debit from the ING Direct account can take up to 5 days. Since a transfer to another bank can take a minimum of three days; account holders need to plan their withdrawals from ING Direct.

Intelligent Finance gained a reputation for offering savings account and offset mortgage loans . Now, the direct mortgage mortgage consumers who use the bank will also be able to access life insurance protection for their family.

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Stanley McMahon recommends you visit OSAWatch for a more in-depth review of the ING Direct Orange savings account.

Mortgages offered by lenders without any proof of previous mortgage history, proof of income. The usual maximum loan to value is around 70%. O Occupational Pension Scheme A pension scheme set up by an employer for its employees. Offset mortgage Offset or all in one mortgages allow you to offset the balance of your mortgage, and any other borrowings you have, or current account that is held with the same lender. All your borrowings and savings may be combined in one account.

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Pays your mortgage for a limited period if you can't work or are made redundant. Mortgage valuation A valuation, carried out by your mortgage lender, of the property that you want to buy. N National Savings free savings accounts run by the Government. Negative Equity When your house is worth less than your mortgage because the value of the property has fallen.

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