I posted yesterday about the second step for getting out of debt. Here is a way to earn some extra money to get 10% of your income saved.  I have always enjoyed these type of promotions because they don’t take much time, but can earn you a little extra money.

If you are interested in opening an account, please email me ( mhforc [at] gmail [dot] com and let me know if you want to open an Orange Savings Account or an Electric Orange Checking Account.  You will need to include both your first and late name in your email to me because I need to refer you by name.  Just put ING savings in the subject line so I know which account you are interested in.  I will not use that information for anything else.  If you use the link I email to you you’ll get a $25 sign up bonus.

Introducing ING Direct Orange Savings Account

I have banked with ING Direct since December 2, 2004.  Since that time I have had bank accounts online with Netbank, Everbank, and Citibank.  In addition I have had bank accounts at First Tennessee, Memphis Teacher’s Credit Union, First Community Credit Union, and Wachovia.  (Can you tell I like to sign up for bank accounts that are offering promotions to join?)  Without a doubt, ING has been my favorite bank.

Here is what I like about the ING Direct Orange Savings account:

• Competitive interest rates above the national average. Currently (April 30, 2009) their savings account interest rate is .25% Annual Percentage Yield for their checking account (Electric Orange) and 1.56% for Orange Savings account.  Not really much interest, right?  Well no one is giving much interest right now.  Compared to Bankrate’s reported national average of 1.34% for savings accounts ING is still offering some of the best interest rates in the country.  For comparison back in December 2007 they were offering 3.20% for the checking account and 4.14 for the savings account.  Check the current rates.  American Express savings account can have a higher interest rate.  Still, I would not have an account there.
• No fees.  NO FEES! Like I mentioned earlier I have been with ING since 2004.  In that time I have never paid any fees.  They only have a minimum balance of $1.  Now if you want to overdraw your account and other such things, then expect to pay fees.
• Fee Free ATM network nationwide. You can withdraw money from any one of 32,000 ATMs nationwide within the Allpoint network.
• Easy to set up. Never set up a bank online?  The set up process is simple.
• Easy to automate. With an ING Savings account you can link up to five other bank accounts.  They you can automatically transfer money from those accounts to your ING Savings account.  If you prefer to make your transfers manually you can do that also.  This is a great budgeting tool.  For example, let’s say you have decided to have an all cash and debt-free Christmas for 2009 and you need to save $75 per month.  Just tell ING Direct to take out $75 on the first of every month from your local bank and transfer it to your ING Direct Savings Account that you have nicknamed “Christmas Money”.
• Open multiple accounts that you still access through one main page. This is perhaps one of my favorite features.  You can easily have an account for savings, an account for a new vehicle, an account for Christmas.  Transferring to and from your accounts is simple.
• FDIC Insured.

Any disadvantages?

• Like all internet banks you need to have time for your transfers to take affect.  2-3 days is typical.  This is not a problem for me, but may be for you.
• ING will put new funds (check) on hold for 5-7 days until the funds have cleared.
• They limit the number of online transfer withdrawals from all of your accounts to five a month.  This does not include ATM usage.

Want to join?  If you allow me to refer you and you deposit at least $250 then you will get $25 (and yes I get $10, but I think you are better off).  This applies only to new customers.

Send me an Email if you want a $25 ING Direct Savings Referral Bonus