Virtual Bank at 4.6% – ING Orange Savings at 4.2% (APY)

While reviewing all of my accounts preparing my net worth for October, I noticed something very interesting.

Back in May, I wrote up a little comparison of the savings accounts at Virtual Bank and ING. At the time, their interest rates were tied. Not anymore. Virtual Bank clearly has a lead over ING since their APY is at 4.6% and ING is at 4.2%.

Since I am an account holder at both banks, I am going to go ahead and shift most of our savings over to Virtual Bank for the time being. It doesn’t take long to initiate the transfer online and I’ll make a little bit more per month. We’re talking pennies at this point, but I do need to get into the habit of watching the rates and transferring money if necessary to take advantage of better rates.

If you are interested in starting a savings account at either bank, I do still have referral bonus links for both banks:

ING Orange Savings $25 Referral Links – Use this link to go to my other page where you can sign up for a new account and get a $25 bonus deposited in your account. You need to deposit at least $250. (The owner of the referral link gets $10 – I ran out of my links and I’m currently hosting links for others.)

Virtual Bank $20 Bonus – Contact me and I will send you a link to use to receive a $20 bonus. You need to deposit at least $100. (I will receive a $20 bonus as well under their “Refer a Friend” program.)

If I had realized sooner that Virtual Bank’s APY rate has been higher than ING’s rate, I could have transferred my money sooner. It just goes to show that you should review all of your account statements each month. Since the statements were for my savings accounts, I admit I didn’t pay too much attention to them. Lesson learned – watch those rates!

Posted by Tricia on November 3, 2007 at 10:43 PM in Saving Money | 1 Comment »
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Graham responded:
Posted: November 12th, 2007 at 1:03 am
I’ve had my ING Orange Savings account for two years now and couldn’t be more pleased. The customer service is second to none, the website is well laid out and easy to use and best of all I haven’t incurred a single fee while I’ve banked with ING. Along side an Orange Savings account I also recommend getting Electric Orange. A feature I particularly like about Electric Orange is free online bill pay. When its time to pay my monthly bills I can transfer funds instantly from Orange to Electric Orange and pay everything from credit cards to utilities.

The interest on Electric Orange varies from 3.25%-4.90% APY depending on balance while Orange does not employ a tiered interest rate and is currently at 4.20% APY.

For those of you looking to get that $25 referral, shoot me an email at rad_lobster@yahoo.com and I’ll be happy to send you one.