The ING Direct Electric Orange Checking account pays handsome interest for savings deposits. Then, I the consumer is interested in business savings, there is an option of the ING Direct Orange for Business. Apart from these no-frills savings accounts, there are several other equally likable investment options available with the ING. There are these CDs with highly competitive rates ranging for a period of 1-5 years along with mortgage or home equity loans for people in need. Say, the moment you get to earn a high interest amount, you can straight away zap it into a CD and get ready for some supplementary benefits as well.

• The investor requires a minimum deposit of $5000 in order to open an account and after it gets opened the balance can become lower than that, if required.
• The investor is allowed a maximum of six withdrawals every calendar month.
• The deposit is offered FDIC coverage for any amount up to $100,000.
• There are no deposits that are allowed through mails.
• The interest that is earned can get compounded on a regular basis.

Apart from these advantages, the investor is required to be wary of certain factors that will secure his savings in the long run. The flexibility factor is quite limited out here. As the transfer of money from the accounts is limited, you might not be able to debit your insurance from your existing account.

The ATM card offered at Univest is also free and one can use it at the counters of the other bank’s ATM counters as well, free of charge. Through this online savings account, you can go for free fund transfers and phone banking, to name a few of the opportunities. The usual savings customers can convert to online savings account without having to pay any charge. There is another interesting aspect with regard to this bank. The investor is set to receive Rewards Checking services that enable him to acquire interest yields that are dependent upon the amount deposited. Further, being insured under the FDIC, the bank offers good security and returns for your deposits.

Online savings is made very simple through E-Trade’s online savings account. There are no stringent clauses for the investor to follow. There are no deposits and no fees attached. The APY is also pretty good – it is 1.95%. You can transfer your deposits from any other account to E-Trade, and the transaction is kept free. The CD rates at E-Trade is 1.4% APY for a five-year term while, it is 0.60% for a three-month term. This is quite unlike the rates of the savings account. Then, if the investor has a balance amounting to an excess of $,5000 he stands to earn a checking account interest rate up to 0.75%. There are a diverse set of other attractive options for investors interested in online checking.

Through Compound Interest, you get to earn interest on the interest that is already present in your account. This is a very simple option which is oft ignored. So, a savings plan can be a very effective method to make your money grow.

Use the Rule of 72. An amount deposited in an account gets doubled within a specified amount of time. This occurs through compounding. The Rule 72 helps us to ascertain the time period. This can be obtained by dividing the interest rate payable by the account in which your money is deposited by 72.

The risk and return factor. There are different methodologies to build wealth. Those that involve more risk are found to offer greater returns. Wealth is usually built through a savings account and through investment in stocks. There is no chance in the loss of money in the savings account but in stocks, there are many causes that can result in the loss of money. And, the interesting part is that, you get an opportunity to earn around 10-15% interest while in a savings plan the interest rate is just 1.5%. You can also diversify your investments, to obtain the maximum benefits.