Orange saving account, a high fidelity premium account

An Orange savings account differs from the normal savings account in being a classic, high fidelity premium account. These are online direct bank accounts that facilitate costumers to conduct transactions online. Deposit of funds, as well as other transactions, can be made online. In order to use the Orange savings account for regular savings, a standing order needs to be issued to the bank regarding the electronic transfer of money from the source account to the Orange savings account.

Orange savings account v.s. other accounts

1. The annual percentage yield on online savings account is higher than the normal savings account.
2. The Orange savings account is high yield online accounts that have a higher premium requirement. The premium requirement in other normal savings account is lower.
3. All transactions as well as deposits are made through the encrypted highly secured world wide web.  

How to open Orange savings account?

Here are a few steps that will help you open your Orange savings account successfully.

The consumer needs to visit the bank’s website and click on the “open an account” option.

This option leads the consumer to a application form that needs to be filled with the following information’s-

• Name of the applicant.
• Contact address.
• Contact number.
• Identity proof.
• Social security number or in the absence of social security number, tax identification number.

The user also has to create a new log in and password which he might need later on to access his account.

To make online orange savings accounts more secure the banks ask for security questions that are personal. This is done to confirm the user’s identity. The bank site will use these questions to confirm the user’s identity and once confirmed will then give access to the savings account.

To link the orange savings account to the traditional accounts the user will have to enter the traditional banks routing number as well as account number. This will link the two accounts and will help in transaction of money in between the two accounts.

The factors that differentiate this account from other accounts are:

Customer service- Although orange savings account is all about online banking but the need for customer service also exists. The banks customer service facilities that will help in providing online solutions to account related problems will help in choosing a perfect bank for online banking.

Fee and service charges- Most of the online banks do not charge fees for creating an orange savings account.