Why is the orange savings account a popular choice?

Saving ones funds are an essential part of planning for the future. Unexpected circumstances may arise which would require money and unless one has been smart in way of savings these situations would be difficult to tackle. There are a number of investment vehicles the have been devised to cater to ones savings and investment management. Savings accounts are one among these methods. There are different variations of these accounts which process different terms and conditions. One has to be aware and completely understand these terms before deciding on one that suit his requirements.

The Orange Savings account

It is a savings account that works on similar lines of the conventional account. One can invest his fund into the account with a fixed rate of interest through its term. This account carries with a number of advantages over other accounts and yet carries minimal risk.

Features

It is a high interest savings account .In comparison to other accounts they have a higher rate of interest. The rates of interest offered range from 1.65% onwards. This is one of many advantages. Besides having a high yield percentage, this account does not have a minimum balance trait. This means a minimum balance need not be maintained in order to own this account. Unlike other accounts which require a minimum balance of up to $1000 this account does not constrain the consumer in regards to a minimum balance. The orange account calculates rates of interest based on the amount present; however the variations in these rates are trivial. The larger the funds in the account, higher would be the interest rates. For example, consider one investor with a principle of $5000 and another with $10,000 in his account the account with a higher principle would gain a higher rate of interest.

These accounts can be managed through checking accounts hence the transfer of money is trouble free .The hassles of depositing the money in person are avoided. The funds can be accessed by the remitter at his discretion. The funds can be liquidated as per his requirements. This can be advantageous for one with a variable source of income. The consumer can deposit money as and when funds are available to him.

The orange account is FDIC insured up to a sum of $250,000 for each depositor. The FDIC assures the safety of ones investments, hence the risk factor concerning a FDIC insured scheme are minimal.