My two favorite high interest savings accounts are the ING Direct high interest savings accounts and the Etrade savings account.  The interest rates on these savings accounts are almost identical.  However, the ING Direct Orange savings accounts almost always have a slight edge over the Etrade savings accounts.  So how can you choose which of these two savings accounts is right for you.  In this review, we will compare the ING Direct vs. Etrade high interest savings accounts.

There is no right answer when choosing between these two excellent savings account programs.  Both ING Direct and Etrade offer great online banking experiences.  They both have excellent interest rates and they both minimize fees and other charges.  So how can you decide what savings account to open?

For me the choice comes down to ease of use versus the ability to easily invest in stocks.  If you often trade stocks, then opening an ETrade savings account is a great option.  ETrade makes it very easy to move your money from your Etrade savings account to your Etrade brokerage account.  The transactions take very little time and you will not have to wait a long time for money to clear in order to buy that stock that you want to buy.  However, having said that, you have to have the discipline to keep saving money and not just trade stocks with your savings.  If you are afraid that you will buy and sell stocks on a whim then the Etrade high interest savings acount may not be right for you.  You need that emergency fund that a savings account provides.

If you are not looking for the ability to buy and sell stock easily with your savings, then I think that the ING Direct Orange savings account is the best choise.  ING Direct usually offers higher interest rates than Etrade.  Additionally, ING Direct makes it easy to open a savings account and manage that account.

I also really like the other financial accounts that ING Direct offers.  The ING Direct checking account is a great online checking account.  While the ING Direct checking account pays less interest than the Etrade checking account, the ING Electric Orange checking account has a low minimum balance compared to the $5,000 minimum balance required by Etrade.

Therefore, if you are trying to decide between ING Direct vs Etrade high interest savings accounts, I think that you have to ask yourself whether you want to be able to quickly purchase stocks with your savings account money.  If you don’t, then the ING Direct Orange savings account is the best savings account.