ING Direct hopes that a new investment account modeled after its existing savings account will attract investors seeking a simple way to invest. Each of the new account types is promoted as a low cost way to build assets.

The funds offered in the investment account will all be no-load index funds and be promoted as a simple, low-cost way to invest. The product will also feature a slimmed-down list of fund choices on the assumption that investors may be confused by too many choices.

The Orange Investment Account, which is modeled after its Orange Savings Account, features six funds: Index Plus Large Cap Fund; Index Plus Mid Cap Fund; Index Plus Small Cap Fund; Bond Fund; International Fund; and Technology Fund.

"Rather than offering customers an exhausting list of thousands of funds, we have selected the six funds that best meet a wide range of investment needs. And, in order to put even more of your money to work, we are offering mutual funds with no commissions or sales fees typically associated with investment products," explained Arkadi Kuhlmann, president and ceo of ING DIRECT. He added that the firm "provides value and simplicity, something that consumers are pleasantly surprised to find when it comes to financial services products. Investing should not have to be complicated, and we are proud to be leading the way in helping Americans get back to saving in a simple way."  

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